Iowa territorial gazette and advertiser., 1842-11-19

G-ox. Nov. n, 1912.
TsuEI LAWS.

SINCE l!lC IlSette, under The mana cement
Of i.s then editor (Mr. Clarkc) frs, drew
the attention Of i!s readers to the iniuuit.
ous operation OF tic laws regulating ip
terest on money. and the wholcsom, re-
1 suits that would attend the abolitir n of NJ
restrictions on the FREQ cmp' oymeat o
capital, leaving the modes of ii. employ
mcnt free to competition. The subject
We rcco'iect, was followed up week aftc,
week in scfics of argumentative ar,i
cles; we nrc not aware that thev wcre
repuLl;sbed by any other paper in the
Territory, or that an encouraging word
vas uttered By any Of those prints favor.
nblgto the change advocated. The Legis.
l9nre, however, was then in session at
mis- place; and it may be fairly inferred
4 we think, from tho subsequent action oI
that body-of which nine tenths Of tho
people arc ignorant-that the articles al.
luded to were not only carefully peruscd
hytln members, but had some weight il,
convincing their judgments.
1t is a fact, known to but few, bal
!. proved by the Journals, that the l.egisTa-
.tare which assembled At iAis place two
years. ago passed an act through b,,.n
!. Houses, WITH But vEar FEW DISSENTING
VOICES, repeating fs usary 7d.s, and al.
lowing the lender and borrower 10 'take
and givo scuh rates ot.. interest upon uso-
ney as nigh. bo agreed upon BY them
selves. This law passed at the close u
the scssion-the day before tho adjour<
mcnt, we .bclieyc-and was sent TO- ke
Governor for his signature. Tho L, Scu-
two, for reasons which We have fever
heard assigned, neither approvcJfof the,
billaor returned it with his. ohjefions.-
Ia other words, he rockete ltl,Y YbilI; and
in this way, and this WY oay, was il.
lost; for had he returned it = tho I.cais-
Iaturc with his objections fhe cons,i;u
'ional majority would la K be-n found
an favor Of its passage in 10Th bra=ches
We take much pleasure Gn lhus rescu-
ing from oblivion, as it wcrA, a portion Of
the legislative history Of oar Territory,
which in our opinion her ctitens will re
vert 10 in future with peculiar pride. Iii
places her front in tho ranks OF TIC anti
rcs.rlc;ionis;s. and demonstrates the ex
tent and sincerity Of her ultra free trade
PRINCIPLES. II proves her to be no lag
gard in the work or reform, when dic.at
ed bv utility aad wisdom; aud it cyilces
on the part Of her lawgiycrs confidence
III the capacity Of her people 70 manage
hrir o,cn 5isiacs; and ailca3 10 tier
screral interest, WHICH sas bull too few
parallels III statute cnact.,.-..,.
.'lhe world is governed too ,,,,,c,. '' III
received axiom. Were evidence Of ;t<,
'ru'A necessary, q simple reference 10 the
usury laws oe the several States wou,l.
he amply sufficient. How can a 'eois,,-
tor know what rate OF interests a man
can afford 10 give better than the man
himself? And what right have they 10
say to l'!ni that he must either borrow
tue money he wants perhaps to redeem,
valuable homestead from sacrifice ut say
SIC per cent. or not at all? II is not only I:
absurd, but absolutely insulting 10 the
human understanding. We conceive .hnt {
there would be quite as much propr;ctv Z,
IN limiting by law the ren. Of landA,lI.
erto particular per cent. on his invest
ment, or IL fixing the profits merchant ,
should receive on his goods; and vet, we /,
suppose, mono could be found 10 advocate
The utility Of such step. The whole
theory is founded on the absurdity thar ,,
men do not know enough to make their
own bargains aud take care of their own
interests, and therefore need guardian
70 prevent them from burning their flag :
crs, or running their heads into the fire.
ror our own part We can see no good
reason why the traffic in money should
S ~ - AsSS 0UO uuIlNlllCO as the trnGt.
III capital in any Of its forms. Let il |
n'onc and i. will requisite itself BY the
laws OF trade, which are scarcely less !.
mctab!e than the laws of nature
lls salcc, like goods, houses, lands. $
or indeed any thing else, will be
10 proportion to the supply ana dc.
lnand. There nre times, doubtless, in .
'he history Of every nation, when money !
Is doubly moro valuable than At others.
'or the plain reason that there is more
Than ono half less ia the country; and
Inc Prescnt state Of things in tie United
States furnishes most sad illustration ofl
lhe truth Of this position. So. also. oil
individuals: scarcely any citizen eau be .
lound who cannot recall periods 10 his ID
recollection hen he could have afforded q
70 s'ay thirty, forty, fifty, ard even one d
hundred per cent. for the use 81! another's q
money for limited period-nay who S