The Statesman. — London, England, 1818-07-15 00:00:00

- - ' .! SPORTING I NTB LIJGENCE. . 148111111ANEET '.llltY MEETING, 1811 . . ~ . • ..: TUKSDAY, JULY 14. • '• . ? i f . Wellepub's Merlin. bent Mr. Blake's Die Woe, Bs. Mb. ' w eb. A. Y. 9JBs. ,C 10 4 111P 1 WIN- soeekstake• •f Ws eirb. for 3-yr olds. 6.1. 91b.olds, 84. 11b , 5-sr Adis SIG Nib. 6-yr oids. Ibt. and mpd, 3.1.13 b. T. M. 14. mmrs Rhoda. 5-yrs oli W. Ta ir a ion Amid-, 4-trs 2 - . - 1 y r . . M ica Pit O. llowbitry's lionehmit. 3-yrs Poke of On.ftoes Trictrac, 4-sro old - ~. 4 Mr. W yodlono's bey Colt by Teddy, J. T rg o w . ,is bto 1 bpt Rtoda. 3le I apt A 40010,13 to 8 apt Mr. 911.80. , Imo% bay eon, by Teddy. . .. Mardleap Sweepstakes of 15p escb, far Saint 4-yr ebb. Ab. 111. Mr. Nettie,. Cadens, 4-yrs old. 30.91 b. .5 1 Mr. Prime's loaning,. 8.. vs old, To. - • 9 Mn . W sodnani. all by Eleetleo, 3-yrs old, Est. lolb. . . 3 Major Wilkoses colt bv Juniper , 4.in o ld. 7a. nib. . 4 11 ln 41415 t Vltava - 6 to 4 aids Inferior. 1 to 1. mei& Wyndltaat's illy. ? . litift„, it em ods. for I.yr olds corrylod bat. 9th. 4-yeAlds.. 7 l6l. s.yr oils. tit. Ob. tilt aids. 80. I!%b. and sued 9.1. D. I. Mr. W. Cblfory. bay colt Penduhsm. 4•yrs old - 1 turd Sullleld's rheniumm (flow-stairs.-stairs(flow-stairs. 6-)rs.ukl , : * (..4811414m'a bay horse Wanderer. aged - ,• 3 Cieseral Gllll% COWS bay filly by Ashton, .3.yrs old .• . 4 'I tat 1 net Pendulum. 7 to 4 nest 1314 m-wort. 5 to Ivo Wanderer. . LOY -INTE LLIGENCE. COVIIT OF CHANCERY. Jour 15. • L oop guarani V. LADY EMILY V. TEMPEST. Sir AIRTIME PIGGOTT, as 1000 as the Lord Chan. tailor bad catered theComt this mornfiee, 'addressing his Lordship, obser►ed, that it was the intention of the pert ' ' , to appeal from the judgment of his Lord• ship, approving of the Master's Report, that the mar riage beteeen Lord Stewart and Lady Tempest was not an improper marriage. His Lordship would . therefore pronounce suck order as would secure to tbv parties the benefit of the appeal. The LORD CHANCELLOR said, it was highly De. cessary the benefit of the appeal should be secured.• lfa should, therefore, order that Lord Stewart be r estrained from marrying the Lady till the Appeal tet the House of Lords was disposed of. With revisit! to the reltraints upon the other parties, his Lordship slid not lee any necessity for continuing them. motto V. DE LA TORRE. The LORD CHANCELLOR, by his judgment in this cause, restrained the Bank of England from trans. ferring to the lisecutors of fd. de la Taut. a Spanish merchant, a sum amounting to nearly 300,0001. claimed on the past of a Spanish Corporation, called Los Cinco Greiniose Majores. —m►- COURT OF KING'S BENCH. JULY 14. The Sittings after Tiinity Term thi • day concluded: a great number of Special• Jury ceases have been made remands until a Sitting, which will probably be appoiuted befnre Michaelmas Term uest. NAVAL. IN I L LIG ENCE. DEAL, Jolt' 14.—Arrived and sailed for the Riser, the Probity, Cooper, from Lisbon.—Sailed the Nile, Scott, from Fayal for London.—Ramsin In the Downs, :he Severn frigate, the Florida sloop of war, Royal Sovereign yacht; Untrna, Jsrwood, for the South Seas; and Matchless, Garrick, from the llavannah, for orders. ConTE., JULY 14. Arrived the brig Alexander, Bornh, in 36 days from Malaga, for polars. FALMoUTit, JULY 12.—Arrived the brig Soiafl. Orr, from Amsterdam for Philadelphia, with 129 passengers, put in here by adverse winds. Livsarooc, JULY 13.—Arrived the Imogene, Slacks, from New Orleans—sailed 210, and from Belize 31st May, in company with the Susannah, Morgan ; Mary, Stewart ; Amazon and Frederick, all fur Liverpool. On the 1 lth inst., off Kinsale, . spoke the Elizabeth, Baker, from Liverpool for St. Domingo; also arrived the Mary Ann, Clarke, from St. Mary's, New Providence--sailed 25th June, and on the 27th spoke the ship Rollie, in lat 45. 35. , long. 54. 58., from Liverpool for Nova Scotia. DOTER, JULY 14.—Arrived off this port. the ship Preston, Baldry, from Pernambuco; and More land, Hil t from Jamaica. IlAttivicit,!Jucv 14—Arrived last night, at eight P. M. the Lord Nelson packet, with a Mail and passrngers, from Holland. PonTastouTti, JULY 14.—. Arrived. the Swallow, Lake, (tom Waterford. GRATESEND. Jut.y 14.—Arrived the Friendship, rlrster, from Embden ; Margaret and Elisabeth, Oiling, from Toortingen ; Gebroeders, Oubes, from Groningen ; Jenny, Scotland, from Pillow ; Good Intent, Robertson, from Rigs ; Vrow Serlina, ' from Groningen ; Barbedoes Packet, Balton,, from Rarhadoes ; James and Margaret, Swan, from Christiana ; and the Young Bannah, Tomlin, from Emhden.