The British Press; or, Morning Literary Advertiser.
London, England, 1819-02-11 00:00:00

USURY LAIIS.

Mr. Serjeant ONst;;;;v: roar to make his promised
motion fur u repeal of the laws which wrist to
place restricttons on the trade in money. In brings
hug this subject again under the coussideration of
the House, lie was acting not only from t!.r dic-
tates of his own judgineast and unbiassed °pillion,
hot in conforruity with the opinions of the most en-
lightened ITICII who had written on this subject in
vatious parts of Europe and America. It was now,
he believed, the Illthelsal opinion that these laws,
which restricted the trade iss money, should hr al-
together repealed. jig 1817, the Assembly of Vll'-
1,01..1,1, in the Uuited States of America, had taken
this subject into its courideratioti. and he was lima
happy to thud, from the speech of the Member a ho
had introduced the subject, that the same view
which lie had taken of it here, was also the prevail-
tog view in America. Ile repeated, that he was
most happy to find the speech of the Member in
Vtrgissia exactly accorded with that which hr had
himself already delivered upon this topic. These
laws lord been originally enacted, it was said. loon
II principle of policy: but. in fact, the framer had
no policy whatever in hie enactment.—(Hear.)—
These law. had originated in a blind and fanatical
perversion of the term Extortioner" in the Scrip-
tures. It was Irani thence inferred. that to trade
in money was unlawful, and that what was called
usury ought to he interdicted. A universal con-
dentisatiurs was, Of course, prossouticed mem all
persons who dared—root to take a particular amount
of interest, but to take any interest at all it the
loan of money, and unfortunately the law mime-
diately took the subject under its jurisdiction, and
several impolitic and absurd enactments were the
result. The Ist Statute for the repeal of which he
meant to .e was, ulna which passed in the reign
of Henry V 111. In the ',receding reigue, all ins
terest, of whatever amount, upon tummy, was in a
swerinsig manner declined to Le unlawful : but the
Act of Henry VIII. was intended to narrow the
operation of this priociple, and what was cosssidered
usury by that Act ass, to exceed the Inuits of oar
per cent. interest. In the reign of Edward VI. this
Act was repealed, and all taiterest again declared
unlawful. The consequence of this repeal, as re-
corded by the hotoriaius of the time, was. that the
interest of motley (of course by bargains illegally
transacted), immediately roar from 10 to lit per
cent. In the rvigis id Elizabeth an interest of
10 per cent. revived, although the former Act
which denounced it es biota! tool detestable to take
ray iuterusat at all, was still suffered to lie on the
Statute Book. The iiiple penalty of soy interest
ods still its force as a law, notwalistasiditag the Act
td Elizabeth. By subsequent statutes, tlie rate of
oisteiest was "educed to 5 per cent.--cs present
legal standard, and (lowa to the time of the statute
of Attire, the same Moot principle of restriction
and priority is still suffered to prevail. The of
these legislative provisions was severe and oppressive;
they bore heavy upon individuals of all classes in
timer of distress, tool compelled individuals to iat,e
money by iseinuigies, and to resort to a disadvarita-
geous sale of estates, thr the pecuniary accommo-
dation which they at the mornerit required. Ac-
tions of Tort were brought against, and heavy pe-
nalties incurred by men who attempted, a
straight-forward way, to raise money be the pay-
ment of airy thing over the legal rate of interest.
The last Parhametaary Committee winch sat tor
this subject, entered into a full and minute investi-
gation of the whole questton. They called before
them, and had the evidence of the most experienced
men who had coissidered the subject; they had
even !rehire them gists', whose opinions were tether
favourable to the existing laws, and in the result
they were of opiniuss a repeal was isrceauiry. Ile
recollected the observation of one Gentleman, that
lie would, iu half an hour, refute the iutiuciple of

Mr. Bribillat3l'S excellyht book op tliiwsubjr ci ; hut
lie also remembered that the %%hole tissue of reasioo-
ing with which the gent lemasi aueutptcol to enforce hi.
opitrioto, went rather tooist at the view whielthe (.11r.
Serjeonit °endow) took of the question.—(//nor.)
—l)r. Ad tin Smith, who wa% by far the ablest 111411
who had first defrodeol these laws, load sub.etivrotl),
with the comolunr winch brlun s lo il great mood,
altered Lois lopinioio, 111111 141/16WO-111 litira.ll a Cllttvert
to the necessity of ri repeal. 'l•he present Opribitioll
of the Usury Laws was fatal to private interests,
and prejudicial to public ours. It compelled per-
sons Weise 12, 13. 14, and Li per relit. for motley
in the way of atltluilirs, 111111 these too for three and
four lire% not mimed by the gr.utoor, Fry the
grantee of the aimuity. The last Committee hail
had the evidence of great lauded dealers to skew
the disedvantages to property which resulted from
1110 law mos it now stood. The Hon. and Learned
Ilenibe►, lifter making an observation iar a low
tone of voice. on the practice of Coe Court of
Chancery when questions respecting the furor ot•
these ainiunies Calite under its jurisdiction, moved
for leave to toting in a Bill to repeal those laws
which regulate or restrain the rate of interest fur
money.—/hear, hear.)
Ilumr., io secooding this inotior., expo
his hearty coticurretoce iu ;he step taken by the
Ilion. and Learned Member. It struck him as
being angular indeed, that while one man who
held property in land, Olitsitid be allowed to do,.
poise ol• it at tiny price he could get. while Alisoitlir,,
who had property iu houses, should. have the Hattie
latitude, while in fact, the holder of every other
species of ploperty should be allowtol to du with it
just HS lie pleased, the holder of 000000 V, %holt
was the representative of property, should be alone
restricted. to triefrill4 to tlll.l tiuullult•, it Wall
right to bear iu mind that the holder of lands and
houses was possessed of a ptoprity, the value of•
which fluctuated according to the Capacity of the
owner to snake them avoidable. Although this
country had flourished under the operation of va-
rious restrictive Acts, yet lie hoped unit wino
any of them was found injurious or
DO lime would be lost iii moolilYirset or repe:olootg it.
Ile hoped that with respect to the Usury Laws, she
time had mow suited when die labours of able
men 11.1111 atllicirutly developed the true principles
of economy, so as to IleiriClobtralef tlie inutility and
absurdity of Otiose laws, which wel.t to re►tnct the
rate of interest oar moory. Ile had no doubt the
Iluuse would adopt any measure which was CHICO.
lilted to advance Ilse general prosperity of the eon.
pier, and lie thought that to this, particular 'I
tioli, the rate of interest should he let•t It, tie tines
cretion of individuals, wool that the trinural of
die restretion would have a salutary elfsct.
Seljeant ONsioniv then obtained heave to
Lorin;; iu the Bill. Ile immediately brought it in.
It wito read a first lime, ordered to be read a second
time on NI onnlis v next, ottod to be limited,

PETITION ItE-sPLCTING, MR. WYNDHAM QUIN.
Oil the Mutton WILSON. the
order for the intrlitlasier of NI!. V1)11460111
114 d.o•ehurged. The Hon. Mover havoqz stilted
that he inillerstoml 1I r. Quni woe now on his way
to Parhaw/q.t, and might he expected in his place
to.inurrow.