Star.
London, England, 1817-07-03 00:00:00

rate of irtet.et w0..1.! he a, easi!•• ascertaired ao the vttl•
other ::title•, r:-.r7t, of every de,ree in!ellve: ;-e l'e7*
mited freely to buy. Th:y do rot bettel:c indigence, bezeme
the needy are often precltubtd from accompl,hin; whir rt.:ly be
the means of preareing them from de.trtic•ion; and
there Is a prohibition against borrowing at a higher rate, there
I, no provision for supply at a lower. They do net check im-
provident speculations, because the boar i, not advanced on the
faith of SUCCCS4 iti the project, so much c. on the act tlity of cre-
dit in the burrower; and became the =vied intertst will at.
ways prefer the thrifty, and may be safely evtru.ted with the I
management of the r own affairs.

" That the laws against usury are rct naly attended with no
advantage, but are productive of extensive injury. They inter-
fere wail the private concerns of individuals, over which it is
equally milieu and impolitic to exercise a comma. They inter-
rupt :he operation of mercantile policy, which, by allowing
the stale of business to be reeittated by the relative wants and
imareaions of the community, effectually adjusts the balance of I
price. They increase the embarrassments of the country, in
a time of general pressure, by rendering illegal the means of
relief, and depriving the sufferer of a retuge, till the revival
of confidence and the return of prosperity. They compel
many who are possessed of property to thipose of it for what-
ever it may produce ; and, as Lord Bacon observes, " whereas
usury would but gnaw upon them, bad markets do swallow
them up quite." They induce others to evade the law, and
to pay an etorhitant premium for the accontintelation They
expose the dealers in this illegal traffic to sorb risk and infamy,
as narrow, Ilse competition, and raise- :ay teens beyond all
moderate bout ds. They corrupt the public morals, by hold.
ins out a temptation to information, treachery and ingrailtude.
They impede the prnerese of commercial emerprize and agricul-
tural impicntement, by restraining the free influx of money into
those channel/I which might diffuse wealth, industry, and coin-
fon over the comm ssss it y. They divert the surplus capital of the
nation from its legitimate and patriotic employment at home, to
the accommodation and aggrandizement of foreign countries,
who arc willing to afford an adequate remuneration for its use,
and who, in the CUM of war, may subject the whole to tor-
friture.—That the laws against usury arc not only hurtful and
.Inexpedient, but in a great measure inefficacious. at a legal door
is opened for their evasion. It is perfectly known that the prac-
(ice u: raising Money on redeemable and determinable annuities,
has of late grown to an alarming extent, and obliged the !Kira
: rower, who could otherwise have relieved his necessities at the
rate of Pie or seven per cent. to ply so high as tO, le, and even
I 5 per cent. It is perfectly known that the interest is enhanced
in the mode of supply oa heritahie securities, by the original cost
of the conveyatiee, and by frequently charting it as a profit to
the as ("racy. It is perfectly known that the custom of charging
a commission on the discount of bilk has been prevalent among
monied men and prie.ve banker:, Which, at the rate of a bast
per cent. every three months, amounts to 7 per cent. per annum.
" It is psi truly known, that the loss by drawing and re-draw-
ing on 'maim', to which many respectable houses in provincial
places have been obliged to submit, for the p imposts of temporary
accommodation, has been very serious. In 'short, it is perfectly
known, that, till of Ire, and for many years past, it was almost
impracticable to procure loans to any ceneiderable eaten., at the
common rate of interest, even on the snort unexceptionable
aecurity.
" 'flat the repeal of the laws against e-ury would net be fol-
lowed by a rise of the rate of interest as a natural tontevence ;
for not only is such a euppo,ition contrary to the principles eihith
regulate price, but it is mitorione that iti London the rar at pre-
sent uu good SeCt‘titiCS is lower than the maximum: that in
!disdain!, Flanders, Switzerland, and other countries where there
were no Inal restraints, money was always procurable at a more
moderate return ; and in fact that the very existence of such re-
straints defeats the object of their enactment, in exact proportion
to the ea:vistas with which they are enforced.
•• ri,St the repeal of the laws against usury would oat occasion
that inconvenience or detriment to mortgagee" which bat been
apprehended, because the rate of interest has already beets ripe-
Lti d by the bond to be five per cent. and there is no reason to
atiticigate more advantageous terms ka this lender at present ; and
became, at ah events, there is, even under the existing system, do
. impediment to the creditor calling up his truinfy, and tombs-Mg
1 the mortgages, whenever be esteems it to be for his advantage.
" I hat the repeal ut the Laws against usury would not create
any grea Cr flue. uation in the terms ce loan theta le exp. rise. e I
in all the other daily transactions of life, or in public centrac- 5,
wh• re lintel meta are .ett perfectly free; and to remove mis
conception, in cases where no previous agreement 'was made,
the present rate of interest might be declared to be the rule of
settlement.
" That the repeal of the laws against usury would not be at-
tended with the effaet of embarrassing Government in their con-
tracts for loans, because the Nairstaal security is always pre-
ferred to that of individuals; because the terms are nut affected
by the legal rate et interest, but are dire-red by the quantity of
money in t le market, by the prospect of rise in the Funds, and
by the comparative advantages resulting from investments in the
Stocks, and other means of employing capital; and because, on
the principle, even if it were correct, of facilitating the Public
engagements, by contracting the sphere at competition, there
might, with equal propriety, be a restriction on the purchase of
land, or thepirsuits of nolutuerce."

