The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1850-01-18
Meeting at the Merchsnt Exc hange . agai.st
the Usury Laws.


the Usury Laws.
At two o'clock yesterday, meeting of the merchant.
Of New York held in the Exchange, Wall street. tc
take into consideration the usury laws with view tc
their abolition meditation. The attendance wa
numerous moot Of the Influential merchants Of the city
being present. Ex.Aldermsn J. A Underwood called
the meeting to order and moved that Lora NASH Esq
BE- appointed president.
The motion was unsnimously adopted; and, on the
motion OF the gentleman the following were sp-
pointed VicsPresdsnts:-C.H II Marshall, John J. Bond,
David Cothssl, James Lee, Thomas Stilmss. John
Sturees ID. s Miller, L. Jones' Augustus Whitlock,
Joseph tucker T. p. Heyer, r. L. Stuart X. II. MCur.
dy, Ralph Clarke.
Hamilton Theodore Crane. Edmund Coffin
The Chairman ssid-We are all assembled here to
make impression on the Legislature concernng tho
injurious effects OF the usury laws upon the interests
OF trade snd commerce. have strong doubts, how
that shs be successful to the threwing
Of particle Of light upon the mental darkness that
exists upon this subject All seem to be demsnte
Yet II Is difficult for any dispassis snae why
capital should not be made as free any other
modify
Mr.. Depeyster Ogden then came forward and ad-
dressed the meeting lie said This Is meeting that
addresses itself to the interests Of every individual in
the community. Money Is the representative Of all
value, and the question Is whether ouay Is to be as
free as all other things or to be shsckled sud tterd
to the injury OF commercial operations la 1t for the
advantage OF the borrower lender that such resrc
tions should be imposed! In the comm unity where
money h free capital Is attracted from all other
ters for men have confidence that their invest
mept Is fafe and that advantage can be
taken Of them. This principle IN OF universal
application, and operates uniformly as the
laws u CREATION Just the Is the where
the usury Law exists that gives borrower the power
II money is borrowed at higher interest than
per cent not only to keep the principal and Interest
the lender but prosecute him him prison
1t Is perhaps useless to discuss the that
spire to coprinpe this things IL may not how
ever, be amiss to briefly enumsrAte them One cause
the spirit that shrinks from disturbing whatever Is
old Another 10 Q sort Of moral religious feel
ing that usury forbid by the Bible which says-
II bou shalt not lend money to thy brother usury
Now the meaning 81 the WORD usury here s the
what by interest and sense OF the passage
IL that bs not charge interest your brother
loan evidently implying that yoa may TO stra aser
have the eject OF withdra wing, TO vast extent
invested real estate other bonded rtgages
There IL foundation for this objection. IL you in
vts capital freely IL will sssuredly come; aud
Increase capital in commercial erpriees, IL will
ind its way to bonded mortgages by the natural Law OF
demand and supply The advantage will be, that 10 will
be much easier TO obtain money such securities
than ct present loan mad. upon real estate Is
the meet bsestme ut that be made barring
Of eourse the question Of title, and IL will create IA
yorte mode OF investment. IL any gentleman will take
the trouble Of investigating the subject he will ind
that bcr ded mortgages far than he
insgines Even II money we're diverted from them for
time into other channels 1t would ultimately be re-
stored TO them the best of all securities Mr Ogden
c. Dciuded BY reading the following memorial -
The urcersrsd citizens Of New York rsspsety solicit
with submeo for altering repeating the law exist
believed that no ds,svs step has been taken hitherto
ty the Lerlaturc from interfere with
with II Of unjust we unlawful sxscton
and although well aware tina, numeros. petitions have b.sn
are indassS TO ihin' TIA, puss opinion has us
sinr e ias ssa.
