Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1848-01-20

Tcuts anu OlncT liADllitess are al the Nulle tut
iug up his profls-aud suppose he puts in TWEEN
~ per cent. proftupou the purchas Of his goods
(Which is about the average rale,) and after de-
ducling his expenses, his losses, and his liubili.
tics, his neil profits will not amount TO more than
this bill proposes TO allow the money lender.
The same argument will hold good in the
case Of the produce dealer and land jobber-lhe
first invests his capital in the purchase Of pro-
ducc, on which he expects TO reap handsome
profit BY the rise Of the market, and the neces-
sites of the country; but The uncertainty Of the
enierprise--Ihe fluctuations Of the market, and
The unexpected supplies Of the country, compel
him. us often 10 sell his produce at a sacrifice,
rs at u profit. 1t needs no argument TO prove
that investments OF this kind are much more I'M
certain and hazardous than those Of the money
lender. His security is always certain huclua-
lions in trade, prices Of produce, or stocks, have
nothing 10 do with his profIs--he fixes his per.
cenlage, secures lis payment, and pockets his
money when dua-can this be said Of the pro.
duce dealer! Let the untold millions oflosses
/ by gentlemen engaged in this business within
the last veal, answer The question.
But it is said that land SPECTATORS frequently
accumulate large fortunes by the purchase aud
sale of laud, aud with the same proprely their
profits or per cenlagc should bo regulated by
law. But let me ask gentlemen, flh there is any
analogy between the purchase and sale Of lands
and that Of "giving forth money on usdryF"-
Certainly there is not. If land jobber pur.
chase tract of land for certain sum of mon
ey, and offer il for sale in the market at twenty
or thirty per cent advance on the purchase; and
even sells il at that advance, does that affect the
rights Of community, does he porpetrae Il fraud
on the purchase in such sale! Most assuredly
he does not. The individual who purchased
the land was under no necessity Of accepting the
terms-he might have gone elsewhere and ac-
c1mmodatcd himself, his family, his friends, &
| his creditors, would not have suffered by his re.
jocting the offer. But can this be said of the
unfortunate individual, who goes 10 the money
lender for accommodation He feels that his
credit the comfort Of his dependent family, and
the interest OF his friends urc all involved in his
efforts and success. Perhaps the officer Of the
law may have seized upon the hOmested of his
early youth, to pay debt in which he had un-
fortunately became Involved to accommodate a
friend. The feelings OF hope and despair, al
comes 10 the conclusion, that perhaps by agree
ing 10 pay an exhorbitant interest, he may sue
cced in saving his properly from sacrifice, and,
secure q home 10 his dependent wife and help
less offspring. He receives the money, executes
II mortgage on the premises, and discharges
the debt; and for time his prospects look bright
he ploughs his fields, sowi his seed, and ex.
poets 10 reap an abundant harvest, which he
! hopes will enable him TO discharge his mort
gage, and secure TO himself and his family hap
pincsS and contenlmen But his prospects arc
not realized-his corn is blightcd, his resources
fail him, and all looks dark again. In this hour
Of disappointment and sorrow, he is presented
with his mortgage that has become due. 4 strug-
gle agan cnsues in his breast. Ills creditor
tells him, that ii he is unable to pay he will ex-
tend the time, by his agreeing TO pay him twcn-
ty or thirty per cent, and resume the mortgage
the poor man realizes his condition, he is
compelled to submit 10 the terms Of his cred-
tor, and resolves to make another effort. lie
comes TO the conclusion thai he will oher bis
properly for SaIe-but, alas! it is mOrlgaged TO
the money lender, he cannot execute title for
it, even ii he had an opportunity 10 sell it--he
settles down in despair, and submits TO his fate
Now, Mr.. Chairman, let me ask again, is there
anv analogy between this case, and those which
have just referred to--lherc is certainly none.
And permit me to say, sir, that this is no fancy
skolch--ihat this picture is not overdrawn, but
rha, scenes of this kind in all their hear.rend-
Ifng realities, are Of daily occurrence in your
Snle.
But gentlemen will enquire, why do un(ortu-
nate persons Of this kind agree TO pay Cxhorbi-
tant interest, | answer sir, that necessity COM
pels them 10 do it, they have no election in
the matter, and although they feel and know,
that they are permitting themselves TO be delrau-
ded, yet, sense of duty 10 themselves, their
creditors and their families, prompts them 10
make the efforts 10 sustain their credit however
desperate it may be; and admire the honesty
Of that man, who would risk his all to sustain
his reputation. But loah in my very soul, the
being who could be capable Of pracIcing such
u fraud.
But again, the rate Of interest is fixed so low, ,
that honorable men, who are capitalists, will in
vest their funds in some other way, rather than
try 10 Gvadc The law, and thus competition in
money lending, is by law, driven out of the
State, and none but men y reckless; of all mo-
raj obligation, and humane feelings, can be
found willing TO practice those frauds upon COM
munity, and live in open violation of law--lhus
unfortunate persons are compelled to deal with
such or none.
But TO the last objection, which havo antci-
pated, viz: that by annexing such penalty as
that proposed in the bill, we drive capital from
the State and permit persons with mpunty to
violate contracts, which oughtto oe held sacred
] think, sir, have already clearly shown that
by increasing the rate Of iIaerest, as proposed
in this bill, it will have tendency to invite, ra.
lher than drive away money-and by thus bring
ing honorable men into the market as money
dealers, who will accommodate community al
the rate fixed by law, we should have but little
difficulty in restraining unprnciped men from
violating its provisions. But sir, the enactment
Of penalties 10 restrain usury, is not Il mere
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