The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-04-09
MONEY MARKEV.
Thursday, April SIS p. M.


The stock market is in very unsettled state and
prices uctuate fraction from day to day At the first
board Harlem advanced per cent; Ohio 6's "a; Reading
fell of u; Morris Canal Vi Erie scrip N Long Island y
North American Trust, Farmers Loan, Canton, and
Norwich & Worcester closed at yesterdays prices.
At the second board Harlem went up y; Farmers
Loan u. Morris Canal fell of u; Norwich y; United
States Bank II, The afternoon sales very limited
By the arrival of the packet ship Gladiator we have
three days later intelligence from London The markets
reports of which will be found in another column
were extremely inactive and prices particularly for cot
ton, very unsteady The money market continued very
much depressed and consos had touched lower point
than previously reported for q long time
The Legislature of this State have under consdera
ton resolution proposing reduction in the legal rate
of interest from to six per The shortest and
best way to dispose of this question to repeal and
abolish entirely the usury laws and leave the rate of
interest to be regulated wholly by the supply and
mand The usury laws, as they stand are in fact
dead letter They evaded in every way, every
hour Of the day. Money win command price accord
ing to its value and all the legislative restrictions in
the world cannot prevent capitalists from taking any
rate Of interest borrowers of money disposed to pay
We hear every day of notes selling In Wall street at the
rate OF eight ten and twelve per cent interest
num- and almost any individual having money to raise
on business paper will find out that the usury laws
perfect farce II Is about time all restrictions
upon the employment of capital removed, as
they resorted to only by dshonorabe PERSONS
the purpose of avoiding obligations entered into good
faith and under circumstances of peculiar nature An
individual promises to pay extra rate of interest be-
cause it is for his interest to do and the of the
money for the time may be worth ten times than
the additional interest he may pay Any who would
plead usury to avoid the payment Of obligation
tered into under these circumstances would swndle
his creditors In some way without the necessity of such
plea, and public opinion is strong upon this point
that such plea is sufficient to destroy an individuals
credit for 1t Is admitted that not enough
capital to carry our business prohtaby that We
not control great staples particularly cotton that
prices for this article regulated entirely the other
side, by advances made to in this country that
capital seeks investment in Government and State
stocks In banks and other incorporated companies in
preference to employment trade It is true that such
Is the case, and it be attributed entirely to the
usury laws and the penalties which follow conviction
under them.
This city Is particularly interested in the repeal of
these odous laws ia the grand centre of all the
financial operations Of the country and before the lapse
OF many years must occupy position in the financial
and world important that now enioyed
by London We should have the trade in money as free
as 1t is In merchandise, and competition among CAPITA
>-'S'
as competition among merchants and manufacturers
does the price of goods There danger of the rate
Interest ranging above the average but on the
contrary there is every probability of money becoming
pentier and cheaper In times of the greatest bank ex
panson the rate Of interest has ranged as high as three
four and five cent per month many were found
willing to pay even those high rates. for the purpose of
promptly meeting their payments The demand for
money Mt that time much greater than the sup
ply that capital would these rates and thou
sands, to preserve their credit, glad to nav It
Had the usury laws at that time been effective there
would have been four times the number Of bankrupt
cies as there the risk in lending money to ndi
vduas was no great that capitalists would not have
withdrawn their funds from other unless
the difference in the rate of interest had been yery
great.
The repeal of the usury in this State would do more
for this city than all works Of internal
1t would draw capital from every other part of the coun
try and concentrate at this point would enable us to
draw to this port our great staple productions and con-
troll prices for the benefit of the producers and lastly
1t would do away with the litgatons continually grow
out Of the evasons of the law by dishonest and
debtors; and remove from the statute books a law
which Is In fact dead letter
The annexed statement exhibits the quantity of GER
tain articles imported into this district for the first three