Port Tobacco times, and Charles County advertiser. (Port Tobacco, Md.) 1845-1898, 1852-03-17
From the State Capitol Gazette.

From the State Capitol Gazette.
LETTER FROM GEN. T. F. BOWIE ON
THE SUBJECT OF USURY.
To the Editor ofthe State Capitol Gazette:
An article in your paper Of the 1h inst,
under the signature Of .'Antonio" addressed
to me, on the subject Of what is commonly
called "lhe Usury Clause" in the New Con-
stituiion, together with your very excellent
comments upon the same, render i, proper
that should address this communication
TO you. must express my thanks to Y our
correspondent, for the very kind and com
plimenlary terms in which he has thought
proper to speak of me, in connection With
this clause of the Constitution but ! feel
under far deeper obligations to him, for the
very interesting and valuable Suggestions he
has made upon subject, which, in my judg-
ment, as vitality affects the permanent inte-
rests Of the great body ofthe people of this
State, as any other that will likely be
brought to the consideration Of the General
Assembly.
The section Of the Constitution, 10 which
your correspondent. has called the attention
of the Leg gisla,ure, provides, ..Tha, the rate
OF interest in this State, shall not exceed six
per cent. per annum, and no higher rate
shall be taken or demanded, and the Legis-
laure shall prouide By za1v, all necessary
forfeiures and penalties against usury''-
This section it will be perceived Goes no,
fix the rate of interest at any certain or spe-
cited rate, but simply declares ,ha, i. "shall
not exceed six per cent. per snnum." The
rate Of interest may, by agreemen, between
parties, as heretofore, be fixed at lower
rate, or the Legislature may, if they please.
fix by law, a lower rate Of interest than six
per cent. per annum. To this exien, il does
not, you will perceive, in any way differ
from the law, as it has always been within
this Stale, end therefore Incorporates no new
idea Of State policy, in this respect. But
it provides maximum rate Of interest, be-
yond which ii restricts the power of the Le
ture,-declares the taking or demanding
higher rate Of interest than six per cent,
an oflence.-and makes it imperative on the
Legislature, to prescribe the necessary pen
allies and punIshments for such offence. In
these respects, it is supposed by the holders
OF the money power, and the advocates of
free capital, 10 contain new provisions which
are at war with established usages of trade,
and detrimental 10 the interests of the peo-
pie. Let us examine into the correctness of
these opinions, and see how far they have
any foundation in truth.
You have very truly observed, Mr.. Editor,
that 'the usurious traffic in money, has been
denounced and prohibited in all ages, and
by all nations.' From the earliest sges of
the world to the presen, day, usury has been
held to be de,eslable crime. 1t was for
hidden by the express commands of God to
Moses, under the Mosaic dispensa,ion "If
thou lend money to any of my people that is
poor by thee, thou shalt not be TO him as a
usurer, neither shalt thou lag upon him usu-
ry.' Enodus. chap. xxi, D. %. So also
in Deuteronomy, chap, xiii .. 10. "IHou
shalt not lend upon usury 10 Thy brother
usury Of money, usury Of uictuals, usury OF
anything that is lent upon usu,y" In the
old Testament, it is every where ranked with
the crimes Of theft, seduction, blasphemy
and other heinous offences. In England
from the very earliest period of which we