The New York herald., 1845-12-01


fit of themselves, and not for the good of the city
The only government we have, is the voice of pub
ic opinion, and the newspaper press. Let us try to
have another next spring.
THE UsuRY LAws.-As the people of this State
have, by unequivocal 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 as being one of the most important
questions that they can 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 mpertinent interference on the part Of State, in
the private affairs of individuals and is the fruitful
source of great amount OF false swearing and in-
guilty. in our courts.
Ii the State can interfere regulator between
the lender and borrower of money, and say that the
lender shall receive seven per cent and no more in
teres 1t 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 1t should
deem equivalent. Besides, the present usury laws
are manifestly unjust As the law now stands note
which is usurous on its incipency Is void, not only
in the hands Of the person whose favor il is drawn
but also void in the hands of third party, notwith-
standing he may have given the full face Of it.
The common law of this State, before the passage
OF the Revised Statutes, made usurious note void
only in the hands of the person in whose favor it
drawn-this principle was incorporated into the Re-
vlsed Statutes OF 1890, and was the law until the
year 1899, when the legislature in the winter of that
year, altered 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
venence, and interrupts the course OF trade materi
aly-t is customary in New York, for merchants to
sell goods and receive negotiable notes in payment.
AS the law now is, the merchant, before parting
with his property, must pursue the note through the
different persons from whom it hs come to him to
the fountain head, the drawer, and ascertain whe
ther 1t Is tainted with usury; he must do this or
the risk OF losing his property tor when he comes
10 collect the note he may fiad that it was usurous
at first and although he not party to II, the
note is void in his hands and he must loose his pro-
perty. This prediction for the tinkerng and med
ding with affairs of individuals should be put
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 opportunity oil invest
ing $1,000, or any other sum proftably, the
loan OF that is worth more 10 him than the
common rate OF interests and it being worth more,
he consequently 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 seven per cent and in case 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 good effects on the
contrary, they merely impede the course Of bus-
Transactions and attended only with benefit
TO dishonest persons, who are 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 propr1ety OF taking up this subject at the earliest
opportunity, and elther alter the law it now
stands, or which would be the better way, abolish
it altogether
! COMMON COUNCIL Both Boards of the Common
Council meet this evening, when it expected that
the policy OF taxing non-residens, and prohibiting
the storage OF salpetre this city will be discussed
in the Board of Aldermen. There will doubtlessbe
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 pckings, which at present fall to
their lot.
In the Board of Assistants the report of the COM
mittee to whom was 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., toi McCoombs Dam, will, it is believed, be
brought up for action.
The movement in favor of dividing the 10Th and
some 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 SENArE-A few days ago, one Of our Washing
ton correspondents made some remarks refecting
in uncomplimentary terms as to the position and po
ltcal history of Mr. Dickens, Secretary of the Sc
nate. Had we seen these remarks before publica-
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 exist No doub
there are plenty Of persons less competent and many
equal, who would like to get his place as Secretary
OF the Senate but this is no reason why any njus-
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 pri-
vate duties
COURT OF GENERAL SKssIoNs.-The December
term of this Court will commence at ii O'Clock
this forenoon Several cases of interest are expected
to be tried during the present term; amongst whic h
! NAV he pnume rated those of suith alias Honevman
Miller,aas Cupid, and DAVIS alias Collard, impead
ed with Parkinson in robbing the barge Clinton of
about $4,000, in April last. There are also the
trials Of Madame Costello and Charles Mason for
producing abortion, and that Of Mr. Trust for an
alleged libel on L. G. Comstock; besides numerous
others of less Importance.