The New York herald., 1845-12-01

sooSS
II isa singular fact, ,oo that New York has flourish
ed and grown great, without the aid OF municipal
government We have, it is true, a Corporation
but their object be legisate for the bene
fit of themselves, and not for the good of the city
The only government we have, is the voice of pub
tic opinion, and the newspaper press. Let us try to
have another next spring
THE UsuRY LAws.-As the people of this State
have, by an unequvocal decision through the ballot
box, determined to have convention to revise the
Constitution, we would urge upon the convention
taking up, at the earliest opportunity the subject Of
the usury laws, being one of the most important
questions that they have before them The pass
ing of laws regulating the amount OF interest
that man shall receive for the use of his capital is
an impernent interference on the part of State, in
the private affairs of individuals and is the fruitful
source Of great amount Of false swearing and ni
guilty, in our courts.
II The state can interfere as a regulator between
the lender and borrower of money and say that the
lender shall receive per cent and no more in
terest, It can on the principle interfere between
the merchant and the consumer, and say that the
former shall not sell his goods at greater advance
from cost than certain per centage, which it should
deem an equivalent Besides, the present usury laws
are manifesly unjust As the law now stands, note
which is usurious its incpiency is void, only
in the hands OF the person whose favor it is drawn
but also void in the hands of third party, notwith
standing he may have gwen the full face of it,
The common law of this State, before the passage
Of the Revised Sfaues made an usurious note void
only the hands of the person in whose favor it was
drawn-this principle was incorporated into the Re-
ISed nj nd lax
year 1899, when the legislature, in the winter of that
year, altered it and made it void in the hands of any
person who afterwards should get possessed of it.
This certainly is law, but not equity. In COM
mercial community like ours, the carrying out of
this principle is attended with great deal of incon
venience and interrupts the course OF trade mater
ally-it is customary in New York; for merchants to
sell goods and receive negotiable notes in payment.
AS the law now ls, the merchant, before parting
with his property must pursue the note through the
different persons from whom it hrs come to him to
the fountain head, the drawer, and ascertain whe
ther it is tainted with usury; he must do this or
the risk of losing his property; for when he comes
to collect the note, he may find thatit was usurious
at first, and although he not party to il, the
note is void in his hands and he must loose his pro-
perty. This prediction for the tinkerlng and med
ding with affairs of individuals should be put an
end to, and capital, like every other species Of pro-
pery should be allowed to regulate itself according
to Its value. Sometimes money, as at present, is
not worth more than five per cent at other times
1t may be worth ten, twenty, or perhaps forty.
An individual having an opportunity oil invest
ing $4,000, or any other proftably, the
loan OF that sam Is worth more 10 him than the
common rate OF interest and it being worth more,
he consequently is willing to pay more; but the
sages of the Legislature know his business better
than he does himself, and direct that it is not worth
more than per cent, and in OF the lender
taking more, they threaten him with the loss of ALL
The usury laws, as they now stand on the statute
book, are attended with no good effects; on the
contrary, they merely impede the course of busi-
transactions, and are attended only with benefit
to dishonest persons, who glad of any pretence
to avoid just and honorable debts; for no man of
principle would object to paying note, because he
agreed to pay more interest than the law allowed.
We would, therefore, urge upon the convention,
the propety OF taking up this subject at the earliest
opportunity, and either alter the law as it now
stands, or which would be the better way, abolish
I it altogether
\ COMMON COUNCIL Both Boards of the Common
Council meet this evening" when it expected that
the policy OF taxing non-residents, and prohibiting
the storage OF sapetre this city will be discussed
in the Board of Aldermen. There will doubtless be
a long debate in the same Board on the subject of
the new $4 day and roast beef city charter, the
Board of Assistants at their last meeting having
adopted some amendments to the bill, calculated to
rob them of all their "honor and glory" besides
the magisterial plckings which at present fall to
their lot.
In the Board OF Assistants the report of the CON-
mlttee to whom referred the petition Of Bloom
field, Bloodgood, and numerous property owners on
the west side Of the city, for permission to lay
down railroad in Hudson street and the 9Th ave-
nue., toj McCoomb's Dam, will, it is believed, be
brought up for action.
The movement in favor of dividing the 18th and
other wards, started at the last meeting will
! probably be earned in this Board In the meantime,
measures of real Importance are passed over.
Mr.. DICKENS OF WASHINGTON, SECRETARY OF
THE SENATE.-A few days ago, one OF our Washing
ton correspondents made some remarks, rejecting,
in uncomplimentary terms, to the position and po-
ical history of Mr.. Dickens, Secretary of the Sc
nate. Had we seen these remarks before pubca-
tion we would have excluded them from our CO.
lumns
We have known Mr. Dickens for many years,
and more upright, competent and honorable man,
in every relation Of life, does not exist No dou BIT
there are plenty Of persons less competent, and many
equal, who would like to ge, his place as Secretary
Of the Senate; but this is why any injus-
tce should be done to gentleman like Mr. Dick
ems, who has always maintained the character Of an
honorable and upright man in all his public and pr-
vate duties
Court OF GENERAL SEssIoNs.--The December
term of this Court will commence at ii O'Clock
this forenoon Several OF interest are expected
to be tried during the present term; amongst whc h
mayb enumerated those of Smith, alias Honeyman
Miller,a alias Cupid, and DAVIS, alias Colard impIead
ed with Parkinson in robbing the barge Clinton Of
al an Anvr laaf Thn~a - IL