The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1850-02-04

REPEAL OF THE UsURY LAws.-PUBLIc OPINION. |
"A few days since, a numerously signed petition,
emanating from the merchants and business men |
of New York, was presented 10 the Legislature in |
Albany, praying that body to repeal the statutes
known as the usury laws of this State. This is
not the first that an effort of this kind has
been made to repeal these ridiculous and absurd
laws. Heretofore, however, our legislatures have
embraced many members from different parts Of
the Stale, who have, unfortunately for the business
interests OF this great city, held opinions on the
subject OF the usury laws, utterly at variance with
every day experience, and repugnant to the spirit
Of the age. This accounts for the existence o.
those laws so long, and tor being far behind
other States, in not repeating or modifying them.
We shall see, by the action of the present Legsla-
ture on the last petition which was addressed to
them, of what materid the members OF that body
are composed.
If public sentiment in this part Of the State, and,
in fact, in every other portion of it where there is
an extensive commercial business transacted, is
unanimous any subject, il is on the necessity OF
the repeal of the usury laws In this age of intelli-
gence and light, it's libel on the State ofNew York
that they not repealed Instead OF regulating the
interest of money, between borrower and lender,
when contracts OF that kind entered into be-
tween business men. Like every other article, 1t
is subject to the great law of supply and demand.
When the demand is more than equal to the supply,
it is of course more valuable, and ,vice versa. when
the supply greater than the demand, 1T will be less
valuable Thus it is that we money quoted
one week as being worth five per cent per year,
and the next week or the week after, it may be
IL xxyalv Hffaa
and falling like corn or cotton, according to sup.
ply and demand for the wants of business. Thou.
sands and tens of thousands of contracts enter
ed into of this kind, in the Of year, in this
city; and 1t is not often that payment Of the princ
pal is refused on the ground of usury. So impress
ed are the business men of this city with the alb
surdity of those laws, and so unanimous are
they in favor of their repeal thst any man who
would borrow money at higher rate Of in
terest than the law prescrIbes, and call upon a
court of justice TO support HIM in refusing to re-
turn it on that account, Is branded rogue and
a swindler, and loses his reputation and character
at once. Experience has proved that those laws
only protecton--a cloak to persons of that
Glass; under which they can legally plunder their
fellow.men of their.property, without the injured
party having any redress.
1t may be sad that if, in general practice, the
usury laws are dead letter, as between man and
man, why, therefore, the necessity of repeating
them? II they are not adopted as rule between
buyer and lender because public opinion is so
strong that any one who appeals to them Is at once
set down as a swinder, they may as well remain
on the statute book Not so, however for incor-
poratsd companies, against whom public opinion
cannot operate, having no souls and no reputation,
can appeal to them with impunity, and thereby
plumber and pillage the public. We have had an
instance Of this within short time, by which an
individual was swindled out of an immense sum
of money by one of our banking institutions, by
the aid OF this most unrighteous law. II the
Legislature do not think fit to respond to the
unanimous desire OF our business community, and
abolish those laws altogether, let them be modi
fed as to deprive them of their most Objectionable
feature I; we mean the provision which declares
the whole sum loaned as being forfeited If ex-
cess of seven per cent interest is charged Several
States have found 1t necessary to take this course,
and, for the information Of the Legislature at AL
bany, we will give them the following extracts
from the laws Of Vermont, on the subject, recently
passed -
Sec Q No person thaI take. directly or indirectly
than the value Of Elk dollars fer the forbessucs
rate for greater or less sum, and for . longer
shorter time
Sec a Whenever greater rate Of interest than Is
allowed by law shall have been paid the person paying
the fsme may recover back the amount paid above
the legal interest with interest thereon from the tine
Of payment, In action Of assumpst declaring for
money bad and secured goods sold and delivered ss
the case may be.
If we can't have our usary laws repealed, let us
have them modified In this way. Rogues will
then be deprived Of inducements which they now
have TO commit immortality under color of law.
If greater interest than per cent is charged,
let the party sue for return Of it, but do not ln-
duce him to steal his neghbors property, by giving
him legal dissolution for the crime afterwards. The
shortest way would be to repeal them entirely, and
not throw any impediments in the way Of trade
and commerce. We hope our city delegation will
not fail sgitate this matter in the Legislature,
until redress is obtained in some way, and this
boulder IN the channel Of trade aud business re-
moved.
TnE GREAT SLAVERY CRISIS IN CoNoREss. The