Star.
London, England, 1816-05-24 00:00:00

SLAVE REGISTRY RILL

Mr. H. DAVIS presented a Petition from the
Merchants of Bristol against the Slave Registry Bill.
Lord CASTLE RE A.GH would wish to know
from his Honourable Friend (Mr. Wilberforce) what
course he intended to pursue with regard to the Slave
Registry Bill ? There were negotiations at present
pending with foreign Powers, with which this mea-
sure might interfere. Even after those negotiations
were successfully terminated, there might he occa.
sion for a registration of slaves. But he suggested
to his Honourable Friend, that it would be desirable
to gain the concurrence of the planters and inhabi-
tants of the West India Islands. Indeed, he hoped
they would themselves see the benefit of a more strict
registry than the present. It was the intention of
his Majesty's Government to attract the notice of the
Colonial Legislatures to this subject as soon as the
proper time should arrive, and he thought if the
concurrence of the inhabitantsof the Islands could be
procured, the measure would- be executed at a much
cheaper rate, and be much better carried into execu-
tion, than Without it. He allowed that the measure
was necessary to prevent the possibility of the im-
portation of slaves. He hoped to lee before the end
of this year, the Local Legislatures of the Islands
take the subject into consideration; and he therefore
hoped that his •Honourable Friend would not press
the measure at present.
Mr. TAYLOR hoped that the Local Legislatures
would take such steps on the occasion as would pre-
vent the necessity of any harsh interference on the
part of the Imperial Legislature ; and he thought it
would be better to-have the co-operation of those
Legislatures, than to interfere so as to exasperate.
Mr. WI-LBERFORCE felt the peculiar force of
the appeal of his Able Friend. It had not been his
intention to push. this measure farther than to have
the Bill read a first time and printed, and to let it
lie over till next year, and therefore there was no
great difference between his intention and what
his Noble Friend wished. Undoubtedly if the
co-operation of the Colonial Legislatures could be
procured, it would be rt most desirable object; and
if there could be any probable certainty held out that
it could be procured, he would most gladly defer his
measure. On this day se'nnight, he should move far
some papers on this subject which might produce
some discussion.; but after what his Noble Friend bad
urged, he should not press his Bill farther this Session.
After a few words from Mr. •Peornmunt and Mr
BLIOUGHAM, the Petition was laid on the Table. •
INTORIIST OF MQUY.
rserjeant ONSLOW, in rising to move for leave
to briorin a Salto repeal the laws fixinti Skint! Of
Interest of Money' in Loani, would pan** a kW/
words.' He then went into a history of. the eirceite.
steams undw which the existing laws wee sea

