The miners' express. (Dubuque, Iowa) 1849-1854, 1853-01-12

t~ Two Reams of Warrantee Deeds just
prirted-upon good paper-and for sale at this
Office.
Shall a Usury Law be enacted by
the present Legislaturcs
Judging from the reported proceedings OF our
Legislature, there seems to be disposition in
the minds ofmany mcmbers to enact law reg.
nlating the interest on money. Should such a
law be enacted?
To determine this question, more extended
view is required than can well be presented
through the medium Of single article. 1t is
one Of those questions which, would justify a
series of articles from the most able and expe-
rienced pens.
Of all the chapters that compose the code OF
political economy, there is not one, that has call
ed into more active requisition the labors of the
civilian and legislator, than that on Usury. 1t
has not only engaged the attention Of these, but
also that Of the ablest moralists and divines,
from the earliest ages of the world.
1t is too true that, in these our progressive
times, policy is not unfrequently considered as
the controlling element in legislation, rather
than is the strict morality of the basis upon
which, legislative action is founded. But whilst
we admit this much, we cannot withhold the
conviction, that the objection of policy will not
apply TO those who are opposed to the enact
mens, by our Legislature, of law regulating in
terest on money in this state A law regulating in
terest on purely moral basis seems to US, i'm
possible of adoption in the shape Of uniform
and invariable rule, for interest, in moral point
of view, does not amount to usury merely be-
cause ofits exceeding given sum-it becomes
usury only, by virtue ofthe circumstances which
surround it. Thus, it might be usury to charge
one man twenty per cent, when it would not be
90 with different man. The circumstances of
him to pay that sum whilst TO the others, the
accommodation would be advantageous, and a
means, not only relief but of honest emolument.
The only general rule which can be laid
down as a guard against usury, seems to US to
be as follows viz Amy profit arising from the
use of money, which would be an excess over
the usual profits Of legitimate business, hon
estly and fairly conducted. As general rule
we think we will be borne out in saying that,
any business man, in the honest prosecution of
legitimate business, would be justified before
both God and man, in claiming for the use of
his money an amount which would equal the
profits upon il, if kept employed in his business.
We give this as general rule only; for cases
may arise, in which, to charge this amount would
be usurv, if considered with exclusive refer
ence to its morality. We take il that any inter-
est which is oppressive to the debtor, is, morale
" considered, usury. We live in this world for
the protection of each other, in the full enjoy
ment of life, liberty and property. This pro-
lection is of mutual obligation, and therefore, if
we extend it to our neighbor only upon condi-
tons that are oppressive to him, we guilty
of a natural, and consequently moral wrong.
We have said that this protection is Of mutual
obligation, because the same natural principle
which prompts one man to 60 to the rescue Of
another in time of peril or of need, also prompts
that other, to grateful and commensurate re-
turn therefor is upon this principle that interest
and all other reciprocity in trade is based. To
us, usury seems indeterminate thing, that
any general law on the subject, must in its adop-
tation to very many particular cases, be quite i'm.
perfect and unsatisfactory. Equity and not law,
will be found to be the only true rule for the re-
s.raint OF usury. The law may fix a certain per
centum, and declare that, anything beyond that
will be punished usury but equity being
the correction Of that, wherein the law, by rea
son of its universally is deficient, is the only
rule, by which, usury can be definitely ascer-
tanned. The simple fact Of law declaring ten
per cent to be usury, does not make il SO, tn tero
eonseientiae. The difficulty Of satisfactorily
legslating upon this subject arises from its vari-
able character. 1t is easy to say what is usury,
il is the difficulty of satisfying the mind as to
what is not usury, that originates all the trou-
bic and conflict Of opinion relating to it.
From the current Of the foregoing observa.
tons, il will be readily perceived that we are no
advocate for the enactment of usury law by
our present Legislature, although as deeply hos
tile 10 the practice Of usury as any one can be-
Our reasons for being opposed to such l"w are
many, but the chief one, is the conviction in our
mind, that the surest way to suppress usury is
to encourage capital. The practice Of uslry is
the offspring Of inadequate capital. Where cap
ital is abundant there will be no complaint Of
u,ury. In support OF this position we shall con
tent ourself with calling the attention of the
reader TO the very significant fact that, the great
increase of capital in New York by the gold
shipments from California, has brought interest
down to lower notch than ever before known
ia the history Of that city.
The following from the New York Herald is
to he point.
With Iarger imports Of gold dust from Cali
fornia than we have received in any previous
year, and with smaller shipments Of specie from
this to foreign ports than those Of last year, we
do not see anything likely to occur to check our
progress or to lessen our present amount OF
prosperity 1t is our firm and fixed belief that
we shall never again have such high rates ruling
for money, as in times past. We must expect
fluctuations, but the value uf capital in this
country and in Europe must gradually approx
innate until it reaches about the standard. The
probability il, that rates OF interest will be
come more reduced, instead Of rates ruling in
England or on the Continent advancing
supply OF active capital in The world is increa-
sing too fast to warrant the supposition that
money will ever be more valuable than at pres
cnt. Unless something should happen to cut
short the receipts of gold dust, money must u
timately became SO abundant that the rates of
interest will be merely nominal.-lf California
and Australia continue prolific in gold dust,
that time cannot be 50 far distant.
In our article of Friday last under the above
head, we closed with an extract from the New
York Herald, corroborative ofthe position there
IA assumed, in relation to the effect Of an in
crease in capital upon the rates of interest. A
position so manfestly correct, needs no argu-
ment 10 illustrate or demonstrate It.