Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1855-02-22
For the Times.

For the Times.
Mn. EDITOR In your issue of the
Times" of the 9Th inst, am reported as
opposing the resolutions offered at public
meeting, held in the Court House in Fayette
on the 5th, relative to change in our inter-
est and usury laws.
My position you certainly misunderstood
for could not possibly oppose resolutions
that | had never seen or heard read, or
learned the tenor of in any way. I sup
posed, from few remarks l heard from
Judge Jackson and Col. Elliott, however,
that they favored the old law and opposed
the one now under discussion in our Legis-
lature. had heard neither of the other
speeches, but being called for an expression
of my views, remarked that so far as the
abstract principle of the question was con-
cerned, that the old law was wrong, but that
l thought a change under the present press
ure in monetary affairs was uncalled for and
injudicious. Consequently, that the old law,
though founded and rooted in error, for the
present should be allowed to remain undis-
turbed, fer it is canoniSed in the hearts of
the people of Missouri, and no ruthless hand
should now disturb its repose. A change
in law, even though for good, very frequent
ly in the beginning works evil, and conse-
qnently, if the change is made at an inaus-
picious moment, the immediate evil is so
great as TO demand repeal before the law
is fully tested, and thus having been tried
and rejected once, its fate for years 10 come
is sealed Hence, as mere matter of pol
icy, should oppose change.
But. sir, so far as true principles are con-
/ cerned-and they are as eternal as the
heavens-the law is wrong, radically
wrong. Money, like all other capital, ought
TO be left free and untrammelled by any le-
gislalive restriction whatever. Money is
not looked upon now as in days of yore.-
The progressive advance OF industry and
science has taught the speculative genius of
the 18Th century, TO view the loan Of capi-
,al in very different light from that in
which it was viewed through the gloom and
ohscuri'y Of Nges gone by. It's not looked
upon now as it was then, only as resource
in the hour Of emergency, but now we have
learned 10 view il as it is-aS a great agent.
as n powerful instrument which may be
TUNED &c the great benefit both of society
and Of individuals. We 10 longer look up.
on that mar who '"E"s interest on his mo-
, n '. as any more UvHy,,Irus or immoral than
the one who takes rent for his land or wa
ges for his labor. We now look upon il ms
an equitable compcnSa'ion. adjusted by mu-
ttal convenience Tor the benefit of both par
ties, and the contract fixing the terms be-
tween borrower and lender, is of precise
ly the same natare as any other contract
whatever.
Now, state this to be true-Ma all
usury idpS necessarily make interest higher
Why? Because they increase the risk o.
the lender, and as a matter of course iol
{ this increased risk he must be compensated
: by the borrower. And the surer the pen
alies and the more rigid their exaction, tn,
higher the interest of money is sure to rise
! And is this not what we should natural,
= expect? Is it not natural that the create
IS the risk, the greater will be the premium c
insurance required 10 tempt the lender