—Sailed the Paragon, Rare, for Quebec, &c. ; Peter Proctor, Peterkin, for FAsiairier, &c.; :larch Margaret, Nicholson, for ,Bremen; and the Minstrel, Linklatcr, for Newfoundland. From Vienna, it is said, that a dreadful fire broke eat at Indenburg on the 18th ult. wbi!h, in the course of an boor end a half, totally &Wiled 103 houses, forming the whole town, except about 30 Mouses, the Presbytery and the Choreb. Five victuals perished in the fiatives. The Royal George Yacht, most superbly aed con veniently fitted up for the reception of his Royal .114bness the PRINCE REGENT, under the command of tie Hon. C. PAGET, went oat of Portsmouth Widmer on Saturday morning, and anchored at Spithead. It is raid she will proceed on a cruise for a few days, and then return to Spithead, to wait the Paine cpEr'S commands. • CORIS EXCHANGE, JULY Is.—The large snivels of Foreign Wheat this week have caused an extreme dullness in the Wheat Trade, of which article very few sales were made to-day, although offered fall 2s. per quarter lower than on Monday.—Fine fresh Melting Barley fully maintains Monday's prices; but there is very little demand for any other discriptions. —Beans being scarce are 2s. per quarter dearer, as -well a Peas; but Oats were dull sale at a decline of Is. per quarter, in consequence of the magnitude of She supply. Several severe thunder storms occurred last week In various parts of the country, accompanied with torr•nts of rain, and some damage has been done by Übe lishlwieg, w bich was extremely vivid. .• , A i '1 Ei-u VAT %4 . r , ABSTILAC47o , rat MIN-Urn of Enteric"; indoor woes COMMLTTItE UN THE USURY LAWS. David Ricardo, tag. aausiered.—l do adt think the laws which restrain the rate Of interest are bees. idol; upon meat occasions they are evaded, sedate disadvantageous only to those who conecientiettsly adhere to them. The effect bf their repeal would be bet trifling; but if any, it Would tend to lower the, rate of interest. The laws injure the commercial . world with regard to discounts , not only wren the fonds afford 'a greater rate of interest than fire per. cent.. bet when the funds Afoul less, at the same time that the market rate of interest is mach above , five per cent. In the stock market these laws ere evaded by means of the difference between the money price and the time price of stock, which enables' person to borrow at a higher rate of interest thee five per cent. if possessed of stock, or to lend at a higher sate, if the difference between the money price and the time price afford a higher rate. The trial which took place some time ago, as to the legality of continuation,' did certainly diminish such bargains: The transaction never has the appearance of money being raised at more than legal interest. A: mei bargains either for the purchase or the sale of stock for money or time, and the rate of interest is never' spoken of : it is the effect of the transaction, bet never the avowed object of it. The Government loans could not, in my opinion, be carried on if time' bargains were dinged. The abrogation of the Usurp Lasts would produce no ill effect woos the finan = _ operations of Government in time of war—l mean its the negotiation of loans. It would tend rather to facilitate them : the Government is not bound by the Usury Law., ((trio allowing discount for prompt pay tnent for a loan they frequently give considerably more than five per cent. Frequently when loans ere raised at an interest below the legal rate, the mode le which the discount on prompt payment is calculated. affords a rate of interest sometimes 7,8, or 9 per cent. If the Usury Laws could riot be evaded, she loan cootrectors would not be able to give the Mi nister such good terms; his transactions would be cramped, if he were prevented from borrowing at the market rate of interest. I have already stated my opinion that the interests of commerce would he be. nefited by the abrogation of these laws; and l huge no doubt that persons possessed of coosi.lerahle cap.. 01 in the United Kingdom, desirous of milting the most of their money, would not transfer their capttali ,unless they could easily evade these Laws. George Frere, Esq. examined.