432 COUNTY AGRICULTURAL SOCIETIES. 
is no business of production or traffic that can afford to pay more 
than seven per cent, interest for the use of money, except for 
very short time accommodations. Indeed, it is the better opin. 
ion of writers on finance that money at seven per cent, gains 
rapidly the advantage of labor, where they engage together at 
that rate; and that loaning at seven per cent, annual interest is 
more profitable to the owner than any investment of his means. 
We hear a great deal said about “inviting capital into our 
State” by the offer of high rates of interest. That must prove 
a disastrous state policy which keeps it for the interest of cap¬ 
italists to loan rather than invest money—and all the money 
which comes into the State* on terms that do not permit equal 
advantage to the enterprise and industry which actively employ 
it, is nothing short of an impoverishing curse. The property 
of the state passes by sure process into the hands of those who 
loan, to the ruin of the enterprising and industrious, who are 
richer capital to a State than money. 
Do not suspect me of any demagogue purpose to excite pre¬ 
judice against capital or capitalists. These remarks have, as I 
believe, an important bearing upon the interests of the credi¬ 
tor as well as the debtor. I would respect, as I certainly recog¬ 
nize, the rights of each. Money is a useless and helpless thing 
unless enterprise and industry can be engaged, on some terms, 
to put it to active use. Employed together, money is entitled 
to its fair share of returns, as labor to its proportionate rewards. 
If the capitalist grasps for more, he over-reaches himself, as 
certainly as he does his poorer partner. It is labor lays for 
the capitalist golden eggs. The prolific source of his gains, 
should be nourished and cherished, not bled to death. Eastern 
avarice should take to itself a share of blame for western bank¬ 
ruptcy. But we, debtors, having made, on our side, the hard 
bargains we are in for, must work out as best we can. Let us, 
at least, understand, for the future, that borrowed capital is no 
benefit or help, but, on the contrary, a positive hindrance and 
fruitful source of embarrassment, unless obtained at rates that 
we can pay, with industry, frugality, and good management on 