In the early ages the Councils of the Cher.h had al-
t
I ether discontinued taking any interest for money-
I
wever, it was found that money would not be
through mere charity, and therefore interest was
allowed. The rate of interest rose, after the reign
of Henry VIII. to 14 per cent. ; under Jones I. it
was reduced to 8 per cent. ; under Cromwell it was
farther educed to 6 per cent. ; and it was settled, in
the reign of Queen Anne, at 5 per cent. He quote
ea Bentham and Adam Smith against any limited
rate of interest. He argued, that at present money
could never be borrowed at the legal rate of interest,
far that numbers were in every instance resorted to
at a Mach heavier expense to the borrower than if
the rate of interest was left free. He mentioned an
instance of a Gentleman, with a large and clear fee-
simple property, who could not get money but on a •
redeemable annuity at a rate of 10 per cent. He.
eooclnded by moving for, leave to bring in the Bill.
The CHANCELLOR.' of the EXCHEQUER
thought it would not be expedient or hardly safe to
Amnon the laws tbet had existed on this subject,
during a century, especially while'such an enormous*
public debt influenced all the money transactions of
the country. When the public debt could be consi.
1 derably reduced, then might be a time for the Ho-
nourable and Learned Gentleman's measure, bat at I,
present he could not think it either wise or politic.—
He therefore moved the previous question.
Mr. BARING said, he could not see my way in
which the repeal of the Usury Laws would injure
public credit ; and, if men took money out of the
Stocks to lend it at an increased rate of interest, he
thought it would produce great public benefit ; there
would then be a fixed rate, at which men could al-
ways depend on raising money instead of borrowing,
as they now did, from bad characters, in a circuitous
way, and at enormous interest. It was monstrous
'and absurd to say, that Government should borrow
at the rate of six per cent. and that all individuals
should be prohibited from borrowing-at above five.
Indeed, in a short time, during the continuance of
Peace, the rate of interest would, by its own opera•
titan, fall considerably. Every man was, in equity,
entitled to the market value of his mottle!, and when
contracts on that principle were made, it often hap.
pened that fraudulent debtors took advantage of their
flaring given a small sum more than the legal inte-
rest, and had the creditors heavily fined for usury.—
No such thing would happen if the law was done
away. It was well known, that in countries where
no restrictions took place, the rate of interest wits
lower than five per cent. ; such was the case in Hol-
land, where every man might get as much interest as
he could for his money: As to the arguments, that
extravagant young Gentlemen might be led to give
enormous interest by mortgaging their future pro-
perty, the fact was, that under the present system
they were frequently ruined by borrowing money on
416011itillos. payittst. ;ii tate, at the rats se 90 Or
SO per cent. which would not be the case if the Usury
Laws were done away.
Mr. PRESTON was in favour of the motion, as
one likely to prothite the most beneficial effects ; be.
sides, it would be attended with this great advantage,
that it would do away that most iniquitous system
of granting annuities.—(Near, hear).—He was con-
fident that the repeal of the law would make the'rate
of interest lower.
Sir JOHN NEWPORT *perfectly agreed with the
Honourable Gentleman who spoke last, as to the ad-
vantages that would arise from the repeal of the laws.
He was confident that such a measure would do
away the ruinous system of annuities and other cir-
cuitous modes of raising money. This restriction
increased the difficulties of obtaining money. He
could say, that men of the best characters were now
trafficking in annuities. Even in marriage settle.
ments, he knew that there were lately clauses intro.
dined to allow the trustees to lend out money on an-
nuities. In a country like this, which &unshed by
commercial enterprise, the trading people ought to
be left to themselves, and men should be suffered to
obtain money on the best terms they--could. In
dustry should be left to its free channels ; and the
common interests of lenders and borrowers, as well
as of the community at large, would be best consult-
ed by leaving men to make their own bargains, and
give and receive money on such terms as most suited
their own convenience.
The ATTORNEY-GENERAL thought it would
be highly improper to bring forward a measure of
this kind in a precipitate manner. In the present
atatcof things; it would be extremely unwise to in-
troduce it.
Mr. ABERCROMBY said, the law was not only
nugatory in regard to preventing persons from lend-
ing money above five per cent. -but it also had the
effect of obliging people to raise money by annuities
at most ‘ enormous rites of usury. In short, no
nionorcould now be borrowed except by annuities.
However, he did not think it.would be advisable to
alter the law immediately, as it might cause a sud-
den shock, which must expose many people to great
inconvenience. .
Mr. PONSONBY thought the Learned Serjeant
was entitled-to the thanks of the Public for his me-
don, which would tend to great public good and the
removal of great public, and private evil.- He agreed,
however, that this was not a measure which ought
to be adopted at the present moment.
Mr. FINLAY said, he knew of many evils
arising from, the Usury Laws to the trading and
manufactnting interests* of the country, at the
same time he was SWIM of the inconvenience that
must follow from their speedy repeal. He was,
however, greatly surprised at the opposition of the
Cbancellot of the Excheysee, which went to preclude
the Mean* from being adopted at all. It was as
unjust. to prevent a man from turning his money to
1-advanthge. as to prevent him from making a pro-
fitable disposed el his laud or any other properky.--
Therefore, he thought the laws ought, to be altoge-
ther repealed.
Mr. SHAW said, •that many upright persons had

been involved in the greatest embarrassments in imin.
sequence of their ignorance of the Usury Laws oari;
sons from inadvertency, had offended against t
laws, and afterwards preferred losing the whole of
their money rather than expose their characters by
going into a Court of Justice. le 'rat Of great im-
portance that the Usury Laws should be defined, so
that he whn ran might rt•ad ; because it is well known
that many persons got largeinterest without violating
the fetter of the law; while others whn had not received

near the amount of interest were subject to penalties
four times the amount of the money they had lent;
and he would appeal to the Attorney General, whe-
ther be had not witnessed cases of this kind in the

course of his practice in the Courts ?
Mr. MARTIN supported the motion.
General 'I'HORNTON thought the principle of
the motion very good, but at the same time be hoped
the Darned Serjeanr would withdraw it.
Mr. Serjeant ONS LOW in reply observed, that
not one argument had been advanced against the
principle of his motion. But as so many Gentlemen
who approved at the measure had expressed a wish ,
that it might bespostponed, he was ready to withdraw
the motion, which however he was determined to
bring forward again at some future period. The mo-
tion was therein withdrawn.