Star.
London, England, 1824-02-17 00:00:00

the last war, but fdr the exigft_git of these laws
the Bill proposed torepeall flbtWithstabding ten
ainthge of the security of 4oveniffit* Svc! any t,
prirate individualsOhld bffir, hod * ate4of intert
been unfixt;d, the GoVernilient wouldOttfotind it in
•poisible t'o rail* the large sums retterwed defrayin.
the expenses of that war, except at a rate of interest so
enormont at the public revenue tite country' won!
not at this moment have been able to pat. The fair nronei.
dealer would, by the repeal/of these laws) be thrown
out of the market, by th 40stortioner and the usurer.
It was calculated to ruin ndecl interest, to starve
the manufacturer, and to .zgai are GbeernMent ;
I trusted, therefore, that the House would giiattl again •
evils of so serious a description, by rejecting the melt
i sure hi-Might forward by the Learned Serjeant. . -
Mr. J. SMITH said the laws against usury were 111•
most repealed all over Eoropc, and yet .none of tbose
disastrous results bed followed, of Which the flonourt.
able Baronet was so appreheilsive here. As one of the
commercial body for whcire the fears of the Htinonrahte
Baronet were so great, he begged to say that he felt
net the slightest'apprehension for the consectuencei isf
this measure. Ode good effect wkieh he felt assured
of, and which it was most desirable to bring 'AAA
wo,ild be the putting in end to the practiCe of raising
money by way of annuity, by which pernicious systeihr
be had known many instances of fainiliesbeing involver!,
in difficulties fiorn which they would probably never
recover. Such ruin was the natural consequence of the,
neceisity to which the hot-tower, under the existing lavis,
was driven, of applying to individuals who, sinking
under the infamy entailed upon them by the nature of
the translations in which they were engaged, exacted
large preittiunts to pay for their loss of character and
reputation. He trusted those evils would be removed
by the proposed repeal .of, thOse laws *lnch he had
never heard defended by any man in his senses with
whom be had ever conversed on the subject.
Mr. GRENELL said, if he rightly understood the
objection of the Honourable Baronet to the Bill, it was
that he conceived the removal of the restriction would,
increase the rate of interest. To that,ohjection he coals'
cite an instance which Jto th9tight would. pro* ailtfAl4,
SatisfaCtory atiiiver. The Tnstanie to whith tit tllrt
was that of Holland, where there existed ao la* td
gulate the rate of interest ;- and from his own lA*
ledge .he could say, that there was. no country in :11*k
World Where the rate of interel-on money. was so lob
aS in the United Proviiteet, e therefOre hoped his
Majesty's Government wonld.give -their Support to this
Measure, More particulai'l9 its it is in unison with tWole
liberatvieWs and policies *IAA we have seen them act
Upon with 'so, Much satiglielfen'et late—(ffertr, hear.) •
Mr. HUSkISSON said he was a Member- of the
Committee 'Which Mode the 'Report, in 1818. uponi
whiCh the otes-eta hill was founded. In the cipinions
set fotth in that Report he fully concurred at thethni,
and the 'oPinion Which be hf 4 then foirned he still 4..;
tained: He considered the Usury Lairs .1; tateulated
tikadd to the difficulties in the way of raising money,
:ilia to frOtnote litigation and fraud.
The CHANCt LLOR. ef the MEC HEQUtII said he.
had oppitied the Bill when brought forward in the last
Session, not because he thought any advantage could
be derived from the continhatiOn of the Usury Laws,
tieta.nt the public mind did riot teem'to bb s6ffi-.
ctcntly made up as to the policy of re'pealinglitem, and
peat opposition was in consequence made to the Bill.
He thought the circurottiaces under which it now came
fbrwara iieVe Ziffeieat, the opoo6ltion .+raving
.fitly strbliZed. and therefbre he *as .prtliared to give
his 'sapper% to 'the Bill. '
Mr. CALCRAFF expressed his .suipthe t at tlle
Right Honotirattle 'Gentleman i(the Chancellor of the
F,ichiqoer) diduld new so Cindiallly huppert *a Ineasort
which .he hit/ Strenuondy 649sta six months ago.
He (Mr. C.ilcraft) admitted that the principle. of the
Usury Laws was one Which it was not easy to defend ;
hilt he Wetild maintain ttitit it was dabgerous in the Tex-
trerneto Wter.,. in a couotry ‘yhefe capital circulated S..
largely, and
.to such Advantage as in this, ihosela;is
Order which its operations had bolting been Conducted.
Gentlemen were much inistateo if they thought that
with a Government borrowing so lariely as the tioverit-
Ment of this country did in 'belittle of war, tinir advan.-
rage could bicgainedlnindividOids by the repeal of the
LiWs. Gentleinen seeitted 'oooldr-the Bill Marla'
protect individeals from ruinous contracts: he 'wntild
say, that it would -f
facilitate borrowing by the ihOught-i
leis and eitraVsigarit, ifistead Of hiding the fair opera-1
licins of inif(titry and crittkirterte. He Was not a Mehl;
her of the Cornmittee—rMr; ei:jearittrott.oilr, i6oss
the House, " Yes, you were:l—Then be Was eatternely
sorry to have beettio unworthy a Member,lorbe never
attended O'o's Cow,. at rtiis the /I Ouse,
"Yes, }au Sid iittenda-47044 thffitlitertle did net;
recellect, however, what passed in the COmtnitiie ; but
he had read the evidence since, and if he had thought
that the Right flopourable Gentlem'an ate IA in-
tended to adopt ahis brat of the Learned meant which
had been handled abotitTrom:Seisicin to ssidni Whein
no one would 'take it in, he would have broilght
the evidence with hint, and would have undertaten to!
strew that it diII not bear out the rieWs cif those Who
supported the ll: lie knew that if the Ministers were
determined to support the Mea.snie, it was in thr
him to speak against it, for their suggestions were sure
to meet with a ready '_cortipliande from the majority.
Mr. SetjearittfigsLOW 'said* it Was certainthat thei
Honourable Member Who 'had pit Sat 'adain was a:
Member of the Committee from whicb this 13 ill had'
einanated ; It was eqtally certain that hi attended its
meetings; it was also certain that he it.thatiime ten:,
curred with it in opinion, because when the report was.
made up there Wits not a single clit*otiernt voice again*
its adoption. Ttie Ilenottrable iecOnder of the amend:
ment and the Honeurable Baronet opposite (Sir Jcilin
Wrotteiley) 'had fallen into a:gieat 'mistake When they
talked about the policy of these Yaws; TOr if they read
the preamble of the Acts they would find the whole to
have been (bonded on the 'notion then prevalent, that it
was repignant to the spirit of Christianity to ;ate in•
terest for the lending of money, and that no iitieitinit
of policy was ever thought of. The principle of the
present Bill was this,'let the money contract be like all'
other commercial bargainsfree, No Ittelap was
ever made to fix the, price of toiriMOdities Sy Stature,
nor to regulate the rate of insurance by Act of Paella•
ment: and he was wholly at a less to conceive drat,
what principle of pdlicy, either airegarded the interests
of trade, or just and fair dealing 'between 'men and
man, the rate of interest upon money alone could be
considered as requiring this species'of restriction.
Mr. BARING said thathe felt no apology neceststry
for offering
.a few words upon a subject Which was ton-
fessedly of the first importance to all 'ranks Of Ike com-
munity. His observations should, however, be few, is