—l am a partner le the house of ForstOr, Cook., and Frere, of Lincoln's l Inn. The laws against usury have had the effect dl increasing the difficulty to country Gentlemen of bor. rowing money upon mortgage. Indeed it has been almost impossible to obtain money on mortgage at legal interest ; and the consequence has been that Gentlemen with landed property have been compelled 'to raise money upon annuities, at the rate of from 9 to I'2 per cent. ; when, if it had not been for these restrictions, they might have procured money et from six to eight per cent. In case of life tenancy, the se curity is made for one life only ; and in cases of per sons possessed of estates in fee simple, the securities are commonly, as I have understood, made for three lives, named by the lender. When application has bean mathrte the Ceert of Chancery foes foreclosure;' the Court has shown great indulgence on account of the Kern of the times, and it has been very dial. i cult to obtain a foreclosure. The difficulty of gbtain• lag money open mortgage at the regular interest air. tainly renders the landed property less desirable; and least have impeded the sales and reduced the value. I think that the repeal of these laws would be a great public conveoience, and I am not aware of any in convenience. Sir Samuel Romilly, a Member of the Committee, ss.*mined.—Wilt you be kind enough to inform the Committee, whether it is the course of the Court of Chancery to refuse a foreclosure on account of the *stress of the times?--Nn, there is no such rule in the Court of Chancery, and Uwe known the Court refuse applications to enlarge the time for foreclosing an estate Needed upon no other grounds than the distress of the times; the Court, however. generally enlarges the time for redemption, upon the payment of all the interest and costs, without any reference to the particular state of the times; the Court does that two or three limes, and sometimes oftener, and though I do not recollect instances myself, I under. stand that there are instances of the Court giving more time on account of the distress of the times : perhaps I ought to state, that although tile Court of' Equity will give time before making a decree of fore closure absolute, yet the creditor may have recourse to all remedies at law, besides insisting on a foreclo. saes in the Coed of Equity; ind a Court of Equity, In such cases, ran Ore the debtor no mike'', l have known instances of a mortgagee filing a bill of fore closure, bringing au ejectment to get possession of the estate, bringing an action upon the bohd Of the covenant, and proceeding to take his debtor in ese..l eolio*kl keeping him in eaecutiou, till he got ee l islsso*Ureclosure. has year experience enabled you to form an opi nion as to the operation of the Usury Laws upon the landed interest ?—As far as my experience goes, I should say, that the laws against 'dory are very in. jurious to the landed interest ; the effect of them, lt think, is, that when ihe proprietors of estates are en. der the necessity of raising money, at times wises money is extremely scarce, .they are obliged to raise . it by the granting of annuities, or in other nodes ? extremely disadvantageous to themselves. Mr. Rowland Wimburn, p partner in the house which has had the transaction efi many annuities. When I first knew that practicer, It was chiefly confined to mere life-holders granting annuities. Of late years there Ins been no money' to be obtained upon mortgage, unless it has been 'trust monies, or monies which under the poettelll of settletneot are directed to be laid out on mod. gage, under the direction of the Court of Chancery; and whenever monies of that kind hate been able to be obtained very large sums of money, I believe, and indeed I know, have been given for the procuration, under the name of the bill of costs. Latterly, a great number of annuities have been granted by per• sons possessing estates in fee simple. Almost always upon occasions of that kind, they postpone their ap plication till they are driven into a corner in point of time ) and it is very seldom indeed that their siteation ..,~. I will admit of titaf•kina of eittriry acid nei.. 7 , pincers mortgage money am the best of terms. • Mr. Nehemiah M. • Rothschild szamined.—A.re you not of opinion that the Usury Laws are ineffectata in keeping down the rate of interest ?—Yes, cite. teinly. • Pave you found those restrictions injurious 54 the discoing of bills ?—Not ip a commercial point of view.