Iowa territorial gazette and advertiser. [volume] (Burlington, Iowa Territory [Iowa]) 1840-1846, 1845-12-06
80 For ~ case,,,.

/ AeW~
One Of the most striking example, or,..
permanency Of prejudice, and Of rhs AZ. ;e
Guilty OF correcting error when il IA, $50
f,s,ened itself on the community y |. 49, 80
found in the existence OF Usury Law.
political precept given TO the Jew. 10 -.
nla'e their conduct in lending mons.
each OTHER, has laid the foundation Gra -
nificen. snpers,ruc,"re Of fa,ui,y, xh;sh
still stands 10 this day. II i. hioh ,;S
that this fabric should be ,oppleJ dos"
and il will require but slight exer,io, y
effect il. a few words will con,inc. ~
intelligent citizen Of the utter Injustice ~
imPolicy Of all laws regulating the ra,. S
charged upon the loan Of money. l., :.
meet any one We care not who he Is. l. ,ls
public highway, and ask him, If W. h,"s
not tina right TO sell our horse Tor the b;uh
est price we can get, and IL he did mn e.,
insulted by the question, he would rsni.
in the affirmative. Again let us inoni,y.
OF him, it when we have SO dispo.sd =
our horse, we should not have he n,;.
ilege to use or sell the money we received
as his value. for the greatest amopn, y.
can get, and as an homes, and res,on,Sl.
man he would not hesitate 10 an,w.,
"yes"-no one Of sane mind could rs,,.
otherwise, and yet legislators representa-,
the wishes Of the people Of the copn,r, ny
rogale 10 themselves The right 10 saw ..eu
your horse Tor what sum YOU please IN,
his price il paid in money, YOU shall No,
l,an Tor more than 6 or or - per crn,'
In Iowa the Legislature has fixed the hi,h.
es, rate Of interest at L. per cent, Or n
other words, they have most sravely and
sclemnly resolved that money is never
worth more than that amount Of per cen.
taye in this Territory! In some Of m.
States they have determined with equal
sormni,y that is worth 6 per cent. and in
oilers that its value is one per cent more
per annnm! In former times laws were
passed to regulate the prices q certain
commodities. Would not the man, who
should propose the enactment Of such a. law
now, be hooted from the halls Of lroisla.
ton? And is not the same principle co,-
tanned in Usury laws fixing the rate Of in.
terest--the value in iact-oi money? Leg.
l>laiors presume that the value or demand
for money never changes. /, is never 10
rise above ten per cent in Iowa! A horse
worth $50 now, may be readily sold q
twelve month hence at 500, aud The p,ice
may vary much in the different portions Of
the Territory. So in regard 10 money.
Six months ago TO us j, was worth not
more than = per cent, and now may he
easily, not Legality, loaned at II, and /, el eur
" Use law makers persist in maintaining That
10 per cent is The highest valve! Ii has
been we'll said by writer on this subject,
that "nolhing is more uncertain or variable
than the demand for money. and The tac.
ily Of obtaining it. II depends upon
thousand circumstances, political, comIner-
cial in even local. No man can iuresee
them, and 10 legislation can provide for
them. The very elements upon which 10
found rule admit no arrangement and no
certainty, is il not, therefore, unwisr 40
well as unjust, TO establish general rule
to govern all c,ses, when the rule itself
cannot work the same way any Two days
in succession throughout the year,"
A new country like Iowa j, especially
inteie s,ed in the enactment OF laws having
the rates Of interest unrestricied. Capital
will seek inv estmenl in older comnnniiiS
in preference to a recently settled Terriiory
without some Involvement is offered. That
Involvement should be the unlimited rate
of interest. Ii this were SO, money would
flow freely in among us, and governed by
The laws regulating demand and supply, it
could soon be obtained al The ordinary rates
of interest. In this way those who desire
10 borrow money are deeply Interested in
the repeal OF the present statute on the sub
jec, Of Usury. Another objection TO such
laws is, that men, if they cannot procure
money at the rate established By law will
evade it, TO prevent as frequently happens,
a sacrifice OF their property. and thus, It
has been remarked "a tendency is created
to habIual disobedience Of the laws"
This tendency lowers the standard Of moral
honesty, and legislators would be much
more profitabIy employ ed in elevating that
than in fixing the standard price Of money.
Will not the present legislature Of Iowa
turn their attention TO our statute regulating
interest? Let them examine the subject
like intelligent and unprecedented men.
They cannot do an act which will rebound
more 10 their praise, and give more nniver.
sal satisfaction, than by permitting all per-
suns lending and borrowing money to re-
ceive any amount of interest stipulated Tor
in writing between them, which tn one
is willir & 10 take and the oaher TO give.
Let us have free trade in our business
transactions, and liberty 10 purchase and
sell withon, RESTRAINT or restriction.
We were induced TO write down me
foregoing crude remarks by cow rsa''on
we overheard few days ago. II was IN
substance az follows: the parties beng
Farmer B. and Merchant G.
b. II wish TO borrow $50 for few
months. Have you that amount 10 loans"
c. II have the amount, but canntt lend
il?"
B. "Do you doubt my ability 10 repay
your" WAS
c. "No, but ] can do better with my
money than loan it. Ii is worth 10 me ~
per cent" ..., f... .ets..
X. $50 it is to me at present, and l will
cheerfully pay that rate Of interest"
c. The misfortune is that cannot L.
gally take il, or YOU yi,e il. The lrpisla-