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making any experiments. The agricultural portion of the
community were then the borrowers, and he desired to
protect them by restricting the legal rate to six per cent.
Experience had satisfied him that he was wrong. At
that time it was easy to borrow money, but now you
could not, in the whole county, borrow $20, 000. And
why? Not because the security was not good, but be-
cause a higher rate could be obtained elsewhere, or those
who had the money could invest it in bonds. He was now
satisfied that the agriculturists must be able to borrow
money to carry on operations; and if it was once under-
stood that the rates proposed in this article could be ob-
tained, money would flow in, and the people would be
much relieved.
Mr. Archer agreed with the gentleman from Howard,
that the constitution was not the place for the insertion
of this matter in detail. It should be left under the con-
trol of the people, and subject to their revision, through
the Legislature. He, however, thought that some pro-
vision should be made in the constitution, and had an
amendment which he would offer at the proper time.
Mr. Merrick, in reply to his learned friend from Bal-
timore, (Mr. Dobbin, ) that in the absence of constitu-
tional enactment, we would be left in the interim with-
out any regulations on the subject, said he would read
from the code of public general laws where the rate of
interest is provided for. This showed that it was a sub-
ject of legislation, and there was where he wished to leave
it. Money was like any other merchantable commodity,
and its value could only be regulated by the fluctuating
wants from day to day of the community. The telegraph
which went out from Wall Street regulated from day to
day the value of this commodity, and a constitutional en-
actment on the subject would be worth no more than
waste paper. He asked why this Convention, composed
of the ablest men of Maryland, should insert this thing
in their constitution, amid not only the ridicule but the
denunciation of the whole civilized world. The highest
legal authority in the land proclaimed through Justice
McLean, of the Supreme Court, that this matter was be-
yond the control of fixed laws. He asked that it be left
to the Legislature, who could regulate the rates according
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