New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1846-02-12

r,,--,,nr-Fir,, Pase-Chronicle of the Cid; Letter
from Boston; Manual Labor with Education; Capita!
Punishment; Photography; News Items. &c. Fourth
paze-Poe,ry-Tru,h News Items Sales of Stocks;
Marine Journal Prices Current &c.
An Act TO amend the net TO prevent Usury.
The Peoph of the State Of N York represented IN Senate
and Assembly. do enact as Cotlons
SECTION l. Whenever in any action Mt law upon any
bond bill note assurance, conveyance CONTRACT secui
II or evidence OF debt whatever, made or gwen after
Ibis act shall take effect II the defendant shall plead
usury and upon trial il shall appear that greser interest
discount or consideration has been reserved or taken
than prescribed By law. such bond o note assurance
convenience contract security evidence OF debt shall
not be held void shall court OF chsncey declare
the same void because of usury but IN such action ex
cept in OF bottomry and respondents bends and
contracts the plaintiff shall have JUDGMENT for more
than the principal of money due, or real value Of
the goods o.her thngsn action borrowed and not re-
turned together with legal interest thereon and costs
" Such is the bill on Usury submitted TO the
Assembly of this State by Mr.. Stevenson OF our
City II ia, es will be seen, an absolute repeal Oh
all legal penalties for taking Usury The legal tri
bunas are no. to aid the usurer IN collecting his ex-
cessive interest bu, his principal and legal interest
are to be collected by legal process the same as any
other debt
Now we cheerfully admit that the law as it stands
is very i'll -adaped and mschievous. The State I'M
dertakes to punish misdemeanor, taking usuryl
and 1t does that by allowing knavish borrower TO
commit still greater moral offence by cheating his
creditor out of an honest debt This is one application
of the Homeopathic principle which we cannot APP
prove Of IT. therefore, MIR. Stevenson or any other
Member will introduce bill allowing the usurious
lender TO recover his debt and legal interest by due
process, and yet prescribe adequate penalties TOR
Usury to be sued for and recovered in behalf OF the
State, with proportion TO the complainant, we will
welcome and advocate the change proposed.
But we cannot allow bill abolishing entirely the
penalties of Usury TO pass without an earnest pro-
test. We believe its passage would lead to exten-
sive and deplorable mischief. Remove the penal
ties Of Usury, and few great moneyed capitalists
may, by combination, raise and depress the current
rates Of interest their rapacity may dictate
With Usury legalzcd, we believe the Banks OF this
City would at this moment have more discounted
paper drawing over than under Il per cent inter
est. Abolishing the penalties OF Usury would be
Offering premium to great capitalists to keep out
of regular business of all kinds, with their wealth
concentrated in money, ready to create and take ad
vantage oseasons Of scarcity and pecuniary distress
This is legslating the wrong way entirely. Better
abolish the gambling Stock boards, and make The
buying or selling time or any way without act
ua delivery, Of any kind of public securities or
shares, penal offence. There will be Usury enough |
with the laws as they are.
The Usury Laws are almost the only enactmcn,s !
in being which imply recognition of the grea,
truth that the Rights of Property are limited on all
sides by considerations Of Public Good-that man
NAV ,ot do as he likes with his own unless he |
likes to do what is consistent with the highest good
of others and of all In IAN age and country infatu
ated with Mammon Worship, this truth is one Of
great practical value. Let take care that it be
not elbowed out of our Statute. Books