Democrat and sentinel. [volume] (Ebensburg, Pa.) 1853-1866, 1854-11-30
Eulitfal.
From the Evening National Argus.
THE USURY LAWS.

THE USURY LAWS.
A proposition for the repeal of the Usury
Laws will probably be introduced in the Leg
;islature 1T its next session, and number
of the newspapers have already declared them
selves in favor of the repeal, / avail myself of
the proffered use of your columns, for the pur-
pose of submitting some observations in oppo-
sition to as it appears to nae. SO disturbing
and dangerous measure In making this
attempt, freely confess the embarrassment
and difhdence [ feel, for, differing from the
opinions expressed In an article in your paper
of fortnight ago, which seemed 20 view the
question as an easy and simple one, it seems
to me to be ore OF the most complicated and
difficult that can be presented for legislative
action, and one that should only be approach
ed with the utmost possible care and circum-
spection In this light the subject has hith-
erto been regarded; and though in the pro-
gressive age in wEich we ilve, many innoya
tions have been made in the laws and customs
of former times, yet in regard to this wise
and conservative caution has been observed,
which we viii do well still to initiate,
The proposition fer repeal of the usury
laws has come in every instance from the ira
ding and business classes of the community
1t has been Recommended by the Board of
TraIe in this city. and by the Chamber OF
Commerce In New / ork and we are informed
by the newspapers that is has been effected BY
the Parliament of Great Britain, though the
precise terms of the Jaw just enacted there /
believe are not yet .known to US. The great
responsibility ef these various authorities are
deeply felt and freely. acknowledged. The
Board of Trade and the Chamber of Conn
merce are doubtless, in general, judicious
counscllors IN their respective spheres, and
the most profound admiration is entertained
for the eminence of the wisdom and ability
that is concentrated in the British Parlia-
ment.
But these considerations are by no means
conclusive of the argument on the great ques-
tion under consideration. The opinion of the
Board of Trade, and similar organizations,
may be based upon a partial view of the in
terests of the class to which they belong, rath-
er than to a comprehensive view of the inter
ests and welfare of society at large, which are
to be effected by such legislation well as
their own. With great respect for them, it is
thought, however. that even in regard to their
own special interests they have sometimes
been seriously mistaken At one time they
thought that their interests and the interests
of the country would be promoted by the re-
newal of the charter of the Bank of the United
States; whereas, many of them now regard
that or any similar institution, as an irrespon-
sible oligarchy, which held and would hold
their interests IN subSeryiance to any ambi-
tious schemes that Il might have held or might
hereafter entertain: and which aimed at
control over the legislative power of the coun-
try-an institution that could and would ex-
pand and contract the volume of currency,
and correspondingly raise and depress prices,
and disturb and distress the business of the
country. without respect to any thing but its
own ambitious ends
Mistaken at the period referred to on that
agitating question, they may also be now mis-
taken in the policy of taking away from the
acknowledged standard of value that which is
one of the principal elements of its stability
and uniformity, to wit the price for its
yearly use. This reference to the former opiii-
ions ON that subject of the class referred to, is
not made in any spirit of unkindness or disre-
spect, but simply to remove any prestige that
may attach to them in regard to it, and to place
them on the same footing of fallibility with
the rest of the community, on a question of
: vast and like importance to US all.
That question is, whether it is wise and ex-
pedient to establish fixed rate for the use of
money, or whether it shall be the subject of
Son.. act between the parties borrowing and
ienaing IN each individual transaction? And
that involves the further question whether
money is mere article of merchandise. or
whether 1t has not an additional and vastly
important function to perform as a n,ea s,,,re
and standard, and representative of value by
which all other values are measured cont
and ascertained ? These are questions Re ~,
greatest practical consequence, and being ab-
struse and difficult, the observations that shall
be made upon them are offered with unfeirned
and great difidence. In all former times aud
up to the present time, the opinion has been
entertained that money is not mere article
Of merchandise, but that it is also standard
of value, and that to give to it additional con-
sistepcy and uniformity, stated price must
be liked for its use and that In its combined
Character, as an article of value aud a measure
OF value. by which all other values are esti-
mated and exchanged, it possesses a power not
possessed by anything else, which, for the
protection OF the weak against the cupidity of
the ssrong,'it was necessary to limit and res
tram. Assam article ofvalue, gold and silver
ars worth fair equiralent for the labor and