The British Press; or, Morning Literary Advertiser.
London, England, 1824-02-28 00:00:00

I boa of despotism: In Prussia every lender Iris obliged to go to
an @Mee with his ,gooney, and every borrower to obtain the best'
terms he could. He was disposed to enter it much greater
length into this subject, but at this late hour of the night he
would not further trespass on the attention of the House.
Mr. T.WILSON, looking at the evidence before the House, and
the lateness of the hour, was not disposed to legislate at such a
time of night. There were capitalists and theorists against the
landed invprietora, and he thought it would be hard to come to a
decision now. The capitalists would hare the benefit of any change
in the usury laws. and that alone demanded an inquiry. The high
Irate of interest would be a benefit to the capitalists, and decidedly
an injury to the borrower. Ile might perhaps see some reason to
alter his opinion, and be would not be ashamed to state so: if he'
were convinced hellieght to change them.
Sir J. SEHHIGHT thought the usury laws an injury to the
landed proprietor, who could not think of obtaining money at a low
rate, while money could obtain, by trade or other speculations, a
higher rate. Ile expressed his obligations, as a landed proprietor,
to his Hon. and Learned Friend (Mr. Sergeant I )nslow), for bring-
ing forward this motion. An lion. Friend of his had said, and
not jocosely, that five per cent. was the natural interest of money
(laughter). and lie saw no reason why more or less should be al-
lowed or taken. And this was about the value of the arguments of
those who voted against the introduction of the Bill now before the
I House.

Mr. HARING said this was the first occasion on which he heard
this question argued, and he had listened to it with great attention.
It would be the height of fully to represent as persons without un-
demanding those who held opinions on the one side or the other
of so very important a question. There were always great preju-
dices shoot dealing in money, of which persons should divest them-
selves before coming to a decision on so momentous a matter. He
had no hand in bringing the Rill before the House ; but if. upon
reflection, he should find it useful, he should support it. Ile was
satisfied the borrower was no more at the mercy of the lender, than
the buyer of any article was at the messy of the seller. Such a no-
tion was an entire fallacy, and he had no doubt that the
more the matter was argued, and the better it was understood,
the sooner would men's minds be convinced it was so.
There is no branch in which free principles of trade were more im-
portant than the circulation of capital. India was an instance of
the advantages of it. Capital first went nut there at an interest of
eight or ten per cent.—the interest now wes reduced to five. There
was a want of atpital in Ireland. if you say capital at five per
cent. shall only be admitted there, you prevent any capital from
being embarked in that country ; for the rate of interest you fix
and determine is not sufficiently large to induce persons to em.
bark their property in speculations there. The evasions of the
law, and the expenses incurred to accomplish such evasion, con-
stituted the real evil, and was what the Legislature ought
to remedy. (Hear, hear.) Legal restrictions will not prevent
persons from borrowing on large interest, for unless the creditor offers
liberal terms he cannot procure money, and he will offer them,
either than tie without the money he wants.—(('ries of question.)
The Worthy Alderman could not surely impute to him any inter-
est in the question, as gentlemen who, like himself, embarked their
capital in trade, dial not usually dispose of their money in this
way. He concluded by enforcing the necessity of adopting free
principles on the question of interest allowed to capitalists and
era
Alderman II E VGATE explained.
The House then divided—
For the Amendment . . 32
Against it
Majority
(In our return to the gallery, we found the House in a Committee.
The CHAIRMAN reported progress, and obtained leave to sit
again on Monday next.
The other orders of the day were then disposed of', and the
House adjourned at HALF-PAST Two o'CLot.

NOTICES FOR 310NDAT, MARCH I. 1824.
Mr. Herrin—Miscellaneous Estimates (in Committee of Supply),
deferred from Monday, February. 23.
Mr. Bennet—Seleet Committee on General Penitentiary.