Burlington hawk-eye. [volume] (Burlington, Iowa) 1845-185?, 1851-08-07

For the Hsuk-Sv.
MEssRs EDITORS In the Telegram a. q
3lst ult., there il a reply to my former rour~-.
cation in the Hawk-eye in reference In ra% =,
of the usury law. A. truth seems In h. w.. II
jet of both Of us, I viii trouble ycu with 49,,
err communication
Were the provisions of The old law y;ol.s.,
the editor says they were by capitalists. ma A.
the new code had the beneficial cff-rt4 4. -
for 1t? III the old law waS disregarsrrl n. A..
1t was, that fact can be established NV th4 e
without relying upon rumor- 1T him nam. e.
single instance wherein more than tn 60
was paid under the old law, OF give the aau. =
single capitalist, or his agent, who af.r.~,-..,
the law. IF the cases are ~ numerous =. a..
itor says, the task IL nm easy one Hr urr -.
fact is perhaps more generally known amrv.- :.
than thai the legal rate of iatrre<t1 was go.
ken into account in any money Ioaniny sr,a%,<.
ton; and for all practical purposes, TIA, pr0x,.
ion Of the law nj all times treated a. dsatL.
ter" Now to the facts, n IN the rate af -
rest under the OLD law i'm nineteen ra@e. a,,t ~
tw 'nty where loans have been made. rraf Y.....
has been given in security and the mort-s-p :
deed of trust placed HPon record. Vow n ~
editor will take the trouble In ~ To the ore ..,
look into the contracts nf the parties, he 4, .r
be able To find single instance where more I'M.
ten per cent. was given unfer tire clA law.
He also says, that Hnder the new cole. .rhg
rates have come down from two. To one p~r craf
per month on short loans. AMI from fstepa. t..trn
per cent. per annuin on lon- ioans-
As nnder the old, - ulslsr the new law. hrans.
for six months or more arr i'm nineteen ras.# ou.
Of twenty secured NV real estate and The raartra
res or deeds of trust rtacrrI apra record- uh-r=
money loaning contracts are to be seen, ant th-
evidence of such contracts perpc;uase,i, ne ..h-
tor will find that scarcely in single instance fsa
apurely money lending transaction has less thaa
fifteen per cent tand very frequently tw~ntrf
been given under the new law or since rts -
sage. These are facts prnFcabEe INV The rrcnra.
and not depending for authenticity luke The e.
tors inforrnation) upoH The verbal s,sssmeas 4
capitalists ard their agents. l. this evidence ST.
feicnt to convince the editor, that his insaras-
ton was iEcorrectf
Even il the editor L. correct d. tn tG4e tioafna
Of old law. i that sufficient argument or rra@ua
why it should BE- repealed? NaSt Ie-iSIatsoahe
hal and laws male to conform. 10 the aEshss. All
conveniences Of men who wiifully disregard AM
violate them2 not rather make men coas~m ~
the iaw-otherwise- there u mot l41 "a TIE la#l
which might not IT, repealed far the same re4-aa
Instead of interest coming dnNn uader the ae=
law, the editor says, the contracts Of the par-
lies show. that il has gone up frem ten. 10 kiie-
anu twenty per cent. His moathly Ioazs Aas
nothing to do with the rattcr-thsy are -rnefas-
ly effected i'm thr exchange Offices where -
count i The object ami where loans uFua rr4l-<-
tate for six anal twelve months ale se!om II ev-y
made.
If there are AIRY capitalists in this eossnty wAs
loan their money at ten per cent. As the edi,sr
says. he could not cCafrr greater farur on maax
in this community Cwho have TN pay fifteen 90
twenty per ccatl than tr iHFarm them who, aaI
where these benerclers; se4l1s are. VIII the -fa-
tor inform us, what the Inducements 10 forsI-a
capitalists is, to send their mJsssy here and haa
it al ten per cent, when they ara sstti- six an
seven per cent. Mt home? r.