The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-12-14
.oHr0-sIx per cent ON written agreements may go Is


oHIo-six per cent; on written agreements may go as
iSDrASA-sx per cent fine Of double the excess.
iLLNo,sIsix per cent penalty, thrssfod the amount
Ml.soUnI-six per cent; by contract 10; IL beyond,
forfeit OF the ioterest and usury taken
on one-fourth Of the debt. s.n
per cent By agreement lo u'ury re-
tracts void.
FLoRnD.Eight per cent; forfeit interest and excess
., WneoNsIs- Seven per cent? by agreement, not over
IL; forfeit, treble the excess -.
ments in Of the United States interest is compa
ted at the rate Of six per cent per aunum. ,,
1t is easy to avoid these penalties that the law H.
In fact, dead letter In every State in the Union
Hardly single day passes, but that the usury laws OF
this State evaded with inpu nifty and is folly to
attempt to restrict the money in the wsy
described in the revised statutes Any note made in
the regular Of business based upon actual msr-
camille transaction, becomes item Of merchandise
and can be legally bought and sold in the market
market price, whatever 1t may be- in the face of all the
usury laws ever invented The original transaction
regulated by these laws and no more 1t is therefore,
clear the usury laws tend very much to restrict
commercial operations without preventing the dis
posed to shave notes at exorbant rates Of interest,"
from doing openly and publicly. total and COM
pete abolition Of tie usury laws of this State would
tend more to the concentration of capital In this city.
than anything else in the power of the legislature to
grant would make this port the grand depot Of all
the great staples the country and give
Titles to for doing safe and profitable business
would remodel system Of credits and give better
opportunity to private capitalists than they have
yet enjoyed 1t would restrict the operations Of the
banks and give greater encouragement to transactions
between man and man, than ever before realized. Our
geographical position Is SUCH natural
extensive that this city must in time be the grand
commercial metropolis of the world but a total and
immediate repeal Of the usury would hasten such an
important and desirable result, give us the command
OF capital from all quarters and give credit which
would make bills New York current in every part of
creation. Why should Liverpool bs the great dstrbut
ing point for our cotton 1t is we'll known why it is
but there Is no good why 1t should continue to
be- The immense stocks Of cotton held In that port
make the regulator of prices for the world and it has
reached that important position entirely through the
facilities extended to British oapitats by the abolition
Of the laws Of the nted Kingdom and by the con-
cenraton Of capital and the accumulation of stocks at
any ono point upon advances made. 1t is Q very ex-
traordnary fact that the rate Of the
absence CT all laws regulating has bsen lower
than when the most stringent were in existence
Money iske every other article of nuc-
tuates in value and will command the market price The
value Is regulated by the demand and will at all times
seek those markets where it is most wanted 1t cannot
be restricted by legislative enactments and
IN the employment Of capital should be encouraged as
well as In any other kind of merchandise Capital is
now 30 restricted In its operations by the usury laws
that 1t seeks other investments than In
and the Of most important staples lose the
benefits of large markets within our own limits Our
great staple, cotton, Is shipped to Liverpool and
from that port is distributed the United Kingdom
and to many ports the continent By sbolshipg the
uaury laws Of this State New York would become the
great distributing point for this stape-t would build up
our domestic commerce give the control Of prices
for our great staples and place independent of
Foreign capitalists, than we can expect to be
for many years, under existing laws We
should soon require immense store houses for the de-
posts Uf domestic products and shipments would be
made from this point directly to the places consump
ton Advances could easily be obtained upon merchan
disc storage at any rate of interest mutually agreed
upon and every merchant could command more actual
capital to carry his business than under usury laws
Credits would be established upon better basis, as
the security would at all times be under the control
the party making advances and individual
ty would be Of less Importance than heretofore.
Usury laws are behind the age. They of too an
cent origin to suit the progress Of modern times
In all other investments stocks ofevery kind the rate
Of interest regulated r true far the par value
concerned but the market prices vary from time to
time the rate of interest received by the holder varies
also. There would be much sense In attempting to
regulate the price Of State stocks as to regulate the
price money If legislatures could only realize
how much better these things regulate themselves,
they would let them alone. We have too much legisla
ton of one kind, and too little Of another.