- You could always 'digestant good bale at five per cent., that is, without any deposit Wing placed Certainly. To what do you impute that bills could be albs counted at five per cent. when money could *et iwai obtained upon the best landed securities at that rate Pi First, upon bills they can always be seat into that Bank ; the owner who discounts, can always re.: discount them at the Bank of England, at aey time when he wants the money. Rave you ever considered the general operation of • the Usury Laws, as hearing upon the value of money. in England ?—Yes, I have considered it, bet I wowed beg him to take this opportunity of delivering my sentiments in writing.—[The witness delivered in the following paper, which was read :] 46 I think the operation of the User, Laws, as bearing upon the silos of money io England, of great importance to tradesmen. In this cowry it is different to those on the Continent : there, a bill drawn upon loch persons, is seldom seen ; while in ibis Country they' abound, and er. doubtless w great and necessary ac, commodetion to that part of the community. Small. manofireiticeri likewise derive many advantages from this kittd of - insistence, as many of them haveTtiends; : or a confidential person in town, on whom they drew at short dares, against their good 4 sent to the Landow market; ; these bills become negociable at the legal rate of five per cent. discount, which enables scab. persons to carry on their concern, not only with most facility sod-advantige, hut to a much greater entente It is impossible for me to say positively, what would be the Consequence to this., and many others of a similar description, were the Usury Law, repealed; but I believe great advantage would, in many cases, be taken of the necessities of. such persons, by the lender demanding probably two or three times the rate of interest from them on their security, as would be required in discounting the bills of first and second rate boasts ; therefore it appears to RIP, that the less opulent should be protected in some way from being "'posed to so great a reduction in their profits, through the necessity of turning their capitals. by immediately discounting their drafts at an eatrava. gent rate. those persons not having hitherto had much difficulty in discounting their bills at the legal rate of fire per cent. discount." Mr. Edward Wakefield called in and essmined.— You hare been for many years conversant with land. ed propeety, as a land surveyor, and ao agent and land steward to several Noblemen and Gentlemen ? —1 have. Have you had much experience in the sale and purchase of landed estates ?-11 have. Wire you known much inconvenience to arise to the landed Gentlemen, whets the market rate of in tereit was above five per cent. from the difficulty of prorating loans upon the mortgage of estates ? During the war, when the Government of the coun try was giving more than five per cent. for large loans, sthe monied mots would not lead upon landed security at so low a rate as the law determined for them; the conseqeence was, that the borrowers, in order to raise money, were obliged to grant annui ties at an enormous rate, which, in point of fact, was °sly finding out the way of escaping from the law. Do you think that the late pressure upon the landed proprietors would have been much relieved it the Usury laws had not been in existence?--1 have no doubt but they would; I could give a eery strong instance, without mentioning names, which has late ly come throogb my office, of a Nobleman who pos. sesstd as estate, open which there was not an entail, and *pen which be was unable to borrow money upon mortgage, and therefore began borrowing money upon annuities, which increased his debt till he has been obliged to sell it, and this is a property com ing to nearly 200,0001. In consequence of annuities being granted over large estates, does it not frequently happen, that the proprietors are prevented from selling them to more advantage, by dividing those estates?—That was the case in the very estate in question, which bad been sold in November, 1814, I believe in lots, for somewhere about 150.000 1 .; but it was ne cessary to law down 160,0001. in order to pay off the annuitant', whose securities ran over the whole, l end who 'mild not permit a title to be made to any *me lot. - :Wee there set a very considerable loss trees the impossibility of completing the sole, trim the annui ties being over the whole estate ?