70 the % o s E
feet Of the Law existing and trn belief
RSs'I
:as Ss Oh: law has to h. s;
lain entertain ne hops that or endsAyer, 20 bring the sub
scncsa. On this secession, With isSsf.Sls result
pie, X. 81 ss sfs ss1 The a.S
etdssyotd 70 eenpress within as brief space s possible
pstisS 1'' NJ" ''s ''A'' 70 II ''''' u 'A''
% hs. Az proved Sa f.u1s ssrs
iess for the accomplishments Of the ena propo'sd.
which Is rs.pcv,iuy urged i ssashsi.l Cor a.
and on % account hn i rss
PER cent cont. uaiy slsost daily, taken, and amid
qur,. aud paid the restrictions aad the
I'd no person ever indicted pro-
visions ,, snns jsry Will. The Law ssf ID ha, been pre-
se,,or hsh isjuroe, 10 public morals we'll as tile law
in sorIowsr enaeng them 70 deceive The lender. Of
rS. s bar TO S psy%sa y
ssh Because sss;t 20 The Borrower =, wei a. nc
Law may be in the that twelve
pr1pes ten peS sss ssr. ;. paid on res@ns
perry sold under nerase Ard twenty per cent s sss sa 20
paper promsscry Of
sse 20 iOss thSir money and also ssy
and subject 70 hes and imprisSnnsn. .s.,,.-
in vass Ace rdns % m .sss sr RI meare,y and s.1.s
hsed rsts cr value any more than articles of
9Th Bee.ns. prsysss many eaIit.s froa snt,rns ,hs
u. law they OBLIGED % leave ,hs asld e ssIa
OIL, 70 b. real scarcity e but 20 The es,en, Of the
Ysf Incurred thereby nses,,ay enhancing the v,ias
BY prev, nting eempetiton among lenders
sse'u, hs sn,e'Si The as 2. ns
eate Tie yslus o real estate veil that Of al eommoai
the Of nsusy and Indirectly Affect tho msras Of
sS BsssSss repeal pr.sn. aud III. Of
law retaining the existing legal rate oftevea per cent
h ss sasssc 70 sr,sd on Ss,sesa The parties % The
son.,s would ss S',n, S sTs,ss s.psA ~ S% S,h,
Y. ponsy m.rnst eurpg pressure sad pTs,sn,ss say a.
sb.re All 4, r.sorns sdsnos 70 opltA IN and
,Bpeym.bt ei neny unssr hs protection f cur az,
,.ps more eseetesly equsii.s and ss,ssIss me
nsst .hs,sver eoais possibly accomplish.
The uIe.rsisn.d A. th. sane tine wola sef a.s aaa
vh Tie hy would then sarnss,D sa,fsst .ha
s persl .se,i s 'ris,nis si ss' Ros;S
usery pleaded In bar of psJment TIE eHees ohy
Your ms MOI Sss wssid respectful susgost ,hs. II the
snt usury l.vs be regesss entirely ,h. ss n "
srsy sron ne security ssds tor The coli
s.sr s s 20 s.ooSs. any @
other eeur'. at,ny rate 81 interest above tnA
wss .u.h pros.sn. believed principal etleo
ton the alteration % the usury laws VIII be re-
ucvec msnorlasts viii venture % Iredct WIN
confidence that the chang they ask for would end " cur
the ard 81 labor simulate the efforts ~ nd"srl snd as
cit be of state While N ~ euect
without inurng any interest any lass intere,ts
would eunhdencc esdy tco rudey shaes ana thu
directly rry the general prosperity.
New 1vrk. nth January ls1o.
Loud applsuse followed IN. reading of this document
MT A - TsoNrsos ssid he bad a doc um.nt In n,s
pcct which corresporded very much rith that vhich
just read and with the Arguments OF the speaker
II ~ould not trespsss much upon the meeting ne
would f.qustt that Be reed Tie Nas not able TO rrsd
a. himself o. be al II had been sent TO he Legis-
lsture, but they paid no attention 90 70 There zee
pert of IN. In PRINT snd part In manuscript
The CusENsS then asked whether 10 vas the pessurs
Of the meeting that the document be resd' was 40
swsred hy several voices " Read read
Mr. osdsp wss tken requested BY the ChAirmss 70
rtas ~ but rad got far through ~ when Mr. Jam -
Lee Moved that ~ be laid the table, and refsrred 10
the on mite. with the mortal In order " " con-
taib.d any new idss Il might BE- embodied The mo
tier bs.iue b. tscot dsd, this document which was
very long ss then laid on the table
n vas then ncv.d and seconded and unsnmously
csrird. that the memorial read By Mr Ogden BE-
ADOPTED ana that the foovibg gentle be appointed
ctnmfit.e 90 tshe charge - " -Drshe Mills John
l., spsh mp m Holt j. II 0rares.