129

IMMIGRATION.

Since the foundation of the American Republic, laid upon the broad basis of charity and equal rights to all who become its citizens, it has afforded an asylum and protection for the oppressed of all nations. It has been a haven for those who have desired progress and prosperity. It has been estimated that during the ninety years before 1880 ten millions of the people of foreign countries found homes in the United States, and since that time immigrants have been pouring into the country in a largely increasing ratio. In 1888 the number of immigrants arriving in the United States, as per the "Statistical Abstract of the United States," was 546,889, as against 334,203 in 1886. Since 1874, when the number was 313,339, the largest arrival of immigrants into the country was in 1882, when 788,992 came in. The attractiveness of our country in all its varied and profitable relations of labor, soil, climate, and institutions is a strong inducement for the poor of Europe to come to the United States, where millions have found homes, peace, and the blessings of freedom. They may acquire property as speedily as anywhere, and in five years, if worthy subjects, may become naturalized citizens, possessed of the rights of suffrage and representation. All avenues of labor are open to them, and they may thus receive the surest returns for their industry, which, by economic prac

tices, may soon become the nucleus of valuable property. They may stand shoulder to shoulder with our own workmen and laborers, and derive as full rewards for their industry and proficiency. But the tendency of unrestricted immigration, as elsewhere treated of in this work, is of dangerous import as increasing socialism and anarchy, and all the horrors therein implied. Besides these evils, there are even as great, if not greater, to be found in cheapening labor and in the occupation of lands which might be acquired by good citizens. This is a country overflowing with wealth and natural resources. Here every man who will work can procure food and clothing to a greater extent than in any other country, and by strict economy "lay up money for a rainy day."

It is said by John Rae, an eminent statistician, that in Prussia nearly one-half of the population live on an annual income of $105 to a family. In the United States, at the present rate of wages-seldom, if ever, lower than one dollar per day, and from that to five, six, or more dollars per day-a laborer may expend twice or thrice or four times as much without being in danger of wasting his substance. The prevalence of common or public schools, religious toleration, and many other advantages to be had here over all other countries, are the inducements to even a greater degree of immigration. But a movement in this country to petition Congress to make the necessary laws for the restraint of immigration is becoming daily more and more essential to the enjoyment in security of our peace and the blessings of our liberty.

131

Interest Accumulations.

The primary idea of usury, or interest, was the requirement of a return in kind for the use of money, and therefore the lender of money was he who received anything above the amount which was loaned. It was, among some peoples, regarded as an infringement of moral rights, and the Koran especially declaims against it. But it is no longer so regarded, as common consent agrees that it is no more wrong to demand money for the use of money than for the use of a house, a horse, or any other representative or kind of property. The disposition, however, to abuse the principle has led nearly all Christian nations to adopt fixed standards of interest for the use of money. If more be taken than is permitted by law, it comes within the sense of usury, and is not permissible except under laws governing conIn the latter consideration it is now the growing opinion that what may be demanded under a specific contract cannot be construed as an infringement of the laws determining usury. In the reign of Henry VIII., in England, the legal rate of interest was ten per cent.; but in James the First's time it fell to eight per cent. Under the Commonwealth it was six per cent., but by the Statute of 12, Anne, it fell to five per cent. In the United States there are different laws in the different States regulating usury, and they have different signification

tracts.

and operation, the rate ranging from six to ten per cent. In a large number of the States the parties can decide upon what rate they choose, the legal determination operating where a prior agreement had not been entered into; but in some others, as New Hampshire, New York, North Carolina, and Tennessee, the contract or agreement can be avoided if there be a reservation demanding above the legal rate of interest.

The calculations of interest based upon "Rowlett's tables," in which the year is computed at 360 days, but with a casting of fractions on the lender's side, are, at this time, among the recognized systems.

The enormous increase of capital invested in this country through the agency of interest, is becoming a very fruitful source of income to every one having money to loan. Its multiplying power can be easily demonstrated by many farmers who have given notes and mortgages bearing heavy penalties. The possessor of large capital can so place it that it will return safe profits in the shape of interest. Especially is this largely the case where monopolized, and through other systems treated of elsewhere in this work. As an example of the increase of interest, one dollar becomes thirty-two at the end of fifty-one years and eighty days, at the rate of seven per cent. annual interest.

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133

Judges and Juries.

The Judiciary Department of the Government of the United States, which provides for the proper security of the people in the enforcement of the laws, is a perpetual safety-valve in the constitutional machinery.

To Congress is confided the making of the laws; to the Judiciary the determining whether they properly apply; and to the President the power to put them into execution. While the judiciary cannot make or execute any laws, they have the right to declare that laws are inoperative, and are of no effect when not made according to the Constitution, and can pronounce a law to be so in form and appearance, but not so in fact and force. This, as the highest tribunal to which appeals can be made, presupposes for the Justices of this, the Supreme Court, the abilities and qualifications which shall enable them to decide the most weighty questions with impartial justice. They occupy a separate and distinct position from all other officers of the Government. In order to give the greatest possible advantages in the execution of the laws, a court of last appeal was thus constructed.

The law of this country, which allows every man accused of crime to be tried by a jury composed of twelve men who are supposed to be of unbiased mind as to the cause in hearing, also provides for counsel if the person on trial be unable to bear the expense of such assistance. The judge before whom the case is heard must instruct