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

| ing from ''Ihs land OF steady habits" and sure
| ly none will deny the correctness Of their NOR
ais, and the safety Of their preceden1s--hcre Il
is, ''no contract or assurance for the payment OF
money with interest AT greater rate than is al
lowed by the preceding section, shall be there
by rendered void; but Whenever in action, bro'I
on said contract, or assume il shall appear upon
special plea 10 that effect, that greater rate Of
interest has been directly or indirectly reserved
or taken, or received, than is allowed BY law.
the defendant shall recover his full costs, and
The plaintH shall forfeit three fold the amount
OF the whole interest reserved or taken, and
shall have Iudgmenlfor,he balance only, which
shall remain due after deducIing said three fold
amount" Revised Statutes, Mass, 1886, p.
3O7.
Again, in Ihe revised statutes Of Connecticut,
page Col, We read--"Every person who shall
take, accept. and receive, By means Of any cor
ruPt bargain, loan. or exchange, or deceillul
conveyance, or BY any other means, for the for.
bearance or giving day of payment for year,
Of and for money. or any other properly above
the sum of six dollars for the forbearance Of one
hundred dollars for year, and altcr that rate
for longer or shorter time, shall forfeit the val
ue Of the money or other property, so lent, bar.
gained, sold or agreed for; one half 10 him, who
shall prosecute 10 effect, aud the other half to
the Treasurer Of State"
] will not trouble the cOmmitIee with reading
further extracts from the laws OF the different
States, but will content myself with referring
gentlemen 10 the statute books Of all the rich
and ilourshing slaics in the Union, where they
will find laws similar 10 those ! have r1ad, and
some even more severe. Have penalties against
usury driven money and capital from these
states! Are they less favored in point of wealth
and prosperity than we arel Have the morals
OF their people been corrupted by usurious con.
tracts! Let their rich and gorgeous state insIi-
IutOns, their costly edifces, and towering mon
uments, their superb and extensive manulacu.
ring establishments, their LowcIIs, their Boslons,
their Rochcsters--thcir Merlmucks, aud their
moral, intelligent, wealthy and happy people,
answer the question.
! have sir, but few more words TO add, and
will take my seat. contend that there Is a
moral principle involved in the issue Of this
bill, that should not be overlooked. II YOU fx
The rate of interest too low, you give designing
men Il pretexi TO violate the law; it you fix il
TOO high, you oppress that portion Of commune
~ who most needs the protection Of law. Let
US, therefore, while We guard the interest Of the
one, endeayor 10 restrain the avarice Of the 9TH
er. Let The law be liberal, yet jHst-penal, but
not oppressive, and thus will il meet the favor OF
all classes Of community, and place upon au
equality the lender and the borrower. But
said their was moral principle involved in hi.
! bill; that usury is moral crime, is clearly Sc
forth in the Bible; and as all laws ought 10 be
founded upon those principles of equity and jus.
Iicc written in this book, il becomes us as cgisIa-
tors 10 examine carefully. whether the present
interest law is founded upon those principles or
not.
Now, think it Is clearly shown by public
opinion, that The rate is TOO low, if this be the
fact, then we ought TO raise 10 the proper STAN
dard, and place money dealers on level with
other classes Of business mcn--then we could
with propriety annex penalty 10 the law, which
would make them feel the force of its violation.
BuI will leave the bill in the hands the COM
muce all ask for it, is, that careful consider.
alton. which think, the subject demands
Should the members of this House differ with
me. as to the merits Of the bill, shall not COM
plain; have done what conceived 10 be my
duty, and have no fears to meet the response
biIiy have incurred. It the law is 10 remain
rs it now snnd-if the unprincipled usurer is
10 be permitted 10 stalk abroad, and in defiance
of law, rob and plumber community; the sin
shall not lay at my door. The tears of desti-
tule wives and mothers; the cries Of helpless
and dependent children, we,e bread has been
snotchcd from their lips, by the hand of usury
and oppression, shall moi fall atmy feet and
charge me with aiding the oppression, in deprl-
wing Them of their rights.