New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1843-08-17


IT, For Life on the Neu-YOrt Cancis CONCLUDED,
zee Last Page
<Usury The Evil and the Remedy
Sucn is the ttle of powerful essay winch has
recently been published in this city IN cheap
newspaper form, designed for general circulation
The intent of the author evidently is to PROBE the
evil TO the bottom, and not to rest IN mere gfufl-
bling at it, but devise and suggest adequate means
for It's removal He condemns usury or excess
I'VE interest, vet proposes no penalties, advocates
no repressiye legislation. On the contrary, ne
urpes the adoption of measures which he judges
Will Abolish Usury by abolishng the opportunity
of cxacting and the necessity OF submitting to 1t
Whoever reads his essay, though he may dissent
from its conclusions, will hardly be disposed to
doubt that the writer has deeply considered the
whole subject and earnestly endeavored to master
it. Asa criticism on our existing Monetary sys
TEN, his essay has great force, and as such we
commend it to the attention Of the inqulrlng.
The authors fundamental ideas are l. That
Money is essentially measure Of value, and that
only 2. That the supply Of the measure of va
lue ought always to be adequate to the legitimate
demand forit, the with measures OF guam
tity and weight 3. That tits in the power ofthe
Country, acting through the Government, to rem
der the supply of the measure of value uniformly
adequate to the demand for it; 4. That the value
of Money, of every thing else, consists IN Its
use, and that the rate Of interest ought to be fixed
at d fair standard, based on the productiveness OF
Property generally, and kept there. For instance,
Il il be found that the average income from Pro-
perry amount to three, four, FIVE or six per cent
per nnnum, then that should be the fixed and in
variable rate of interest on Money ALSO
To secure this, he proposes that the Govern
Ynent shall establish a National Safety Fund,
which shall every where receive Deposltes and
nav two per cent. interest thereon, loanng money
on real and undoubted security to the extent Of
the demand for it at three per cent. per annum-
The Safety Fund shall issue two descriptions OF
paper-l Treasury Notes of fifty dollars and
upward redeemabe at the pleasure Of the Co
yernment, and drawing interest IN specie at the
rate of two per cent. per annum; and q Clrcu-
lating Notes OF One, Five, Twenty, One Hun
dred, Five Hundred and One Thousand Dollars,
at all times rcdeemable IN Treasury Notes. This
Currency being of uniform value throughout the
country, resting on the payment of interest IN
specie by the Government, legal tender for
debts and payments to the Government, and at
all times convertible at par into interest bearing
Stock and thence back again. without deprecia-
ton or brokerage, would, it is calculated, super
scde all Bank issues, and, simply by its greater
convenience and utility, become the universal
circulating medium of the Country THUS the
evils cr cd and ,,netallo ouUy, falling
Banks, &c would be obviated, while counterfeits
would be impossible, every one bei.., acquainted
with the currency and able to detect counter
felt at sight. TO prevent the alteration Of notes
the tives are to be quarter Of an inch longer
and wider than the ones the twenties still larger
and go on.
Such is very hasty and imperfect outline OF
the plan suggested by Godek Gardwell,' in his
essay on usury; the Evil and the Remedy for
the correction OF the evils of our Monetary sys-
TEN generally. In his exposure of the evils OF
Usury, and the tendency of Money to monopo-
lie all Property and the fruits of Labor, he Is
lucid, searching and powerful. We shall recul
TO and comment upon this essay at another time
meantime, we advise al! who think excessive in
terest evil to procure and read it. 1t costs bu
three cents (or So per hundred at Burgess &
Stringer's, 222 Broadway.