New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1850-02-22

rro., III he purchaser nay SECURE tbe hight n tie
decreased prremp'of DIS 'och Tifehase
ForTle Tribune
The lsury Lnw-Remnrks on the Recent
Memorial for IL. Repeal.
100 past years numerous petitions have been prr.
..n,ed 10 the Legislature 10Y the repeal of the
-sury Law, AID tie advocates of this repeal are
pressing III. subject during the present session. a
public meeting was held On Change on the 18th
January. and Memoris. was adopted 20 Ae pre-
scented o. ;he Legislature in which ihe following
.-asous IRE given Tor the repeal ol the Jsury Law:
l- Because Fererce a- proved tha, % j. entirely Use
IS for ,te accom- i-iment Of ihe end proposed
The ega of interest IN ti state is nNed ~ per CEN
which 10 j. respectfully urged j. more beneficial i'f az n
crest. and Ou every account han ne ioWrt rae s'elrs
l-apc..d of6 per cent ie, higher rate hnn per cent
continually. nav snos daily taken sad amid re changes
lfth- money make VII continue io Pc iequh'1 ara "a
VItlsHrdirg the restrictions ara ihr penalties "i lc
av
That the restriction upon the rate oil interest has
ia hundreds Of instances failed to prevent the TAX
m, of 1surious Interest cautot he doubted. ant
that 60 hss Drerenf,f the taking Of higher than the
e-a rate OF interest n hundreds % other cases DO
ae viii presume o. Geny. u the numerous fail
lres ol the Usary Law 10 prevent TIE taxing of
s,ury is evidence that the law IS vrane why WI
l0, milr evidence prove the Jaws against gam
bling and THEFT also wrong Tor the latter are ta}
. 'atcd and have failed o. prevent tie acc1ss lcr
ftbcss c-ipcsl t.sir. II seven per cont is more
beneficial for nh interests, and on every account
man TIE lower rate ID. SIX per c'ni ''f ''o''.s
'-i. 10 p.,, ~. .,.',,..l ,i,,s. n, l,r-a,
teeger rather than NJ six per cent i' the money
were protcred et either rate l. they "efc t'e
eH'' Us 'neF "'N' o'uO'i'Ss '.l - - .'
,,,i ,.,,s.rf s1ri ratcsu.I continue
ID, bo taken. Is Il not fair a. suppose that they
would be much more frequently eAacted ln case
ne P'na'u'' N,ie ILL.,, ~ 80. ,i,s,
.,.,', o.. ',,e, tekso moves only tAaf
l f,, - ,,ta,.l t.. d, lid, moro nrovcs that the
- ,',,s..,is 49,, f,y Than fte violation Of any
a., -. a., ,a,, H.. l r,r and is trars
20 tI.
. ..,..... i.r 30.
~ h.,ai.,' ', .1 f, l ,6. law. If.e l.- been
resented s. powerful r'arrron 20 fraud ol 'ac PEI
te''ors nrhy ~ uroua go pn'ic mo'e' '' "'- A. ''
'~~ $50, 49, |-r i,. .r,-e,4 under .e.s, censir.-
r .o f,v9- off borrower. e-at o.. h,r % deceive .e
rier. OF money and deprive ihcn ~ their rroferf oy
.'ao'ns usf ioa' coi'i'rfA-'A - " oar '' F''''
That Do one has been indicted Tor usnriou' h
.-sst ro more proves that such interest l. not
,.t,. "a, ,,,,,,.o
. I'D. .-. ,.s-. ..r.,,-eI fto, 1-rir.t erueSs was
'' BOZ 'o ~ ''
,so4 .-ef,t.r. She lenders ol money ail LOT
fi ........ d.. a. ....s.. "a. q, s.,.-
i'bt'is c'u" Aoi , eal "s"'s 10 "''''S '' '''
and hence thi. powerful temu,at.ou - debtors
would not exist IL 81 ATS then iha' % IS the
'.t.Ir ui usury which Is ,1 u .nols % public
u.ras Uisdoait.ul whether borrowers 81 money
ua,c as onea deceived lenders rs lenders have
,,rrowers Lenders who have money on hani
often pretend that they have little W none. ia on
Ter to obtain higher rate of interest Lenders.
-..a. have ,h.. great ADVANTAGE the rise which
the, effect iu ,he rates OF iltcrcs; increases the
indebtedness Of the people "hle il do's no' IN
resse zoe qa"i'"s %. l',' W N.I. 90.
'Iea''" V''s"'o"N ~. ' 49,. ,.' .,,..,
"'iv "'t - '"s'G .' - o. I'LL. .~,rs,.s
'''uv w '.' N'N-- ~ 49, -. - ...,s
a." So .l.-.,.... ..-,-, t ,l.. ...., ol MS
''"o'e' "'9.g % .S-i i,,, 49,. ,,-,io,.rs i,
money, ana 'N's '"'v.'S' -" ~ H.. 49,
.'.'oF i-ai nc "reuS a. ''-'.' -. 49, . +.
-tNt- vi NsuiN 't'' 49, '- 49,
rrac's and against o'iio" Cts "l-' ''Nl
iuces the market Na1r @. ."e pi0''-,'s q "'s'
Nh9 neither receive Ao' pa! -s1'-'"S ''''e
th Because aulos' 20 he ooro y a. 49,, = 70 e
.,'g, , ~ .. IN ne lr 'isi t,,e,e rsT cent Is lawfully
-riaed 90 be- collected ou unpaid taxes before DE- sa- %
property Ten per cent interest : % 1e l.d ON ise7'
proper. 500 under aVi--aSe = -1 49, ~ -.
owed 10 paw bFokcr va tovJ scI.iiN "neiras p. ie
-olsung business paper or ifonssofy ho'rs OF seo1
Ut ,hsi oesCrQ loE pafrrs RECEIVING more I4- se'e- w
zen. n.,r-s are aa.e " So, ~ sr "a ~ ma On.
aeai
We gran; that there i quite sn unequal bearing
between the Varying rates Of 2. TO- IL snd % per
,eat interest The after rate OF 20 per cent op-
presses me poor N account %. Their poverty We
lo no; mean - say tha' inis vas ne design o. tne
avs we suppose rs design was 70 induce some
capitalists or the sake u the extra gam 20 lend
her money IN small suns - the poor 0n their
f.,.;,,..., s,,,-,,, .i, ,,.,-in, soparsl &c 20
-, - :, -, recss.re.