The Middlebury people's press. [volume] (Middlebury, Vt.) 1841-1843, 1843-09-27
PEOPLES PRESS
MiddIebury, Sept. 81, 1913.

HE LAW OF OsUkf.-Our reader, u;
perceive spirited article on our first D,,'
on the subject of Usury. Sumptuary l,r.
have ever been regarded as odiou, and
legislators have generally wisely sss,,iD.I
from enactmeuts regulating the prie. =,
articles of property which are subject, =,
purchase and exchange. The Use =,
money has however ever been regarded ;,
an exception, and in all ages, and anon,
all nations it has been made the sube,, =,
legislative restrictions. Its immoa;,,,
possession confers SO many benefits md
wards off so many evils that its owner -,
command from the multitudes who ~.
so constantly in want, almost any uu,,
which avarice may dictate This is stron,.
ly exemplified when in the ever-chanciD,
yicissitudes of affairs, community fll,
from high state of pecuniary prosperit,
to that of adverity. The numerous victim,
ofthese unexpected revulsions bereft Of the
ordinary resources of payment, are CON.
PEELED to resort 10 the wealthy capitals
who Of course makes his own exhorbnsn
terms, while he compels those already hi,
debtors to submit to higher ties of S,.
bearance, or suffer the fatal consequences
of refusal. Thus the money lender, ara
enriched, while the rest of community AZ,
reduced to hopeless penury and want. L
is not our object to bring railing ACCUSE
tons unfortunately against those who
are in the habit of taking interest It's
hardly to be expected that the virtue ofth,
people will rise much above the legal st.n.
dard. But we have ever regretted that th,
rigor of the law in relation to u.ury should
have been so much abated by the legis..
ture a, it was in the year 1887. Too great,
degree of severity probably led to too grea
a relaxation. Previous to that period,
note or contract infected with usurr wa
rendered void, and the difficulty of proc,
removed by compelling the creditor to dis
close under oath in chancery the facts Of
the case. But now the contract i, binding
except as to the usurous portion Of it, and
TINS must be proved by evidence indepeu.
dent of the testimony of the parties them
selves, which in nine cases out of ten Is
wholly impossible. When the policy Of
the law Of usury was changed, money wa
plenty, and speculation profitable, and
was urged that the restrictions were TOO
severe if not wholly unnecessary. But the
reverses of our monetary affairs, suddenly
depressing the prices Of labor and produce
beyond the ken of human foresight, have
shown the failacy of this reasoning, except
upon the supposition that the country istc
an uniading prosperity. Th'
wisdom of severe restraints upon the eI-
actions ofmoney lenders is now made most
apparent, in the wretched ,nd
ruinous condition of many worthy citizens
whose reverses have brought them within
the grasp Of these capitalists. We know
many men in the county of Addison, who
after having their means of payment FIT
tered away by the extortions of the per-
centers, at last forced to submit to the lg.
gravated misfortune of witnessing hi. last
acre forclosed upon by their rapacity. Al
money lenders are not to be placed in the
same category. There are among then
some of the most humane, honorable and
liberal members of community, who us
much less disposed to extortion than thos
who clamor loudest upon the subject But
should not be left prey to an
other class whose Unsuitable apetlies i'
gain can be appeased with Lthing lss
han the last pound of flesh. The present
aw of usury is wholly inefficient Inc
people all over the state are calling ior'
reform, and demanding severer penalties
Let the next legislature hearken to then
In nothing could theyS
fully commend themselves to popular u
Tor, as endeavoring to remedy an evil whl'n
he embarrassments of the times have "
greatly aggravated, and which is so is
the wealth the country irOI
he hands of the many to the pockets v
he few. Thepress too irrespective
party interest should unite its voice IN ir'
pressing upon our lawmakers the neces'F >
y of bringing back into our code sucn'
'alutary rigor as will prevent the high Fa'''
If interest from eating up the substance "
he masses of community.