After the Medical Gentlemen who attend Mr.
PONSONBY had visited him yesterday, the following
Bulletin was written, for the purpose of being shewn
to inquirers : Mr. PONSONBY is rather better this
morning."—Dr- 13AILLJE and Mr. TEOAHT were with
hire' at halt-past eleven last night, at which time they
considered him considerably better. On enquiry,
this morning, we were happy to find that Mr. PON-
BONET had passed a pleasant eveuing, and was con-
siderably better.
The case of the persons of the name of Evanr, fa-
ther and son, who are confined in Horsemonger.l.ine
Jail, on a Secretary of State's warrant. was again he.
fore the House of Commoes last night.' Pheic seems
to be a feeling excited in favour ef dime persons in
the public mind ; and we apprehend, that the vessel
of the State would glide on eer collrse ns smoothly as
ever if they were restored to their v..orksliopf. II Mi.
nisters have ao other charges against them than these
which arise from their writings, we must suppose
that they never took the trouble of rending them, but
formed their opinions from the report of some such
personage as Oliver, the spy. Their works consist of
dull prosing balderdash, with nothing to rivit the at.
tendon throughout. if we except the amusement
which a Logician must derive in observing that every
succeeding proposition refutes its antecedent. And
yet this stuff has been hitched into notoriety, andob-
tained a large circulation, at no eapcnee, from the
severity with which its authors have been visited.
—We recollect, that about a century ago a sect of
Philosophers appeared, who maintained, to the great
terror of regular schoolmen, that there was no smell
in a rose, and no heat in fire. Precisely of this wild
and extravagant character, and equally dangerous to
the State, is the Spencean System. All the writings
on the subject would have fallen still-born from the
Press, but for the blunder which we conceive has
been committed in ascribing to them a share in add-
ing to the stock of disaffection. We cannot but be
of opinion, that Ministers would gain much more, in
personal tranquillity, at least, if not in respect, by
setting these untortunate Spenceans atliberty.
The fatigue a hich Mr. H. AumearoN, night after
night, undergoes in defending "his Noble Relative,"
in long orations, must prey upon his health greatly ;
and all who know how zealously that Right Honour-
able Gentleman performs his immense public duties,
amid the inroads to which a delicate constitution is sub-
ject, must have additional cause to lament his present
thlemuta.—The motion for an inquiry into the allege-
etOOS of the
sPetition was ultimately negatived without
a division ; but not until a debate had ensued so
warm and animated that two Honourable Members
we= called to order in the cuurtc of it.