-1 have not the least eloisht about it; and 1 think I may add, that I never *new a landed proprietor who was driven to borrow by way of annuity, bet that be increased 'his debt, and In.the long run be was ruined. Deyeo not think that coustant instances of this kind most occur in times of difficulty ?—I hate no doubt about it. Does it not occur, that there ere freqnent in stances where landed proprietors will be exposed le very severe loss, by not hekag able to raise money upon particular emergencies?—Yea. • Bare you observed, in frequent instances, that lauded proprietors, in consequence of not being able to take money, hare been obliged to sell their estates at en enormous sacrifice of price ?—1 believe that, lend is fenced is with so many, securities, that it takes a much longer time to force a sale, than almost any other commodity. Weald it not have been more advantageous to have borrowed money upon mortgage, at seven and a half per cent. interest, than to bare sold an estate in 11116.?-1 have oo doubt that is would have been ad vantageous to many landed proprietors to have so , done; but that depends upon the opinion which those. persons might have eutertaiaed opoa the futon vale, of laud. Do you think /bat land would be increased in ea.. lee, if the proprietors had it in their power to great a fair benefits security on it, at the• market rate of interest, at the time, bullied of being obliged to have mourn to annaitire, and to more espeusive modal of raising money ?-1 think, in pokyt of principle, like all other things, it may be more valuable by r - - • s . I. ledestittediftweitwesiamepoly piles:of *ma tine security, of it; hitt I ha net itileir Fre*lcfdiyat this iseaskut! It might add 41 any eue abate. Richard Preston, Fag. a bt the ._ essamioed.—You.ake a barriater end cetiiiyiectir 'lons. •• Can Oa state to the Coninstitile geheral logs of the Usury taws, as tl‘ey relate or low rate of interest ?That question mend an answer to the "point i ellsethir be it.fiaral rate of isterbit, or whethei:tfie wrest skoirld .be lilt at large, to fie ibe barman between the contracting pirtlet. so ample, and *high branches itself Into oonsideratiotira, respires great raftintenk finishing the deflate& transaction+ 'tidbit by the eatWatf.lottrest. In the first place; ment, sod ibe rite of interest Upon the° most not be put net of slew • secondly, interests are materially iffecii;dby the conSideral whether there shall or shall not be a rate of let *fixed by law ; thirdly; it is to be considerild, tlher society Is In such a state, shit piglets+ Wrested to make their own bargains rkSiiiiiing roe of Interest. • With respect to Goeeinnoenf4 that .which would - be best left to the consideisk House, end of Goterement itself,' observing willie very obvious that local of money. War and of consequent scarcity of mor materially influenced by the . prevaittog test of the day. With respect to the lab nothing could be so injuries' twtheria a$ rate of interest without i !inns ; the • would fluctuate from tr'n to forty boars even more. The mischief of this slatem able to any, except those, *lto liege e , rience on the 'subject.. As a &OM may ere stated, that lend: ia loco eiba(red its value, by portion:, legyeies, : jointeret debts, and other charges of OMdebts, siesta' are of a fiaed amount, and swipe, deb there is no fund fiir payment Wept reel whenever sales should be compbiled when the rate of interest is high, cud the sale price is low, the . persOn ler sr , petty is destined, would, as thirespe present day abundantly proves; be left elm fly no part of that which was destined for the support of the paiscipal member of the family. to conset quence of the great fluctuation which has liken place in the value of land during the last five years, it will appear that many of the subjects of settl•lnents; hefts, and so forth, for whom the principal bouitty tivis in tended, will find, if they are campelleil to a aalti, that there will be nu surplus for them ; final the value or sale bill will be wholly eahassted by the debte, portions, legacies, and other incumberancea of that description crested for younger branches orfamliiii.' Besides, any system which shalt °rosin° f r ag m ent • changes in the value of landed, properly, %vitt% re. sped to the number of years purchase at wbich is will sell, governed as they are by the rate of interest" . of money, must be productive of great' inconve nience, and will tend, of itself, es a measure, to the deterioration of property . of qat description, and will render my, far more reluctant then they are at present, .to iiitest.their property ti