Juliet signal. [volume] (Juliet [i.e. Joliet], Ill.) 1844-1???, 1848-07-18
Fol the Signal.

VI me signal
MEssRs. EDITORS:
Are our candidates sound upon the
Usury Laws and the laws relating TO the
collection Of debts? If there be any re.
forms demanded, it is upon these subjects.
Never was the want of capital more visi.
bic than now, upon the commencement of
the commercial era IN the history OF this
state. Money. like other commodities. is
an article OF merchandize, TO be bought
and sold according to It's value for the time
being-that value being always, like
merchandise. regulated according to the
demand and supply. unless fettered by
useless and embarrassing laws, which
contravene The laws of trade,
Nothing has SO much retarded the in.
PRODUCTION of capitol here, as the laws
which compel the creditor in al most all
cases of legal coercion, TO wait from Ia to
"a years for his pay. No person will
ever lend money to us freely, on real es-
tate security, while these laws remain
Provision should always be made for the
certain collection of debt, within one
year. The absurd law, which compels
the sheriff to sell the real estate first, be-
fore resorting to personal effects, has no
other object than delay. and in justice 10
those who would furnish capital, as well
as those who would borrow, should at once
he repealed andf laws should be so
changed, that when suit is commenced, a
Judgment is certain in three months-aBd
no delay for redemption Of sales, &C.,
oof oc ho 1ahf ho
yond year. Ii this punctualtv was
adopted, fewer suits would be commenced,
few or no sales under execution, except
in cases of actual bankruptcy, and no
mans land would go unredeemed from a
sherif''s sale, where it was worth more
than the debt. The reason is obvious !
The defendant would in all cases be able
to secure the necessary means of liquida
ting his Indebtedness at such time as wo'd
enable him TO meet The new demand
Money is constantly loaned all over this
state. at from I'D TO 80 per cent. per an
num-for the certainly of such great de
lay in collection, compels the lender to
exact for this. as well as his risk and
trouble.
1t is a fact, too, that almost all western
merchants are compelled to pay from five
to fifteen per cent. more for their goods
thu n N. York and n England merchants.
tor the same reasons; all this is paid by
the borrowers and consumers There
are in all communities class of men who
recklessly engage in enterprises that they
are unacQuainted with, and ofcourse who
fail to meet engagements. In Illinois
these men never make what is termed
failure; but by possessing themselves of
real estate, are enabled to evade payment
and hold it up to their distant creditors
with the threat they may take that at an
'ordinary times rdIudtion or nothing "
Justice to the fair fame of state, and
to the fair dealer, too. demands that all
the usual safeguards for the prevention of
fraud should be rigidly enforced. and it i.
to be hoped that ihpse who contemplate
the making or altering our Ia VS. will take
these things into consideration. None
are so well convinced of the blasting eff
fects of usury laws, stay laws, and faciIi
ties for frauds. as that class of people,
usually called note Shdrers, and no com
munity ever had greater cause for the
adoption of free and unrestricted com.
mercial policy than we. No where else.
is il known that the possessor of a few
hundred dollars. used solely in shaving.
at 20 per cent. for three months, and even
at higher rate. can offer himselfa can
didate for important trusts and boast that
his money will do for him at the polls,
what principle cannot do for others. The
opinions Of candidates for the legislature,
should be known upon this subject.
A VOTER.