The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-04-09
niONEY NIAItKET.
Thsirsdiay, April SIS p. M


The stock market Is in very unsettled state, and
prices iuctuate fraction from day to day At the
board Harlem advanced per cent; Ohio Ga 4; Reading
fell of u; Morris Canal y; Erie scrip u; Long Island u
North American Trust, Farmers Loan Canton, and
Norwich & Worcester closed ut yesterdays prices
At the second board Harlem went up Al Farmers
Loan a. Morris Canal fell OF ~ Norwich y; United
States Bank u. The afternoon sales very limited
By the arrival of the packet ship Gladiator 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
ton, very unsteady The money market continued very
much depressed and consols had touched lower point
than previously reported for a long time
The Legislature Of this State have under consdera
ton resolution proposing reduction in the legal
OF interest from to six cent The shortest
best way to dispose of this question Is repeal
abolish entirely the usury laws leave the rate
interest to be regulated wholly by the supply and
mand The usury laws, they stand are in fact,
a dead letter They are evaded in every way every
hour Of the day. Money will 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 pay
We hear every day of selling in Wall street at the
rate of eight ten and twelve per cent interest
num- and almost any individual having money to raise
business paper will ind out that the usury laws
perfect farce 1t Is about time all restrictions
upon the employment Of capital removed
they resorted to only by dshonorabe persons for
the purpose of avoiding obligations entered into in 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 man who would
plead usury to avoid the payment Of an obligation
tered into under these circumstances would swindle
his creditors In way without the necessity Of such
plea and public opinion Is strong upon this point
that such plea is sufficient destroy individuals
credit for 1t il admitted that have not enough
capital to carry business prohtably that
not control our 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 in trade is true that such
is the case and it can 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 odious laws it is the grand centre of all the
operations Of the country and before the lapse
OF many years must occupy position in the financial
and commercial world rs important that enjoyed
by London We should have the trade in money as free
as it is in merchandise and competition among capita
as competition among merchants and manufact urers
does the price of goods There danger of the rate
of interest ranging above the present but on the
contrary there is every probability of money becoming
plener and cheaper In times Of the greatest bank cx
panson the rate of interest has high as three
four and five cent per month and many were found
willing to even those high rates. for the purpose of
promptly meeting their payments. The demand for
money at that time much greater than the sup
ply that capital would these rates. and thou
sands, to preserve their credit were glad to pay It
Had the usury laws at that time been effective there
would have been four times the number of bankrupt
cies as there were the risk in lending money to nd
vduas was 70 great that capitalists would not have
withdrawn their funds from other investments unless
the difference In the rate Of interest had been very
great.
The repeal Of the usuy in this State would do more
for this city than all works of internal
1t would draw capital from every other part of the
try and concentrate it ut this point would enable US to
draw to this port our great staple productions
troll prices for the benefit of the producers and lastly
it would do away with the ltigations 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 a dead letter.
The annexed statement exhibits the quantity of GER
tain articles imported into this district for the first three