ardness of men's hearts."

The laws differ in the various states. The rate of interest authorized
by a particular state is not invariably fixed, but is changed as the
condition of the people seems to demand.

That which determines the rate, of any particular people, at any
particular time, is the productive ability of the borrower. The rate
now in England is about three per cent. The conditions being such that
the productive power of the borrower is very limited. In the United
States, where the natural resources are not all occupied, and the
avenues for successful effort more numerous, the average is seven per
cent. In the western states of the United States the rates are higher
than in the eastern, for the material resources lie so open and
undeveloped that the productive power of the borrower is far greater
than in the older eastern states.

The basal for the rate of interest is the benefit or the advantage of
the loan to the borrower. What can the borrower do or make with this
capital? How great a benefit can he gain by it? The rate is based on
the earnings of the borrower.

The transfer from R. R. station to R. R. station across this city is
twenty-five cents. That I may make my train and meet my appointment,
that prompt and rapid transfer is of greater value to me, but that
does not give the hackman the right to an increased charge.

The fare to the distant city is ten dollars, but to me, with important
business waiting and suffering, it is worth an hundred. The conductor
does not ask me what my profits are to be from this trip. He collects
the same fare of all for the same service, whatever their interests
may be in the passage.

The letter which is freighted with a proposition that affects my
future life is two cents. Because of great value to me the postal
service is no more than a letter of idle gossip.

Railroad freight rates are at times arbitrarily fixed on the basis of
the benefit to the patron. The rates of freight from a coal mine are
sometimes made by a railroad on the basis of the profits of operating
the mine. The rates to a quartz mine in the mountains are often so
regulated. A contractor, dependent on a transportation company, must
often share his profits. Such rates are regarded as unjust and
oppressive and efforts are made to correct the evil by law.

A is crossing the city and can without inconvenience carry a note to a
party for B. That accommodation without sacrifice or inconvenience on