The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1843-10-04
PATE OE INTEREST.

do tore OF Pu"'S
MI, ears, we are fully persuaded that
I;,b degree of popular excitement exists
.: ,sl., ION to the present laws on tie sub
of Usury. In our humble opinion ii is
N funded. The legislature must retrace
ems and restore the ancient rigor
.irs, taking extra interest. The law as
Gu .,suds as a protection TO the people
AIMS, usury 10 miserable mockery. We
-, 70 impulation upon those who sane
.an When it was passed money was
,,,,r and II was even believed by the leg
i.r,,nre TIA, to remove restraints might fa-
lotto buslncss, and The free circulation of
.,,;,oI applied 10 investments profitable to
~ oubic as well as individuals. But sad
.,,srjence teaches very different lesson.
!, q general principle, giving over six per
,oo, for money will ruin any Individual
c,no,on prudence dictates that il is far bet
-. f., MIN 10 submit TO the evils of the pres
~, r-essnre ofthcir affairs, than 10 endeav-
n, +, escape by .esor;iug 10 the fatal means
o;,-..,f zach uslry affords. There is se!-
ian ease in which lie exac;ions of the
,erceu-ers 90 10. operate 10 me ruin wholly
~, in nat, Of tic borrower. The former
,.,no. exempt themselves from blame by
leading The advantages 10 the latter
Where tberr is one who profits mill by
0aring m extra rate of interest there ore
lee who are ruined BY il. But why it is asked
not allow the same liberty 10 people 10 Sci
lie the price Of money among themselves as
NY sling elsel The answer is. there is
r5hirg hut money which is Likely 10 induce
an unequal exchange. Nothing will afford
srch complete und instant relief from The
Oyerfowcrns pain Of the present pressure.
Noting vii enable man 10 erter instant.
y uron tie FL Dorado of visionary specu-
l.'ion bu; the possession of the ready rino.
The money is borrowed, the farm is mort
gaeed, ald The first year the twelve per
rcG, IS paid. The pressure is increased,
lie spa UlG ion fails. The keen sighted
[reJitor sees his advantage. He rises il
lis exaciioGs as the means Of the deblo,
diminish. | { d. mands on additional excess
,iich Cannot be compiled With from Golfer,
ready s. mrch exhausted. The mortgage
= forecl'sed aud the premises either sold
r. mere n.oiciv Of their value, or fall into
Oh lands of the creditor u, halfiheir worth
q Ration 10 foiiles against which no hu
1877 prudence can guard il is the du o.
en'crnmcnt 10 interfere. What individuals
ci1rci 70 themselves government must Do
lr ,hcm. If muiiiiudes Of or WORTHY clli-
IRIS lre about TO be made the victims of
cEsdy capita isis, the legislature canaol
Stage is du'y us guardians ofjhe Pub
&c veal, without irtcrceptiag lie progress
a'lo evil. We di- card all personal feel
lgQ. We have never been injured by usury.
We vii bc,,uw 10 od.oGs cpithcts upon
'iOsa inany q whom are perfectly couscien-
aacs IN takirg for their money what others
gree to give 'hrm. But we do say that
iae present iaXiiy Of the law in relation 10
lsa'y' is an oyclsL, lining evil upon CON-
E'FrI at large. and tie people arc crying
''olj for remedy. Ifthcy arc not heard
80 o5cyed BY the next legislature lhev will
'l&H ihe subject into their own hands, and
30 te to hat body whatever may he its po-
zeal complexion which shall turn a deaf
II to lAeir remonsranccs. Tac most obi
Ols ceSpoiiSms in all ages of the world have
made mss against usury. Nearly in eve
y STATE of.hc union are the cnacimcnis vast.
~ more rigorous upon Ibis subject than 10
Vermont, and in many, and especially in
Ne" York Il is not ony punished with
'Tieilurc Of the principal, bu, erected into
aciine. Ii is lIue the scverest penalties
"!l never entirely prevent cxiortion. But
'a-i IS not reason why it should not be linn
FED, a'j lei it be done by the next legisla.
''Fe, VIA viii thus enlrle themselves 10 the
gratitude Of the PEOPLE Of Vermont.