Southport telegraph. [volume] (Southport, W.T. [i.e. Kenosha, Wis.]) 1840-1850, 1848-03-03


rate of interest and imposes penalty for taking
more, but leaves the matter of loaning entirely OPP
tional-so that what was probably the original
object of these laws VIZ the benefit of the poorer
borrowing classes, is here entirely deieated-for
unless money be of less or at least not more value
in the market for other purposes and in other de
partments, than the legal rate OF interest no capt.
talist can be expected to engage in the business OF
loaning, and no one who desires 10 borrow whate-
yer may be his necessities, expect an accom-
modaton, unless indeed some means be devised to
evade or violate the provisions OF the law. And
that this is done to extent which renters the
legal prohibition dead letter, few need to be
told. Here would be a sufficient reason for their
repeal but the strongest argument is found in the
fact that although these laws may be perfect dead
letter, respects the accomplishment of any good
design they are, as general thing fruitful of per
niclous effects.
| What the n. Y. Evening Post says in urging the
repeal OF the usury law in that State will apply
against laws of tins character every where:
Theoretically false, it has been practi-
cally evil. Thousands live in daily viola
ton of law, whose penalties subject them
TO a criminal indictment. 10 avoid dis
covery, they must necessarily resort to
those shifts and subtertuges which are alb
horrent TO the feelings of an honorable
mind. They have committed a crime, but
no sin. They are guilty in the eye of the
law, innocent at the bar of conscience and
public opinion. 1t is unnecessary to en-
large on the unlavorable influence of such
q state of things on public morals. llmay
perhaps be 4 question whether tie enact
ment of any law is polite which is not sus-
tanned by public opinion. ltcouId only be
tolerated on the ground that The law was
clearly Just and equitable, though public SEN
timent might not be sufficiently advanced to
sustain H.
mo such plea can be urged in behalf of
the usury law; lis palpable injustice is mani
fest upon its very face. 1t would make
money, whose value is as fluctuating as any
other commercial commodity, ALWAYS con
form to fixed and arbitrary standard of
value. For honest men the law is not
needed; it furnishes, i'll fact, a convenient
shelter for rOgues under which not few
have taken refuge. The shrewd business
man will not be likely to 90 into market
and nav more for money Than if is worth
and wien this worth NAV chance to be more
than the law allows the lender to receive,
the honest and honorable man will not
therefore seek TO repudiate a Just debt which
he has voluntarily contracted.
! "Our legal reports are filled with nstan-
iIluStratinr tho OWL oGar+S of TIM. Ia
hhaNeS' VINO nave Oeeh successlnl III on
'"'iii"S Hi'S'' io"i's' an" cunning c'iouS"
~ W NV 'l", ~, "i IL
...,l1; ''' wv.
Is.,I,
a :; ,.;.;,oJ ,,er;,L H. a,. l7,,,,;,e., $780,,
;sLmort ,,b;Ia ,ho o,hor ro.o;vos nonn,,;-
arv reward tho rro,tcr in nronor,ion IN INC
enormitv Of his yiIIoinv. and is honored rs
= nnblic benpCartor for hayinU cyDoscd The
LEGAL villainy."
An attcmpt was made some years since IN the
Wisconsin Legislature 10 effect an entire renea Of
the usurv law. bnt the utmost that could be accom-
nisbrd WAS an increase of the legal rate Of interest
from to - per cent. in individual transactions,
while the per cent. prohibition was retained in
resnect TO loans made lv corporations Thus the
law stands with IFS prnalties ON orr satutc hook