Kenosha telegraph. [volume] (Kenosha, Wis.) 1850-1854, 1850-11-22
THE UsURY Law.


An effort will undoubtedly be made at the CO.
ming session of OUR state legislature to restore the
Usriry Law to the statute book. We were among
those who voted for its repeal; we do not regret
the act, and trust the law may not berestored. We
can conceive of possible good which can arise to
any person, by the reinstatement of the law, whilst
to our mind it admits not of question that law
prescribing the value of any article of commerce
whatever, can exercise only an injurious effect
Money is high, there is question of that, and
1t always has been so far as our knowledge goes,
In this part of the world. We incline to the opn-
ion if the experience of borrowers could be had it
would be found that money is no dearer now than
under the old system, allowing for the present un-
usual stagnation in business. The great complaint
as we understand it is, not the price of money, but
Its scarcity; and can any one hope to remedy that
evil by prescribing low rate of value to it. Our
Farmers now do not bring what little wheat they
have because the price is so low, and the conse-
quence is, wheat is scarce. Then suppose the Lee
gisature should pass law enacting that instead of
40, the farmer should have but 20 cts per bushel,
would it be apt to increase the quantity of the
wheat in market? 1t must be borne in mind that
the usury law does not force money into the mark
ct; does not compel any to loan his money. 1t
simply prescribes the rate at which it shall be sold
and if the prescribed be less than it is worth,
keeps it out Of instead of forcing it into the mark
ct The whole stateis suffering for want of money,
there is no question of that, but the individual who
hopes to remedy the evil by prescribing low value
to money, is very shallow philosopher in our way
of thinking. Indeed, how can the price of money
be regulated beneficialy. Its value is not fixed;
1t is the creature of circumstances as much as any
other commodity. Abundant products and ready
market make money plenty and cheap, whilst fail
ure of crops makes it scarce and dear. How then
can an unbendinglaw benefciay regulate its price.
AS well regulate the character of the weather and
the quantity OF the crops and their value in the
market. 1t would be quite as reasonable.
The effect of the Uusury Law is, to induce those
who regard its provisions, to put their money into
some business more profitable than that of lending,
at the prescribed rates, and leave the field of
ney lending to those who have no regard for the
law In this way it limits the number of money
lenders, destroys competition, and leaves him whose
necessities compel him to borrow at the mercy q.
lawiess men. Such is the fact beyond question !;
and will throwing the market open, leaving all to
enter into 1t that choose, inviting and encouraging
competition be as Objectionable? Who believes it.
The whole state is suffering from "hard times, -
there is no question of that, but we DO hope our
legislature will not attempt to egislate hard times
out of existence by restoring the statutes Usu-
ry Laws. They will fail of the end, and inaict the
injuries which always result from hampering trade
with unnecessary laws.