Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1853-10-06
Money

human wisdom Against the vene-
rated authority whp first uttered this,
and that of those who have repeated
it in defence Of d noble science, we
have not a sord { o say; and though
Mt times wAhave sometimes been at
II loss to re 6nclle a law with the de-
ductions of reason, we have rather
attributed this to our own deficiency.
For, if we recolleet rightly, Lord
Coke says, that law is like a deep
well, out of which each man draweth
according to the strength of his un-
Outstanding
We have supposed that usury lays
originated in defere nce to the IN
structions contained In the Old Tes-
lament, together with some narrow
views of commercial policy. With
ont even turning TO the book for
the purpose Of recall ng the fdll scope
Of these instructions, it may well be
doubted whether we have not APP
piled special injunction too gene
rally. The monied man who loans
his money and demands an exceeding
high return Of interest, is guilty Of
lending his money upon usury, and
commits violation Of the laws o.
morality. lie ought to be placed on
par with one who inflinges the NOR
al law of moderation in eating and
drinking in private. Bat this single
case and necessarily rare exception,
ought not 10 furnish a sanction fol
the INJUSTICE Of our usury laws.
Money is like other property which
Is acquired, and ought TO be SUBJECT
to the same rules, and we can see NJ
sufficient reason why its employment
and use should be so vigorously re-
strained. The value Of money fluc-
tuates as much as any kind Of mer-
chandize, and the very spirit Of trade
is nourshed by this rise and fall :
When moneyis worth one per fent.,
lende b ought not to be confnR d to
receiving one half per cent, for if he
is he viii either refuse TO len d OF
eyade the law by some subtef fuge.
Or even surprising he violates the
Jaw, and the borrower avails bill nself
Of the defence of usury to Re lieve
himself Of debt criminally incu bred.
il is very questionable whether such
a lqw does not inculcate a MISERABLE
kind Of excusable immortality, rd Their
than stern compliance with r4 Clip
rpca contracts.
Our thoughts were directed 70 this
subject, by seeing in the Philadelp hia
News, Of the 81 ult the follow ing
illustration and argument:
We are Just experiencing whf t is
called 'tightness in the money i mar
ket in this city, and yet it is q fact
that the amount Of cash on deposit
in our banks IS very great-grei lter
than usual. This is like dying of
Thirst in the midst Of the oceah b
nay. II is looking through the pa ling
at Fairmount and yet not allowed to
taste DROP Why is this? Sim ply
because the usury Ia Tvs hold all the 4
permits. The men Of real capital can
get only six per cent. for their mo hey
according to law, and rather t ban
.un the risk of prosecution they let
t lie idle. Meantime the bold few
Who brave the law get t enty-fpur
Der cent, because they inonopollze
he market Can anything be clear
n? And who are the victims OF
his state of things? Those who Gan
'est afford to pay? 10, but hum
tho must borrow or faiI; a nd simply 9
ecause his means are limited, and /
he lending of money under pres g
urc, is confined to the heartless crfa i
ures, whose exactions depend en- S
reiy upon the most needy state of S
ne borrower. Our whole N honey pol t
Y needs reform, but its grda test stu c
idity is the law, which prevents a ?
an from 1eqqUy making the same S
ind Of bargain for money which he )
permitted TO make 10 the purchase 81
sale of house, horse, or bar- I
! of printer S ink.
ag The Legislature pet last Of
onday, in the new capitol In the %
II ~