Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1848-04-14
THE TELEGRAPH.
c. L. sHOLEs, EDITOR.
Friday, April Is, ESfS.
USURY LAWS.

y,
to exhibit the pernicious character and injurious
tendency of usury laws. As a correspondent, whose
communication We publish on our first page, seems
10 doubt the soundness of the views We presented,
and has suggested for our particular attention. a
pertinent inquiry or two VIC deem it not improper
again to advert to the subject, for the purpose OF
giving, more at length, reasons why all usury laws
ought to be abolished
1t is the design Of such laws TO fr tie coapensa-
H5n for the use Of money at given rate, The ac-
compIishment Of this design wa maintain, is not
prac'iea5e; and i il ueye practicable, rcopld iproIrc
onmelse injustice and oppression.
IL assuming this position, we are met by a ref
erence to the usage of almost all communities of
the civilized world, from the earliest times On nat
point we have too often expressed our views 10 have
occasion to repeat them in their applicability 10
: the topic which we are now discussing. What
always his derI that always mpSt te,' is neither
creed. nor any part Of our creed as readers
well know. On the contrary, re believe that very
much of " what always has been ought not ercr TO
have been; and that ceyy much Of tebat is osgh
10 be goi rid Of as as possible. a wrong IS
none the less a wrong fer being time honored and
widely prevalent We maintain that man has
every where and always The sane right TO make his
money largely prodNetive, OF, in other words, 10
make it yield hlm large profit, high rate Of in
terest as lie has te do the like with other descrp
tons Of property. Fer example, no complaint is
made OF nuns making great profit upen prop
erty in farming land, in building lots in live stock
upon stock in trade, in manufactures. IN steamboats,
rail roads, in mining and the like with all these
and innumerabe other descriptions of property tits
prey a;lng ard common sense doctrine is let the
owner make all he can" Fifty per cent. the
cost of building, or on quantity of provisions
or other goods ii the man can be 50 fortunate aa to
get ii, is all right; but one mill more than twelve
per cent on money loaned, if the fact be proved
subjects to a forfeiture of the principal. Use your
money in trade where you may rein, est il five times
in year, clearing from ~ to 50 per cent more,
/ al each mvestmept--15at is al right Nanag-, by
ar,iiice and combination, or What not to draw from
tue community OF any portion Of it, 81, or 100 or
POO per cent for The use Of your money, aad You
have done right, and done we'll. Bat take twelve
cents and one mill for the NC Of a dollar loaned Tor
term Of one year, and YOU have violated d law au3
are TO suffer penal infection for your oaence,
Here are twenty-five laudaJe purposes for which
You may use your money, and in tWeny-.our Of
/ them you may make profit of from 80 to 100 yer
cent and perhaps in less time than one yelr Bat
. in the matter OF using money for the tueayfft
purpose, purpose equally laudabc as the others,
perhaps more so than any Of them, you must lie
restricted 10 profit OF 7, 10, or - per ceut, and
no more, on penalty OF the whole sum involved
We wholly gaa5le to the reasonable or cquj-
table ground for such Discrimination Il there is A
fair opportunity fer using money at profit Of 8
per cent, and the law misunderstanding it at aliguer
rate than II per cent, in every sucb case, the law
aims 10 operate as penalty Of 5 per cent. for the
crime Of loaajag; and that even when the lender
might have acted from no other than gcac,ous mo
tNcs
Again, usury laws like the laws restricting trade.
are commonly violated or eyadcd Large ca>>e,
IN every community always do. ana always will.
regard such Laws as rheddIe,omc uuTightcous Ia
reference Of governments Instances CT governing
rco much arl as tariff regulations rcl itabIy lca
to sn.uggling and more or less 50, s tire patprdi
Laws OF trade are more or less nringed 50 ali al,
tenp's on the part Of the government to restrict
men IN the matter OF acquiring the greatest profit
which the case admits on the use of money is all
an unrighteons interference, and will Of course e
. a. I,I, !