Port Tobacco times, and Charles County advertiser. (Port Tobacco, Md.) 1845-1898, 1852-03-17

in the track Of the Usurer, are calculated to
have an entirely different result. They
have, in fact, offered premium to the spoil
err And why is this so? Because, instead
OF punIshlng usnrv as a crime, they do, in
fact, give TO the Usurcr every thing that is
valuable in his contract, by allowing him
to recover the full amount Of money loaned
by him, with the legal rate Of interest, thu.
giving him all the chances Of exorbitant usu-
rIous profits, and in no event subjec.ing
him 10 the risk of forfeiture Of his con-
tract. BY an act of Assembly, passed no..
many years since, believe the act of 1912,
chap. 352, the whole law of usury has been
changed in this State. Instead Of making
the contract void, and subjec,ing the p,ocur-
er OF usurious loan to Imprisonment, as
was the case under the wholesome statute
of Anne, always in force in this State, up
to the period of this act of Assembly, the
Usurer can now enforce his contract, by re-
covering at least the amour, loaned with
legal interest. This surely operates as an
encouragement to the Usufer, for under any
circumstances he is to get back the amount.
loaned with legal interest; and any thing
beyond that rate, which he may happen to
make, in spirit Of speculation, is so much
clear gain 10 him.
The Convention being aware of this ex-
traordinary condition of the law of usury
in Maryland, and being desirous to Gu. up
BY the roots this entire system Of leealzed
plumbers, determined to incorporate in the
Constitution the provision against usury,
which is the subject matter Of your cores
pondenl's communication. In doing this,
they have restored the law as j, existed un-
der the statute of Anne, and our own act Of
l7O4 chapter SO, prior to the passage Of the
late act of Assembly referred to, with the ad-
dillonal proviso, that it shall be the duty Of
the Legislature 10 prescribe such penal laws
as may be necessary to prevent it.
And here let me ask, 10 what sub bject,
within the whole range Of legislation, could
their special attention have been more pro-
perly called than this ? We have some
twenty or more incorporated Banks in the
State, who by the terms Of their charters,
are restricted from taking more than six per
cent. on loans made by them, under forfeiture
Of their corporate rights.
Is it doing equal justice to the Banks, to
allow other capitalists TO loan out their
moneys a. two and half per cent month,
while you compel the Banks, to do so al
the rate only Of six per cent. per annum
] know not how the fact may be, but can
readily perceive that such state of things
might tempt the capidity of some Banking
and cause them TO do that in
II, ich H. q:
Although am free to declare that no such
evil practices as those of usurious lending
are resor,ed TO by any Of the Banks of
yet as long as brokers, and shaw
ers, and men Of capital, who are in the habit
Of lending at nsurious rates, are made d.
rectors in the Banks, and have controlling
power in directing the business Of those in
it is easy to foresee that very
large amount Of the legitimate business of
those institutions, will be diverted from its
natural channel, and thus their capacity to
supply the general wants of trading COM
muni,y in great degree cur.ailed or des-
,royed.
independently Of those injurious effects
Of usury upon the incorporated Banking
capital Of the Stale, i. may be safely assert
ed, that wherever usury is allowed by law,
or rather whenever the rate Of interest is
no. regulated or restricted by law, money
will always command high price. know
there are class OF writer's who maintain a
contrary doctrine to this, and who contend
that money, like every thing else, will seek
it's own level, aud be regulated, in its price,
by the ordinary standard Of demand and
supply. But the experience Of the world
has never shown this to be SO. n or, indeed,
can it be SO in the nature Of things. Those
who menlain these opinions forget, as ii
seems TO me, that money is an article which
always is, and mus. be, in great demand,
and therefore, a, all times, The subjec, mat
ter Of high price, unless restrained by law.
If money is scarce, then indeed, accord
ing to theory, it must be high, but, say,
when it is ever so abundant, such are the
Of mans nature, and, such his
procIivities 10 accumulation, either for pur-
poses Of avarice, or ostenta,ion, that it will
never cease 10 be an objec, Of his most ar
dent aspirations. And, therefore, if money
were fit article Of traffic, and like all other
articles Of trade, regulated in its price by
the relation which demand bears to supply,
think it more reasonable to assume, that
it will always bear high price. But am
rather inclined TO think that money is the
King of all traffic, and regulates its own
price, withou. reference to any well settled
or we'll defined laws which are not the Off
spring of its own despotic power.
The truth is, sir, that capital controls the
world. 1t has its own will, and never Yields
to tho exigencies Of its own creatures, or
submits to dic,ation from any other source
than one of its own origina,on. The laws
of trade are in fact controlled by capital,
not capital by the laws of trade Aud,
therefore, know not how 10 rank those who
,youtA hriur IL IN tho level Of cuhorI;n.,o