New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1854-12-02
THE UsURY LAXSs-AG AIN.

We resume the consideration Of this most i'm
portant question. 1t is asked why it is that
England can, aud we cannot, repeal the usury
lawsi la answer, we say, that while the former
teaches the world that it is quite unimportant to
a nation whether the balance of trade is favOra-
BILE or unfayorable-wbether its foreign relations
| tend toward an increase or decrease of the sup
ply of money, the commodity for whose use in
terest is paid-she herself, in her trade with the
world, looks most anxiOusly toward the establish
ment of a favorable balance, bringing in the
interest. Her precepts and her practice are TO-
tally different; but we overlook the last, and
readily swallow the first; and hence it is that she
can, and we cannot set free the trade in money,
and abolish restrictions on the price that may e-
gally be paid for its use.
To those of our readers familiar with the teach
Dgs of English economists, or oftheir followers in
this country, and particularly those established in
the vicinity of Wall ST., it is quite unnecessary TO
say that the question OF the favorable or unfavor
able balance of trade is by all of them treated as
an absurdity, and that when gold goes out they
quite an advantage to part with a commodity that
cannot be eaten or worn, and obtain in exchange
sugar or cloth, that can be consumed Never
theless, when the question arises in England as to
scarcity Of money at home, or rise of interest
at home, they are always exceedingly nervous;
and The London Times, at the commence.
ment of the change that has since become go
manifest thus commented upon the then existing
state OF affairs
"An advance in the bank rate Of discount is a: al
times porient in the mercantile world but coming
now IN the bright month OF June at time OF general
prosperity, with the balance of trade in an unusually
safe state, and no branch of speculation in evil
deLt excess, the pOrtent comes like the fash OF light
mig III the cl0udless sky, the thunder and rain ia
the wheat harvest OF Syria. During the last five
years such flood Of the precious metss has poured
into this country a. was before inconceiyable, and
during the last week alone gold has been arriving az
the average rate Of not less than tun day Con
sols IA per cent higher than they were IN NOyem.
btr lsis and have remained so long above par a. to
hatter US all with the hope Of being able to reduce
the interest of the debt 10 q per cent Yet the Bank
finds il can safely demand as much as 81 per cent
from its best customers. SO grea.a check in spite of
favorable appearances and, after all eciiing no other
remark than a little natural remOnstrance against
such sudden strokes of mercantile policy does really
suggest more reflection than similar occurrence on
the OF expected disaster. We should be alrnists
FIVE said that there was az this moment any reason
able general anticipation of difficulty and collapse
No manufacture has overdone no trade pushed too
far, no undertakings pledged beyond the limits of
easy performance millions cast on the waters in
the shape OF loans to nsolvent or revolutionary
States. John Bull, usually credulOus easy sanguine
and most nconinent Of his cash has not vet ceased
TO rumnaie over the decennal ca,asrophes that have
afflicted bis purse. He is a rich man. and one tina.
hath had losses and his losses are fresh anough o.,
make him almost too cautious. What then. /. there
that should lead great capitalists TO tighten the
ieins of confidence just at this moment Their in
stinct Is not TO be impugned for habit gives them
SPECIAL sense Of mercantile credit. They NAV not
look very far, nor need they look very far, since
credit is emily question OF the day and requres but
narrow, though a nice and exact, observation"
Let our readers now remark that this passage
from the leading English journal was elected BY