Commercial men are In a silestioll wit:mushy ix.' posed to injory from the flOctuation In ther vilify of money; es it Is governed by the rate ‘Y becgains are generally oioded iiiecalatien; the resell of the speculation may his'esieitaltiea m a tt short time; and the merchant cask really judge wag: ther it is for his interest, for that Itirtirolar (ranga . action, to give or withhold the rat, bf interest witicia is demanded. In 'this respect he ie very differently circumstanced from the lasted pfrprietoe, *hose capital being once embarked In-the purchaie *fiend cannot be recalled; and firm the future of his pro perty be must grant leases of some duration; and . , cannot vary the amount of his rent with the 'actua tions in the value of money, through the malteds of the rate of interest ; bat even to morelistiii end to manutactarers it seems to be of importance .bat there shouldlhe a limit to the tate dinterest of money ; for alt experience,proves,the parties Ca ereryeasilyesa ketthele contracts to reduce the cafe of interest fielnW the no . it which is fixed by law ; but there is no rate of interest fixed by la w,every contract becomes the 0 , 0+44 of a se. parole and distinct bargain, sod one which, in many • cases, will be attended with difficulty and oppreaaion. • It will be the olject of the lender, as en individual ; to receive as large a rate of interest as he call obtain. It is of course the interest of the borrower to obtain the money at as low a rate of interest as prissitile.— In the metropolis, where transaction lake piece ots. a large scale, and where there Is a-habit of comma. deaden among, thinkers, and other men of leading character, there will be an undo/standing which will, in a great degree, fit the rate of interest from time to time ; but how is this standard to he communicated to parts distant from the metropolis How is it to govern the transactions between bee farmer lending money to another, or a farmer lending money to a gentleman; or how is it to influence a man in a small town or village, from regulating the rote of interest on his loan to tradesman and other persous who went the assistance of capital to conduct their private. con cerns ? If a man must have money, the Wilder, unless he. is very moderate in his views, will press upon the borrower as severely as he can, respecting the rate of interest. He wilt also (and this is very important) attempt to bind him to keep the money foe a tints .much longer. perhaps, than it would have been cob venient to the borrower to tetaio the money, unless she necessity of the moment compelled him to enter into that bargain. Ali experience has protest that usury is committed by men of the most rapacious character—men who hove no feeling for the distress of others; and the law seems, by it, policy te have en deavoured to guard men against their own fully in borrowing money. i t seems more particularly to s have contemplated the situation of yoeng men, just entering Into life, the sons of men of large properly having espeetancies; and also of men given to sp.• culatioo, by way of gambling, or to live in ewes.- game, beyond their means. In point of fact, thews are the classes of persons, amongst whom Outfit'ss transactional', and annuity transections being thee over Jar usury, have taken place. Men of this description will borrow money on soy terms; cootent to gratify the moment, without looking to ersatagreeces. II woold be MT cosy to recount isotancos drawn fro* .; , OP • ."J • • : i k I 11 ' I 1 i ...... • ••- - • .. • , .._ . ' • • . . ' . . . . iiisitsg MOW, — -,.. • . . AM, ithetbilf ' ' td the value of the littlish ...., otiyitheet !--••• gehket bear: or to the high t teCtoll to de:. is c there Obeid I 11 . fte ;tie of in. i ;11se tobjiet of .. 4. A siihjeet into io enter • . 1 • test in distill; 1 • I . h are affected i• • ' tee; norein.. fd 'Weil debt; ' r, the Isn'lled ettetiditrationi r •• lit of interest ' shfccild, trite; tkions ran b. • .:,,,•... ~.'. it o ritilitiing the It a sohjoti ' 1 , I iiistion ~.1 thi .. 'sl 1 ( • .1 ;ening only, It " icy, to • i or of a , i m r e! . . of must i r I t be e.. 1 . • , potted in 'testi. at le has! the Salop of lead penises.. sod • t. !nig ind..nrrir.; . oxtin4ise eipe- , i o oc . I propo4llt..o if I to ooikhalf of Irk, ethrtgoge I , * • I liptiorq which ...i lebti tile eshich • -, t i.l eat Mite 004 dosing ° a time • d epoisegnetitit t * *boos the pro. a• pesiettet itt ad •ft with !idle or wee km lily • 4 :~--