The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-09-08
The Heated Term % sepsemssr.
TO TIE FDIroR OF TIE HERALD.

ghtnog passed cs4rnn8s mass and on ThurbdAy morn
ing 7th, at o'clock, violent storm OF rain sscom-
panied BY heavy thunder and vivid lightning visited
Lorg Iland Found at the mouth Of Connecticut river
Thunder and lightning very abundant at many points
throughout last nishasain and again giving testimony
ths tbuncer does not sl~sss cool purify the air On
the bills and mountains Of New Hampshire during this
heated term the temperature has been higher than on
Long Island the like accounts from the South the
West the Northwest and the Nerth-it hot weather
sli round On Wednesday Of last week, . violent
thun'sr storm came Rice Lake. Upper Canada; the
rain poured down torrents for three hours and TIE
wind was fesrfuuy active. L. MERRIAM.
Thursday. Sept 2, 1854.
New York Chamber OF Commerce.
Alta meeting Of the Chamber Of Commerce the fol.
oEipg important resolutions were submitted for
siderstion:-
Whereas 1t Is especially within the province Of this
country relating to and whereas the present
disturbed and greatly state OF our money
market renders the duty particularly imperative upon
business men to seek some means Of aueyiation be 1t
therefore
Resolved AZ the sense Of this Chamber that the usury
caI DIN suites and on that secoun ana for many other
good and substantial need radical reform By
the Usnry Inv q 1887, aoo which Law std exists, the
mum for the Of money, fofeits tho whole amount
LINT liable also to Gne, not exeeecng Thousand
Both borrower and be made witnesses the
civil tisthe criminal process being subj ct TO the
rules Of evidence govern In other "rm inal trials
The law also contains specific clause declaring 1t to
lie the outy If ali courts Of Justice TO charge the grand
'uIy especially 70 inquire 70 any violation Of the act
manifest to need any extended argument Every
assigned and declaration that has been made to
sustain the law it's present form having been repeat
edls verthrov and refuted.
The present usury law has been most truthfuly pro-
nounceJ, rot only by intelligent and standard writer's
juries to he sue in attaining the end proposed, in
expedent relative TO public prosperity unjust towards
holders Of capital and oppressive towards the needy
borrower. :.
The law referred to is stgmatized in public docu-
public morals web to tho lawful business Of
people also as being agranty unjust in its operation
so utterly odous as to weaken the general respect
for law, and almost make virtue of dsooedience The
Law was thus presented, and denounced as public evil
The principal reasons urged for sustaining those laws
are only two.
First 1t is said that money is tho creation Of govern
others say its chief cement Of value from legislative
action and that this imposes civil rulers the
ogrse to ALLOW each other for tho use Of it.
Secondly The advocates of restrictive usury laws de-
clare that borrowers. especially farmers who borrow
mortgage ask for and need tho severity in this
law to shield them from the oppressive cxactons of
l nders
To note these points in their order it may in the rst
place be said that money is not formed by legislation.
AS matter Of convenience and The better mode
the two, see people have inyestsa tho 60
with authority to stamp certain pieces Of gold and silver
carried TO them by the people their the peoples
property, with device and lettering Ddica ling their
value This Is certificate OF fact existing be-
fere such certificate affixed, but Of adds
intrinsic value TO tho metal; ndced Congress no
to repeal al laws relating the mint, business mon
would Immediately assemble and nercc upon some con-
., to the value Of the precious
veniept mode Of the two, but is not indispens able
TIE position that the incorporating Of institutions for
,cr
leht to govern the price o. money is il the opinion of
this Chamber, entirely wrong
beyond what each Individual sandug alone already pos
sosses.
Of the Is prepare tho substance previously
doteru ined upon by the people the most suitable
for circulating medium
possible aid required by their in securing
the utmost useful efficiency of soch circulating medium
Rnt whom public fupctonaries suppose that all this
gives them the right TO tx tie prices, tut neghbor
may charge another for lending him money, they
ranging siees On fabrics
cotton mill, the rates Of premium in incorporated
fire and marine insurance company,
What is sad about the ~isheS OK borrowers Is summa.
ry overthrow by the plain fact that thousands upon
thousands Of borrowers are pouring In thcir to
end borrowers upon bond aLd mortgage bear tcs
mony by hundreds, that such extortons were never
enactment of this most extraordinary law OF 1887 From
1851 TO 1854, heve Witnessed in the prominent
avenues oil tho money market, tke most shameful and
remorselcss cxtortions that lave been heard Of
since the earliest history Of commercial civilization.
u is well nged by recent writer 'sas sound prin-
cipc Of Jurisprudence, that when the for law
or its usefulness ceases the law should cease, and this
ought TO be absoluts and imperative in those cases
whore regulation Is found not only to fail of the pur.
pose for which gned but Is found produce
In its operation, the very evil 1t intended TO
medy."
In Wow Of this state OF the question be it further
Resolved, That committee of Give he appointed with
instructions to prepare suitable memorial for circua
t!on among our citzens praying Legislature at tho
earliest moment Of the Dex session, to all
a.rctions in usury laws except establishing rate
to govern in the absence of bargain, also rate to
accrue upon an nnsatsfcd ju6 grnent In law.
Resoyed-That The aforesaid committee be further in
strnc cd to prepare and report at apsal meeting Of
this Chamber, tract circular embracing such argu
mems az facts will tend to remove ell fase impress
sions now entertained by portions Of fellow citizens
the interior Of State Tho committee also to open
correspondence with any and all Boards Of Trade or
Chambers Of Commerce in the cities Of state nvok
ing their hearty aid and support in bringing about the
much desired reform
n Il - M ~