New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1850-01-23

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J. Tie nh or chance tia, tie debt may 10; b
repaid CT u ~ events 70, 'onp''y
Tic frosIh # procuring the ronoy an ,osn-
NJ Il IL jast such Gums and .or jas, ssch ,.tses a.
tho borrowers convenience may dictate
O. The rse, OF actual interest;
Now there j. 10 tain, Of Us0ry n the psvrner,
and receipt Of su extra Consideration in view @.
the risk OF non payment Of the iroabic Ct scccal
rnods;.ns loan prec sely TO the borrow ers meet
For instance, en- inventor eces 70 capitalist ~
inr. have elinos. completed new machine
'whcl Wi scpcrsede the steam engiLe, Cr 2 pro
cess FOR making Bar Iron a; twenty dollars per
Ton. \ way t. make tie best Brick without
'born.ng d tai the present cost Lend ne FIVE
.hous and Go. ara 70 enable ne to perfect and pat
Gly invention ~ successful operation, and VIII
a-ow 100 hnYlTed pc- cent :or liz cas I'll !
can repay it, Biockheads INCLUDING most
jod,es might cal this usary. Dot + e not Tho
cei .ral led il 10; exprcssed consider alton OF the
hundred per cent is lot use bat risk. IL IS vel
understood that the inventors ssuguire e1pec.a-
.ous nay DO blasted, and IN that case the money
AL ,aGcoa .s hopeless dead loss The loan IS 10
more usurous than would bs sale by the in7en-
,or II hal lis pa.sut Or invention or tie Al esIs e
porf,ciiny sud proving il.
We were oncc on jury where csse "as u1ed
Of this notare Il man persuaded be ncisnbor 70
=. 'crss note for him promising II tbs no;e
soo'd by any means come on The cndorser. 70 pay
hlal dollar peI day thence!orth until he the
maker should ;eke it up 1t eO' protested and
50 az tl..rty days. when was satisfied By giving
d new note 10 the endorsing sufferer, including The
stipulated dollar per day. Tie new Io.e had to he
sued ard TIL maker undertook u plead usury
Bottle p.si1t., was % Usgter mr. lnsiy lender
81 a. The case was ono o. damage not u54ry,
aud the stipulated 81 per day rs agreed ou - the
amount Of donls,e which the Debtor should nv In
case his rote should come % tie endorEcr And he
had % pay II, 60 iaT ct least 20 isoG,neh. could
make him 10 80.
Now when cur merchants talk o. twelve per
cat charged Oh unpaid taxes, ten per ceut On tic
recovery % property sold under m lrtsage. &c. g.
siiording any reason for allowing lenders 70 chsrro
whatever they please for interest, their OBJECT nsy
b. ever so good but their logic "a good for rc'hirg
They couiound voluntary loan with something Of
an entirely different nature.
50, to- Of the plea thai pawnbrukers arc allowed
70 CHARGE tvo per cent month, therefore lenders
in general should have the largest liberty -
Whethe, the license given 10 pawnbrokers is pro
duc,ye OF more good than EVIL i kaotty question.
which does not come within the pury.ew Of this ar
tee But tie pawnbroko,'s two per cent. month
pays lor storage and insurance tie articles len
with INN in pledge, risk that som" OF them may be
reclaimed as stolen property, damsge by moths
weather sc and regards also the fac, that his loans
ere m,de in sums Of twenty-five cents up 10 fifty
dollars payable a, the borrowers convenience with
ia wear, tho borrower being utterly irresponsible.
II is folly to run parallel between this and osdi-
nary loans.
The merchants memorial srzues that repeal
Of the Usury Laws would brig Us capital irom
other States and also reduce the rates OF interests
We suspect that when those rates had been 90
reduced. the capital would 90 out again quite &c
gast IS ever it came IL. Why not, Suppose
money were 10 fall TO FIVE per cent here. do voc
happen 70 know any farm! Lender who would koeQ
investing with u when no could readily Obtain
six peg cent at home on the best security
any one Knows such an Interesting individual, we
viii ssk the favor Of lis name.
Bal tbs memorialis,s have not msde a brldge
that they dare trust their own weight upon Hay
uq argued, to their own satisfaction. that Free
Trade II Money would reduce the ate Of interest
an afford ereat reliet TO borrower they turn
short corner aud ask the Legislature not 10 eAo~
a,.y Bank or Mortgage 10 take more than screen Tsy
ccs' interest Helioo there What can the men
mean Ii Free Trade in Money is to operate 80
beneHcialy, why not let it operate Why tie up
w third. of the lending class by restrictions the
sane as ever Why let William b As;or and
stephen Whitney lend Tor the most they can get.
We, restrict the two or three hundred relatively
poor men who compose the North River, Trades
mems OF Seventh Ward Bank TO loans at seven
per cent? Are individuals less eager ior hieh
rate OF interest than banks 7 What is the resson
.oI making ash If one aud flesh OF the other Is
il not evident that the instinct Of the menonalsis
IA 1t war with their reasoning
But We must coee, repeating that we do not OBJ
ect ~ rcmodeling OF the Usury Laws, II their es-
Sc itiai principles are retained We CONSIDER the
clrent rates OF interest entirely too high aud shall
rejoice 10 see them permanently reduced. We be
heve they might be, not indeed by new penalties,
bel 10y such legislation or other action as viii iiee
the Circulating Mediam entirely from the suctua.
Il AS and rov0sions tc which il is now subject IN
cay judgment, there might ana should Ie well
secured Currency, rot necessarily redsemsbs IN
specie and consequently no: contracted by any ui-
favorable balance OF trade, but tally and steadily ad
e.aais IA vp!ume to the waits Of the commuIiy-
" ith s0ch Currency, We believe It would Be pfae'
tcable to have money always within the reach q
those who could undoubtedly secure It's punc,Sai 70
payment, 81 rate not exceeding three per cent
per snuuu THIS We think tho true way u getting
rid OF Usury Laws. by rendering then imperative
All u,amportan, But The rn5lc iaind IS not ys'
pr pared for change 50 radical and pervsd!ns g.
T. :. aud we must b.under as We can Tor some
wears longer Meantime. If the borrowing majority
can be convinced that those who practically possess
4 monopoly Of Money VII lend II cheaper and more
freely in the absence than IN the presence OF tsury
Laws. they are very welcome to Try the expen-
N ,at but they must rot expec. Us 70 recommends IL