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

Goyerumeut exists and laws are enacted .Or !sc
pndec;ioa Of nights and the rcprcss,on OF wrongs
Practically. thei chief enA Is tie protection O what
are held 70 be tie X ghts Of Property. Sometimes,
but very rarely, they indicate giinner Of cob
sciousress that Property has fEi,es IS wei as
nights and ,ha. rights have limitations. Laws
looking this wey bim tie exception; tho protsc-
T., Of Property is tho genera! oi'n Of legislation
Among The duties with which civilized States
have charged themselves. IN soLser. isuco 20 the
general hlea OF protecting Property 10 that - Ell
forcing the payment Of Debts A. owes h.iy
dollars. and the State SAYS to A. You mast pay
that debt, your property shalt bo legally cons-
Gated to satisfy the amount with costs. Formerly
the law said 70 TIE destitute, Pay 60 To jail til
yoa DO, and 80 still IN rome pieces, but such
laws are wcsrDg out, wbIc cgis sture after le.is-
lature nedItaies an1 approves The policy q ex-
emItDg certain portions O: the debtors property
from such oouiisceiion First f few essential art
cles Of household furniture were exempted next
the debtors tools Of ira ie later exemptions oiauy
kind of personal property 70 the aggregate value
Of slOO, e25O or even $500 were enacted tnny,
the reservation of home also for the insol.
And The general policy of legal enforcement OF
the payment Of debts at al save in cases Of de
moDs,rated FRAUD is now very widely and earnestly
questioned II there were any way o! enforcing
the fidelity Of guardians, trustees executor a. IN
their absence va believe very large proportion
Of our people would be ready to pitch overheard all
laws ftu the collection Of debts 1t Is doubtful whe
al. III IL. ~ I,rl LOO. i.
now equal to the cost OF such process, while the OK
istencc OF the dcbt.collocting machinery tends
greatly 10 multiply droucs aud increase the relative
number Of the bresd- consuming non producing
elasses Aud beside, the existence Of this nschln-
sry strongly operates 70 weaken AMI destroy The
sense Of moral obligation to pay debts Many
man who does not know he Is scoVndrci VIII re-
fuse q pay un honest debt because he has good
legal defense against it. when If there were nolsw
on the subject he would never think Of such thing
II We could see how to secure trusts without we
should be ready to say, Let tho whole dsb' collect
ing machinery 60 overheard ior spell and see
how we set along without it. But the widow, the
orphan the simple, must be protected and IN tie
absence Of coJectionlsws we fer smooth sleek,
dcmuyc, respectable rascali would every now and
theu step out with the proceeds OF On estate IN
trusted to them for settlement or guardianship aud
leave the owners OF heirs without redress The
personal wrong ami suffering in such cases would
be even Of less moment than the mora injury that
would result from the public contemplation OF such
iranphan, villsiuy Aud If the State should al
tempt T. protect trusts alone, We apprehend that al
manner OF debts would wriggle into the shape OF
trssts or legal semblanco ui it, so that We should
gam nothing by the hon nal repeal o. our collection
laws hut large increase of costly legal formulas
ard OF litigation
But the State has always asserted and acted
on the principle OF enforcing such contracts cad OF
legations only as it deemed calculated IN Their sen.
ers scope to promote the public Tcli being. 1t
lends itself 70 the collection Of no gsmbhug.deb;
nor any incurred IN the pursuit " GA immoral sra.
t6cation If bully wers TO extort note loT
thousand dollars from some frightened citizen by
threatening 10 shoot nm Ii he refused NO state
would enforce payment OF the note On the same
pnuciple civilized States have almost uniformly
refused to syforee Contract which stipulated OF
provided for the psymsnt OF rate Of interest
deemed excessive. Having first Axed maximum
rate OF Interest; high as It considers just and &c
oerdan with the public veal. 1t gives iaT notice to
all LEADERS IN substance as follows Ii you see III
TO exact q higher rate than tins You 10 II at Your
own risk, and in defiance Of the laws mandate
II the borrower chooses ~ pay any imaginable
rate he viii but II you look to the law tor HE
collection Il your dsbt YOU must be satisfied with
the legal rate Of interes: ESscting more, tie
law viii have nothing 10 do with enforcing yoor
elaim"
Such is tie principlc OF Usary Laws, ana We be
hsve it a sound one though ofou iinper;ectiy and
vciousy applied The usury Laws u our own
s'",e do not satisfy vs. We shall gladly hal their
.aendment, provided the essential principle which
o'vseries all Usury Laws be not subverted. Gin
csrely believing that matt may do what he
likes with his own" only when he likes 70 do tina;
winch sccords with the hshest good OF others, aud
thai the UsG-y Laws enbody sSla,Sry gecogni
ton o; his truth we cannot concur in uaiaS their
abolition. Though not or ectins to their idcation
its very oolnlnon hut Lot very wise 20 argue
the ina,ility OF law from It's abuse. yooRs top
runs M bill With bis tailor and 6naly rspndha,es
it, having been miaor when the obligation was
eoatrsctod. VIVA. miserable creature say
TIC many. and We sadly agree with them b1t
should they proceed TO cal iH the abolition 81 al
law which screens minor from the legal oohss'
ton d his debts, we eoald not coincide. Such law
. oilen abused bat IFS general efec, IL stiA s&-u'
ssy. If boys o: large expectations expensive
tastss and rather weak noodles were allowed To
run up bills at tailorshops. hyery-sssbles bar
roons. ac which could be legally collected Of them
sass coming into possession Of their inherited pro
psry, The evils sxpsrisDoed woaid be far worse
ban they DOW are. He is a poor stek. as gene
hrule. who pleads the baby act in bar OF 8 just
eeN but that by no means proves to Ger mind
'aa' there ought to be no baby act
The popular understanding Of the Usdry Laws
sal very bggy. We have noticed this on Ja'
nes' which sometimes invahdate q note for Usary
waaa shsrs wa no asury In the case. In fixing
'as saasidsanoa hx losA. three Assncs elsusas
Ws b regarded Wa s-t