New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1843-01-12
The UJsury Laws.

We cannot make room now TO 60 into general
consideration of the policy and necessity OF Usury
Lave but we must briefly set forth our own views.
While we are willing to see such modification
of those laws as will enable usurious creditor to
collect the Principal Of his debt, and would not
strenuousIy object to his collecting the present
rate Of Legal Interest, can never consent to
such an utter overthrow Of those Laws as would
allow the creditor in usurious contract to sue
for and receiver whatever exorbitant amount OF IN
terest his rapacity may have led him to exact from
the necessities Of destitute debtor. We have
weighed and measured, scanned and sounded, all
the specous arguments Of Bentham d Co. in ia
vor of unlimited and law-protected usury, and eur
conviction is most earnest that they would never
stand The test Of experience, Let the capitalist
exact FIVE per cent. month if he will, and II any
ene is obliged to choose to pay that abomlnable
rate; but let the Law stand aside, saying, I" Sir,
you made your contract against my dictate ;
new collect your debt without my aid. do not
/" interfere with you one way or the other; your
debt remains to YOU; only decline to become
party to its enforcement" We do firmly be.
lieve that the day which removes all legal restraint
on Usury, or rather the day which arms it with
the terrors of the Law--will be dark one for the
enterprsing, the indebted, the poor and needy
portion of our People. We justify no man in
pleading Usury on fair and really voluntary con-
tract; we never thought of pleading it, though we
have often paid extra interest; we have scrut'-
nized and will scrutinize this plea on Jur'es as
closely as any one; and yet we cannot consent to
abandon the Law which prescribes moderate
legal rate of iaterest for money, and declines to
sasclion any higher rate. The clamor for Free
Trade in money regard as we do the cry for
Free Trade in manufacturers aeiusive aad
miscellaneous humbug. If every nan had an equal
amount of money and property, with equal capa-
cities for acquiring and keeping them, then there
might be propriety in legalizing Usury under the
banner of Free Trade
OF course, we do not intend by this article tie
nterpose any obstacles 10 the phiianthropic efforts
OF the Ulster and Jacksonville banker and shaver
who fayors the readers of his paper with daily
vocfera,ion in favor Of absolute Free Trade in
money BY total repeal of the Usury Laws. The
6isinteres,edness of kis benevolence ID knewR OF
all men, and cannot fail of securing its appropriate
reward.
D' We think the Members Of our Legislature
who are making themselves very merry over the
Petitions of virtuous and viceabhorring Women
from every part of our State for the enactment OF
some law to repress the most fragrant crimes
against the peace, purity and happiness OF Society,
evinee considerably more profigacy than wit Will
NO, soma Member who is no, hbcrtine prepare
promptly bill imposing penalties on the perpe-
traitors of such crimes and jus, press it s,eadiyto
the YEAS and NAYS! Ifi.is shuiled aside, let u.
see by ,eham. Nothing like making mark, and
having slippery people toe it.
n WeSesire to return the thanks of the Wings
of the Empire State to The Speaker OF our Assem-.
biz for his n,agnanimisy in putting Willis HALL
only on the COMMITTEES on Tsyo- 7afrSs BiAs =
pehaps tho time may come when We can svines
our gratitude more palpably than by mere thanks
The Chairman of the Judiciary Committee, i
viii. be seen, is the Honorable DAVID r. SLoYE
.Josxs. an erninen, Juriss of this City.
U Nothing further done in the Massachusetts
Legislature.