Wisconsin herald. [volume] (Lancaster, Wis.) 1846-1849, 1846-10-24
LANCASTER. WISCONSIN,.
MORNING, OCT. "a, 1916
UsIiry Laws.

easily demonstrated 10 every observing mind,
tina, il really seems unacconnlable that law
pretending 10 regulate the price OF money,
should still disgrace our statute book. 1t IS 10
be feared lha, opr Legislators do not ACT upon
this subiec, with Sufficient ependence-ihey
fear tina. the repeal Of our usury laws might
be regarded by the people as Withdrawn o.
a shield from the poor man designed TO pro
Tor, him from the oxiortion Of the rich; but do
no, our law makers dnderaie the Intelligence
Of the people on this subject! we believe
NOT only tina, there ough, 10 be Tree trade III
money. but that our Constitution ought 10 pro-
h;bi, The passape of any law prohibiting unre
s,ric,ed free trade in money-thai cash. above
all other commodities ought to be leit Tree
from al! legislative festralnls-io be governed
solely BY the laws Of irade--io flow when and
where i. is moa, needed. Nothing but silly
usury laws can make money long scarce in any
particular localiiy--lhat is. money VIII mol
continue scarce 10 proportion 10 other proper
". Make usury law-say 10 the caplialIs'
you shall not loan money 10 your nelghoof
whose property is under execution, at higher
rate of interest than one per cent per mon'h'
then that neighbours property must be sold IN
der The hammer Of the officer at any sacrlhce'
Debtors thus suffering, soon become clamor-
Gus for a stay law, valuation law, or two.
thirds ac,-which if passed by the legisla-
,ure affords but miserable palliative TO The
dcb,or-is plainly unconstitutional, and VIII
be disregarded and set aside by the first cred
itor who may cheese 20 test It's validity 10 the
Supreme Courts. Let the usury laws be en-
forced 10 Illinois, while the rate OF interest IN
Wisconsin, like the price Of corn. 10 lief, to be
determined by tho contracting paries--ihat u.s.
generally, by its market value, and where VIII
cash be found the more abundann why u
will now into Wisconsin as inevitably as the
tide flows; for here will be stronger s''rac
lion for il. The usuror would reason ihos;-
.If loan money a, Is per cen, in Illinois, |
hazard the loss Of principal and interest oy
the usury laws. Five per cent. VIII mol COW
or this risk. had better loan my money Tor
wba, can ge,--or even a, or 10 per rent
wi,hou, this risk. | will loan my cash in
Wisconsin,
Suppose ,ha, law Of Wisconsin had fixed
The price Of corn a, ID cents per bnshel ana
The same commodity should DO worth 80 cents
per bushe in Gaena would such a law pro-
,ec, The minor 10 Wisconsin who has corn 10
buy. against high priest OF courae not
EXPENSIVE as the transportation OF corn u.s.
compared with cash, the farmer would sell his
corn in Galena, and the miner would have to
s,arve, or pay thirty cents for II in Ga'ona and
haul i, home. Precisely the same laws gov
eru trade 10 cash, as in corn. Moreover when
law ia made in violation OF the natural laws
of trade, there presently results conflict
Necessity says TO Honest Capital, lend me
one hundred dollars al twelve per cent No;
says Capital. my money is worth fifteen per
cent. in railroad stock. Well says Necessi-
~, 4 will give you sixteen per cent The
law forbids il, says Hohes, Capital Very
WELL answers Necessity, here IL your neigh
Dor Hazard will lend me money at twenty per
cent. law or no law. Now here the law Of
fers knayery premium Of eight per cent to
violate The statute. Is such legislation right
We 90 even further 10 opposition to restrictive
laws-and say Tie law is on. Of place when II
attempts 10 regulate the price of anything
whether the price of grinding bread or grind
ing the face Of the poor In 1887 aud 8,
farmers in Illinois had TO carry corn sixty
miles 10 Fox River to be ground. When did
this Inconvenience ceasei II ceased the mo.
men, men found the means Of evading secure.
ly the laws regulating tolls-so tina, they
could take toll enough to recomPense them for
hazardous investment in mill property remote
from popuous settlements. Mills began to
multiply here and there. the praPrletoTs giving
notice ,ha, they would not do custom work ;
but would buy whea, and corn and sell flour
and meal. Thus Prof, put mills every where
in motion and Competition soon made grind
inc CHEAP. Why does q miller almost always
boild a saw mill before grs,milla chiefly,
because he can charge The market value for
saving, bat cannot for grinding-if he saws,
the law benefits him by 'leuins him alone.'-
So i, is with every thing-so il is with CAPT.
,al, If you want il to flow 10, let It alone TO
iuves, itself as i, will-io flow where 1t viii,
untrammelled and unrestricted.