Lewisburg chronicle. [volume] (Lewisburg, Pa.) 1850-1859, 1854-01-27
Reveal of the UsUry Laws.

stance, tGc lc;;55i! fate VI in'S.''' IN 49,"
York being seven per cent. while Ill Penn
srlyania it Is only six, and heavily taxed
at .aat, large amounts Of money annu-
Nv 20 out Of this State, instead OF
coming into it, for investment. a legls-
.ativc adjustment Of such an adverse cur
rent might be judicious and conmendable.
Bui if sweeping and unconditional re-
peal Of the usury laws be contemplated,
the enactment would prove one OF the
Ae;.yi:s, sccurges the legislature could IN
dict upon the people of the commonwealth
instead Of 5sncfttiIg poor men, ard glv-
Ing i healthfaI impaise and freer scope to
the business operations and productive
ir,l,lotry of the country, 1t would really
cripple and Cypress, and eventually well
nigh destroy the interests aud prosperity
Of both capital and labor; and surrender
both, Ike blind, shorn SIMPSONS IN
chains to the keeping aud control OF ON
uiverous, ,uncorscionabls Rapaeity, with au
'cya single to nothing but lis s'iprlAted
pound Of flesh, blood and all. The o,po-
mems of the usury laws rest their main
argument upon the failacious and untcn-
able proposition that houses, land, money
and horses are alike prQpcrty, and man
should have = right to sell either for what
ever he can get for them, anu invest his
capita. as he rleases in free market
forgetting that ccpital and m'oncy are two
different things, and that money Is not
property" in She sense III which they
Use that term, but is only the standard and
and representative Of value, aud has no
intrinsic value per- Sc. In regular business
transactions buyers and sellers of houses,
lands, cattle and goods are voluntary agents
in tha tran,action, stand on the same plat
form, can bargain or not as they please,
snd the one is not in the power or AZ the
mercy Of the other Besides money is not
sold, but loaned, ard the regulation Of its
traffic is necessarily governed BY widely
different principles from those which cutter
into ether operations Of trade.
The demand for money arising from ex
,reme necessity, or temptations in the eye
Of the borrower, is an exception to the
rule, and strengthens instead OF weakening
It's force.
The evils resulting from over-'rading,
improvidence, iucapacity, or wild specula-
ton which are the immediate or remote
causes Of nearly every commercial crisis
must cure themselves by voluntary cor
rection at the fountain head, and not iy
Unrestricted license for brokers and shayers
to bag the game, under the plea Of benevo
leuce. at the end Of the ruinouS chase.
But suppose the benevolent prc.cxt of these
money -leuding opponents Of the usury
laws be admitted, and the legal rate of In
terest be changed from six to twelve per
cent. How long would it be before these
same charitable capitalists would tell those
iIentiea! customers for whose distress they
expressed 50 much sympathy, the same old
story. "Oh, we can't accommodate you at
l. per cent for that is the regular lawful
rate Of interest. at which We can invest our
money at all times with entire SAFETY.
Times are "tght;' your situation Is pro-
iably critical and we must have an extra
Ter cent tase to cover the risk And they
would extort 20 or % per cent. for an ac-
commcdation, Just as they now demand III
or r. The entire community would DC
s.dlled with heavier burdens, aud tie un-
fortunate plunged into deeper and more
helnless distress. And so it would con-
tinue to be under every change Of the
usury law, as long as Cash and Conscience
traye! separate paths, and the Golden Rule
is Practically regarded as merely pretty
piece ot abstract sentimentalism.
Such laws as these under consideration,
should have for their basis the Legitimate c
business operations Of the community, and
not speculative enterprises, as most of them
are, in some feature or other, for whose
benefit this change is asked, If this re-
pea! should be granted, we would have
that an pmaly in legislation, an al!-pervading
act of assembly, based upon exceptional cas-
es instead of the general principle involved.
There are other obvious considerations, to-
gcther with the moral aspects of the case.
Bat if the continued safety Of the commu'
nifty can not rest upon theory, the disass'
rous 'exanoles of such States-lndiana and
Wisconsin for instance-as have fully tried
tie experiment, ought to be sufficient, We
should think, to set the matter at rest. lu
the former State, widespread and remcdl
less distress and ruin were the speedy and
direct consequences Of repeal Of all law;
against usury aud in the latter, the sant
p.ralyzing calam:i:es were rapidly orerta
king the people, when the Legislature wa'
obliged, some three or four years ago, t.
come to their relief by re-enacting heavy
penalties against usury. Like causes vii
produce like results anywhere else, Anc
SO long as Shylocks and sharks-witi
reverence be it said-never take more thar