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


a .
Sir W. LEMON presented a Petition from the Perish of Myvor,
in the County of Cornwall. praying for the repeal of the Duty on
Coals carried coastwise.
Lord STANLEY presented a similar Petition from the Town
and Neighbourhood of Vlverstone, in Lancashire.
Sir C. HA WKINS presented a similar Petition from the Bo-
rough of St. Ives, ht Corninn.
Sir I KNA TCHBULL presented a similar Pelithin feint i
Prish Jostler County of Kent..
Str T, ASK!. AND presented .five Petitions with the like prayer
from Ilfracombe, and four other Pa/Weis-in the County of Divot,.
Captain 3 STA RI) preeented two Petitions of the same purport,
fru% ll* 41 and another Parish in the County of Devon. •
A similar Petition was presented troM the Town of Staines.
Sir T. LET tl SRI DGE presented a similarSetition from the'
Town of Minehead, in the County of Somerset.
A similar Petition was pres..ntA from Horsham.,
Mr. PORTMAN presented a similar petition firorn Portland. •'
Sir E. HA RVEY presented Petirionseo the same purport from
Roniford. and Laytonstone, in the County of Essex.
These Petitions were severally ordered to be printed.
Mt. Alderman WOOD moved for returns of the number of
Barrels of Ate and Beer brewed In Scotland during the fast year.
—r Or dered. •
Mr. F. LEWIS mid he had been requested-by his Right Hon.
Friend (the Master of the Mint).-who was prevented from attend-
ing in his place by illness, to request the Honourable Baronet whom
notice of a .I,lotion respecting the Coin of the Realm stood for this
evening, to postpone it to mine evening In next sverk, when he pro-1
bably would be enabled to attend.
Sir J. W ROTTESLEY, in eompikusee with the request of the
Hon. Member, postponed his Motion to Wednesday Knight.

' USURY.
On the Motion for reading the Order of the Day fol
the second reading of the Usury Laws Repeal Bill,
Mr. DAVENPORT rose to oppose the• Motion. The'
repeal of the existing laws for regulating the interest of
money would, he contended, be in- the highest degtee
injurious to the owners of landed property ; for it would
thereby be rendered absolutely impossible for the pos-
sessors of from 20 to 300 acres of land, to borrow at all
when money was scarce. The Bill might raise fhe rate
of interest, bin could not possibly lower it. Its effects
would be entirely in favour of the lender, and against
the borrmser ; and as he felt more for the boirower, he
moved as an amendment that insteadofthe word ,enow,"
the words " thin day six months" be substituted. '
Mr. B. COOPER censured the 13111 as contrary to the
principle of the law relating to- insurance and other
commercial contracts of the like nature. He was con-
vinced the pasiing of the Bill would throw open the
door, to fraud and injustice, and he therefore seconded'
the A qiendment. .
'
• The SPEAKER said he wished to impress upon the'
mind of the Honourable Member who had moved the
Amendment, that the original question was that,the'
Order of the Day be read, which must be done before
the Bill could be disposed of in any way.
Mr. CALCRAFT said he apprehended the intention
of his Him. Friend to be to oppose, not the reading of
the Older of the Day, but the second reading of the Bill.
Mr. DAVENPORT assented.
Tne Order of the Day was then read, and
• Mi. Serjeant ONSLOW moved that the Bill be now
read a second iiine. - •
.. • . -
Mr. DAVENPORT moved his Amendment as before.
Mr. B. COOPER seconded the •Amencltnent; and the
gallery. wai ordeikel to be cleared for a diVision ; when
Mr. IRON Ilne aid said, after the very strong man-
ner in which the Honourable 'Membe!s opposite had ex.
piiiied theinselVes in Op`positirn'i to the 13i11, he should
be song 'that it 'slionld go to a diVision without some
eiplarration of the grounds en which it was-supported.
Two facts had keep stated which he wished to have ei-
Pained i it wa, stated that this measure was contrary to
the law of'the land; now if he (Mr. flume) knew any
thinl at.ili cif the principles which formed 'the basis of
the conrne,cial law df this -cchnitry, it
.way that the
reAtie4 lifietit y 'of bargaining was allowed toerery indi-
vldittlz-(lleitt). And ihe 'greatest Advantages which
'ails 'country ever derived mar illy Administration+
ft* the fait thirty years, were those which theentight-
ined policy Of• the pie-Ulu Miniiters *as 'about to
&Infer upon ii, by acting aPolt 'the freeit principles
of trade—(Hear, kqr),-4 was else stated that Under.
writers mere prevented from 'charging more than a car•
tarn interest upon 'policies of insurance, but this fact he
doubted. The prinCiple of the insurance lan-wens to leaved
die 'rate or pi emiiim cif inSurariCe 'unffied : 'and eckeid-
ingly, as the linninfrisbli Member Welkkiiew. o'l:ate
of premium might be demanded, and it is often raised
from two to fifty per cent. and on the same principle
the rate of interest on money advanced ought also to he
left Own to arrangement between- the parties. The!
Hon. Mover of the Amendment he was convinced had
-.rite mistaken the tendency of the measure, .then he
70eieribet1 it as injurious to the landed proprietor. k
WaslO the adVantage of all 'parties that transactions oil
-this nature should be free and Open. -. TheLought al
ways to be such as would bear the light, and if any.
thing fraudulent or unjust crept into them it ought to
be punished, and might be so by 'the coninion law.—
el
There was, therefore, no necessity for- the .coritinitanc. ,
.of these Statutes ; on the contrary, they were mischiev..'
Ous in principle and ruinobs in, Operation; and if 'ever
theie was a time-more proper than another for removing
' them froth theStiibie Book, it was now, when the ac-
tial sate of interest on money was lower than it had
rier been known.
tit 3. WrItOTTESL'Eir said, when it was proposed
to alter the policy of these laws, Which led been so long
in existence, and to remove all restrictions upon the rate
df interest on money lent, it was at least to be expected
that some better reason would begiven for the change
than that of the actual rate Of iiitereit being 'so low as
three and a half per cent. while the law allowed five to
be taken. What could be the abject, in such a state of
the motley market, for bringing forward *this measure,
' he could not imagine; the only effect whiCh he could
anticipate was the laying
,of a trap for young'and unwary
• eipectants of fortunes to borrow. As it respsected the
landed interests of the country, every one knew that
retailed estates which diseendeil to the eldest son,
charged with piovisions for the younger-branches of
the fainify and marriage portions 'for the females,
must necessarily be more or lees ibiirthened with
mortgages, which could only be paid off by 4serrowing.
As the law now stood, the holder of such an estate,
Seising money Upon redeemable annuities for that pur-
pea, was enabled to do so upon such terms as left it in
:Lis power to re-110in them without much difficulty.
But if those laws,were repealed, the rate of interest, no
longer fixed, would be liable to continual change, and
the holder of in estate would -never know what he
should have tn Offer the redemption. Another serious
consideration was the probable effect of this Bill upon,
the entinflicturing interests—that great and important
body, that t .11lee employment and, activity to the in
dustry of :die country. HOW would it be possible for
a inanufactpser to 'borrow motley, if landed ptoprie.
tots, who had the lotat.description of security to offer,
were allowed to live 'a h,, : -rate of interest ? What
would have been the .condition oit-the country during

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