Kenosha telegraph. [volume] (Kenosha, Wis.) 1850-1854, 1851-01-24
RETURNS OF THE LATE ELECTION FOR
STATE SENATOR
McCULLocH ON UsuRY.

MR. EDIToR.-Since the subject of again pa-
cling upon our statute book the odious Usury
Law is being agitated, and since many are not
willing to be convinced, so prejudiced are they,
and are not even willing to give our present sys-
tenn fair trial, perhaps it may not be amiss to
call their attention to one ofthe best authorities
Of the age on all commercial matters ride Nc
Culloch page sc on Il subject interest, and its
effects and bearing upon trade.
1t is needless to waste the readers time by
entering into any heightened arguments to show
the inexpediency and mischevous effect of such
interferences. This has been dono over and
over again. 1t plainly in no respect more de-
sireable to limit the rate of interest, than il would
be to limit the rate of insurance, or the prices
of commodities. And though it were desirable,
it cannot DO accomplished. The real effect of
all Legislative enactments having such an object
in view, is to increase, not diminish, the rate Of
interest. When the rate fixed by law is less
than the market of customary rate, lenders and
borrowers are obliged to resort to circuitous de-
vices to evade the law; and as these devices are
always attended with more or less trouble and
risk, the rate of interest is proportonally enhan-
ced. During the late war it was not uncommon
for person to be paying 10 or IL per cent for
a loan, which, had there been no usury laws, he
might have got for or 7 per cent. Neither is
| it by any means uncommon, when the rate fixed
! by law is more than the market rate for borrow
ers to be obliged to pay more than they really
stipulated for. 1t is singular that an enactment
which contradcts the most obvious principles,
and has been repeatedly condemned by commit
tees of the legislature, should still be allowed to
preserve place in the statute book
Note by The Ed.-We are under obligations to
oar correspondent, for furnishing to our readers
the above valuable and important extract, from
an authority so we'll established, and universally
recognized as that of MCuloch. We commend
it to the attention of our legislators at Madison.
The Unit for January has been received. l.
Its chief feature, is the analysis of the character
of "LEwIs CAss, United States Senator from
Michigan as manifested by his material organic
conformation We think it is not far out of
the way in the conclusions to which it arrives
with reference to Dir. Cass, whatever we may
think ofthe mode by which it obtains them We
give below the conclusion of its article -
To conclude: The Ganglionic Temperament
I
points of character. Therefore Mr. Cass pos
sesses few, and these we have given. We will
briefly recapitulate. His mind IS suspended by
! Inherent Laziness, and led to action chiefly, we
may say only, by Appropriateness. And strange
but true, this Combination-the non-possession
of Faculties rather than the possession of them
makes him great--if to be L. S. Senator
and to have been u candidate for the Presidency
is indisputable proofof a mans greatness--w which
may be safely doubted. Some persons would
attribute it to the ignorance and moral obliquy of
his constituents and nominators. If, with his
immense head he had an active Temperament,
his great Appropriateness would be continually
forcing him into all sorts of extremes, from
which his sluggishness now happily keeps him
and if with his lazy Temperament he had a small
head, or no Approbatveness, he would die out
right with laziness.
The next number will contain an analysis
of Mr. Seward. The Unit contains besides
these descriptions of character, other valuable
and interesting matter.