Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1848-01-20
Ohio lroislaturr.
Speech of Mr.. IIardesty. of Carroll County.

Delivered in the House, January 5h. lo49, in
committee of lhe whole, on the bill 10 amend
the ac fixing the rate Of interest.
On molion Of Mr.. Williams of Columbiana
10 strike on, part of said bill, Mr.. Ilardesty
rosc and suid-
Mn. CHAIRMAN--I hope the motion of the
gentleman from Columbana will not prevail
| am anxious to have an investigation. Of the
principles contained in this bill; aud | had fiat.
tired myself, that iti defence would have fallen
into ADLER hands; aud that | should have been
p,rnucd TO r1ma n il my seat, aud hear from
other, aud more experienced gentlemen, eloquent
arguments, and conclusive reasons, why this
bill, or one similar in its provisions and penalties,
should be enacted ino law Of the Srute. But
in this have been Disappointed And us have
had the honor 10 Introduce this bill, II will al
least be expected Of me TO say something in its
delcnce-and in doing this shall ba compelled
10 devate from the course had marked out for
myself as member of this House.
| sir, ''have neither wit, nor words, nor worth
10 stir mems blood" or 10 produce reasons, or
arguments To innu ,ncc memb 'rs OF the HOUSE
upon this, or any olhr question; and whatever
shall say in defence of this bill, shall be said
more with desire TO discharge my duties as Il
legislator; than to tickle the ear, OF please the
fancy of any Individual.
OF the necessity Of some law fixing the rate
Of int ,rcst, and prevent ng usury, has 10 me,
Mr.. Chairman, long been apparent; and bad
fondIy hoped, that the introduction of this bill,
would have met the cordial support of every
we'll wsher Of his constituents upon this floor.
But It's fate has been Otherwise. And atho'
/ E,ri | cauI cotiaE
ed that its general features, and outlines contain,
what large majority of my constituents, con-
slider absolutely necessary, in ordor to throw
around the poor and unfortunate class of com.
munitv, proper safeguard against the willy
schemes and deep laid plots of the unprlncipled
and out ID uSuror, in his hitherto successful
efforts in p!unIcring them Of their money and
properly in despite OF all the laws that have been
enacted for their protection.
am aware, sir, that there will be many OBJ
iec,ons urged by gentlemen against the passage
Of this bill, from tho deposition manifested to-
wards il, since il has been in tho hands Of this
commillee. And these objections will no doubt,
be as various in their nature, as in their number.
Some ,ntem1n will contend, that this bill fixes
the rate Of interest too high-olh.rs too low
and third class will endcayor to show, that the
present law, with the direction our courts have
given il, is amply sufficient 10 protect commun-
" against the unprincipcd shavers, and money
lenders Of the day. Again, it will be said by
gentlemen, that we have no right to legslatc in
matters Of this kind--thot money, like ohtor ar
ticles of traffic, should b, permitted to regulate
its own value. by the supply and demand ofIhe
market. Others may think that the rate propo.
sed in This bill is about right, but they Ore oppos-
cd 10 the penalties annexed TO the violation OF the
law. They will endcavor to show, that its prac'
rical effects, will be 10 drive money from the
Sta,e--and by enacling such law as this bill
proposes, we paxnl persons with impuni,y 10
violate contracts, wh;ch ough, 10 be held sacred.
lproposc now, TO examine these objections, in
the order which have anticipated thcm--and
First--thal there should be some settled AMI fix.
ed rate of interest established by law, is prop.
osition, that no ntatgent man will deny, aud
one that has obtained with the wiScsI and ablcsl
statesmen that have ever gruccd The halls Of this
House, ... .....
But what that settled and fixed rate should be,
is aquestion about which great men have also
differed. The question naturally arises, is The
present rate of interest," as fixed by law, cxactly
what il should bs! Is money worth no more
or no less titan six per cent per annum! If VIC
have hit upon the exact rate, aud have fixed that
rate by law, then certainly W. should compel
our capitalists and money dealerslo abide BY that
law.
Bu. let us examine this matter. If money
were worth no more than six per cent per an
mum. then there would be no violations of our
interest law. But tho fact that money dealers
seek TO evade that law, and Eke higher rates Of
interest, is 10 my mind proof positive, that We
have fixed the rate TOO low. The que ''ionih n
arises, what rate should be allowed BY law, 50 as
10 give The lender fair compensation for his
money, without expressing the borrower! To
arrive at this, il will b. necessary for us to CON-
pare the vain, Of money with Other articles OF
commodity. ~F