New-York daily tribune., 1843-10-28

| nrice has been paid tor mlllonS oi iioiey -
fC;tv of New York within the last SIX years; -.
know the different States have passed ia"s
| intending to fix the rate OF interest sum-
then, have made it SIX per cent, others sete
eght per cent. but these laws are all 'i:.a'o @ ~
not only by individuals, but by bahhs, as,nrc i
change or otherwise; for, when eA'ila car
CHARGED, it is simply demanding extra plio'
tbc nse of money. These Usury Laws arc VIZ.
lated not only By individuals and the Danhs' pus ~
publicly by the very legislators "ilo aA .i.o
laws. They, too, sell the bonus VI ''ir ssas.
hearing six per cent. at an eIcii,
from tbeir par value, so that these holoels OF the
money receive usurious interest from tne stale
which. enacted the law against Osury. When
these State Bonds have been sold as low as nifty
ner cent. by the State thatlssued them bearing an
interest of six per cent, they are paying at the
rate of twelve per cent. per annum, and that half
yearly, On the sum they have received IN money,
and at the time the bond becomes due they are
compelled to pay double the sum received for 1t.
And to whom is this to be paid Perhaps to a
citizen Of the very State that has been obliged to
borrow the money he, living under the law and
breaking it; they, making the law and doing the
same. Every citizen in the State suffers by it,
while all, through their Representatives., have
agreed to infringe upon the laws they have them
selves made; and yet if two individuals should
make such contract between themselves, by the
Laws of the State it would be void and the debt
forfeited. The State agrees to pay these enor-
nous rates for the use of money, because there
are State Works commenced which, unless COM
pleted, are useless and will soon decay. The fact
is they are placed between two evils, and choose
between the two as millions of individuals have
done within few years past; notwithstanding
MANY Of them have conducted their business with
as much prudence as at any period OF their lives
and have never before been troubled to meet their
engagements. But during few years they have
been obliged to pay cxorbltant rates OF interest
or suffer their credit to be lost and their property
to be sacrifccd-with almost the certainty of rum
in either case. Although they think themselves
well able to pay forty, fifty or sixty shllllngs on
the pound, yet their property wlthers IN Their
hands, whichever course they may take; and
this is from no fault Of their own, but from the
absence of just laws.
To give another instance Of change in the rate
of interest A man having three sons intends to
give them, when of age, three thousand dollars
apiece. In 1886 the eldest son receives his por-
ton, buys a farm for $500, and stocks it with
the remaining $500. In 1899, the second son
obtains like sum. With $4,000 he purchases
adjoining his brother, two farms, both quite as
good as the one bought by the eldest, and $500
stocks; both as well. In lS43, the third son comes
into possession of his property, with S2,5OO buys
three farms, and will. the remaining $500 stocks
them. Each of these farms is as goods and as
well stocked as either of the elder brothers, and
although this man intended to treat his children
alike, he has given the second double what he
has the first, and the youngest three times as
much as he has the eldest. similar effect
would have been produced had the money been
expended in any useful property, stores, houses,
or any thing which is the product of labor. Each
of the Younger brothers. farms will produce, with
the same labor, as much as the elders, and the
produce will sell for the same price. Nothing
has changed but the measure OF value, money,
which has done great injustice to the parties.-
This occurs because of the want Of just laws,
unalterably to fix the use or interest of money.