Democrat and sentinel. [volume] (Ebensburg, Pa.) 1853-1866, 1854-11-30

if for no other purpose, at least to exact high
er rate of interest than previously allowed by
law. 1t would be an appeal to their covet-i
BUSINESS to oppress their neighbors 1t is,
perhaps, not too much to estimate that one
half of all the property in the State is subject
to mortgage for part of its value at the present
legal rate of interest. If the usury laws are
repealed, these opportunities for investment
would at least afford an excuse to capitalists
such as insurance companies, trustees, and
those who invest their own money in that se-.
cure way-to say to mort gagors that at the
end of the year, or at some fixed time, they
would want the principal sum of the bond
Now where would be the power of resistance
to debtors in such cases If the demand
should be general, the business and trading
members of the community, as well as the
professional man, and the farmer and mechan-
ic would have to consent to a higher rate of
interest, or, in many cases at least, be obliged
to submit to sale of their property, either
privately or by compulsory process.
Such measure, if followed up in this way
would produce scene of disturbance and
distress, such as we have had few parallels to-
Why disturb these arrangements? AT present
they are satisfactory to both sides; and GER
tainly with great reason they should be salts
factory to the lender. Except in cases of
some business property, and some speculative
property, the man holding the mortgage at
6 per cent has hitherto received higher
rate of nett income than the holder of the
fee There are new farms In Pennsylvania
that will rent for per cent. upon their sale
able price; and of dwellings in cities and
towns, the remark is eyually true. The exist
ing rate then is in favor of the lender, and
why increase his advantage? AS a general
thing, it is not asked; though if offered by
law, doubtless it would be readily accepted.
A repeal of the usury laws, and an Increase
of the rate of interest would, at time of
great demand for money. ike the present, be
attended with an increased value of property,
and would diminish the estimated value of
taxable property, in the State to an immense
amount The probable consequences of such
a measure at such period of financial wants
are fearful to contemplate, and should repel
as with horror from so distressing and revolu-
tionary scheme scheme to use the Ian
guage of another, ssto make a lottery of
property and merchandise of money.
And who asks for this great and radical
change in our business relations? Is it the
farmer and producer-upon the filtration of
whose products the merchants and traders
live and grow rich? [? No. They are not only
content with the law as it stands, but averse
to any change that Will so disturb their peace
But this great class possessing immensely
greater wealth than all the others combined,
are passive and comparatively inert. Their
great interests are left to protect themselves
quetly and unobtrusively while the dealers
and traders-the more active classes-make
the press and the Legislative halls of the
country to resound with their wants and the
importance and necessities of their wants and
the Importance and necessities of their inter
ests. These latter are the classes that now
ask for repeal of the usury laws, under the
vain expectation that it is going to create
new floods of money and reduce the rates of
interest. Vain expectation 1t cannot create
new dollar, nor will it draw dollar from
elsewhere to the State The seek to disturb
the relations of the community, and to de-
range existing contracts upon the supposition
that IT will bring new money on Change-to
enlarge the operations of note holders and
shavers They would seduce those who have
| retired upon their fortunes to call In their in
vestments, In order to make them extortion-
ers and more covetous than they otherwise
would be-.
The evils that would follow such a step at
this time, in this country, are legion-not
nowao be numbered or mentioned 1t would
be as bad. too, in myrals as in policy. In
stead of eleyating the moral sense, it would
tend to degrade our sentiments of right and
wrong, and is not only calculated but design
ed to make us look upon oppression and ex-
tortian for the sake of gain with satisfaction
and allowance. Now, and still more former
ly the shaver has been regarded with an aver
sion akin to destation and when losses have
been known to have fallen upon such, no more
cxrro,,atbv has haep bastovad 1tpan tba,,, tbar
upon captured pirate The feeling in op-
position to their calling is q holy emanation,
and comes from the same source as the divine
interdiction-a sympathy for the oppressed
against the oppressor. But now it is pro-
posed to legalize the pursuit, and to encourage
some of the worst passions of our nature,
tempting men to get gain, though they should
thereby lose their own souls. Fearful tempt
alton The true characteristic of money,
and the restraints upon the price or use of it,
which are measurably secured by the laws as
they are should yet be preserved for many
years The time may come when it will be
both safe aud wise to make the proposed alter
alton in the law. The sacred voice of inspi-
ration tells us there is time for all things,
and it may be that there viii be a time for a
repeal of usury laws; but it should be very
different. and perhaps distant time from the
present II is possible that that time has al
ready arrived in England only nation
that has yet ventured the experiment-and
that only just now
| But England, let it be borne in mind, is
the great centre of capital, and of monetary
transactions. 1t is to the world what the
centre of commerce is to a State, and the
rate of interest there is so low from the inn
n,ane;fYy of their cash eanita1 that the ,reneal