New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-01-10
LETTERS FROM THE PEOPLE.
-uy CHAMBER OF COMMERCE. ON THE
UgURY LAWS.

GIN An srticles Of merchandise pave a h@'uia1
,.ue which depends on their espaoh'fy 70 suosef'e
.sme u,e. Besides this, they have market va'ue'
..verned by the relation bet"eeo demsna quo cup
,Iv Gold and silver, unaffected py legsiaton' are
no e1eeptions. But law hss ma'e 'oe.e ne'a'7 Nn'"
.on.d measure Of the value OF all o'he' e'uc'es'
1'.,,.o,, a..ert thst they have only reenscted q
~. 81 Nature in making these metals money, for
tom their inherent qualities and from the grea:
S;eepI,v Of obtaining them, seem especially designed
20 rerresent and measure vaues. 10 short, it is said
that the Law neither can nor has Attempted any
,b;ne more than 10 sanction this nse, 30 clearly IN
Dictated. ii thi, were 60 nothing more would have
been necessary OIL the par. OF Government than by
coming these metals TO indicate Their pnr'Iy and
v,;glt. But il has gone much further. 1t has made
tbese coins tender and the sole tender, in the pay
uept Of debts. Hence, they are made to reprcseu;
e values Of other sri M e0d o. course % tins ca AZ
ctsr n - lose TER ratofsl gaues aud depend Tor
n. ir vaine 10 money np"i legal % Scrs .
The on.s,ion ia not what can be made Of god
.,el. but how much of this or tina, article 1t sill e1-
change for. That money Representative Of value,
according 10 legal urefnent 20 FAR a. II - per-
Reimbursement cannot be defie1. AZ money, tos'e
metals receive their uObonDoed influence, i0r TIE
xe,l or vo Of the community ffom the law, and are,
therefore when coined, legal agents n measure and
e1chspee vauss a. much yard ticks are me4eure
OF The Ter 9Th OF cloth. Balk bJs are also used ss
money by legal Authority, snd are a. truly money as
coma liza baIk iss ~ i've :nes nc an0uHt ia DaOk
bills that il hOds ia rpe 70, ne bills - ssle1 WIZ
nav for FIVE TINES ne much properly ~ 40 specie.
This could not be II the eychapgeGbe value eTislog
in the gold and SILVER moeey ~ not eq9Aiy eNist N
fle PAPER money; yC-ltis said tba. the real vaue
..i,f, 10 the coz . srd thai bank lie represent tins
value II this were true, cDo dollar 10 specie cpult
make but Tepress nta'iye az VslafDie a. I'sGn'
ind If The bank s,ue i've pager dollars Tor s4;h Ho
Tar in specie four out o. five could not represent
specie hnd would there ore, be Ice representatives,,
II not fraudulent The value of gold aud silver money
IN LEG oil end repre- Ell awe sHd not intrinsic or r"f
for il il held its poser account Of ts intrinsic
worth human laws you'll be ~ pOwerIess 10 m ne
psper icy supply re place and Ise as they would
BE- make stones supply the place and ase OF oieai.
AgsiD toe following DIusIai IN VIII sn"N IoSt 'oe
actual value which EXIT ID the metals entroly
ai,a1u.ar wien both ar used as money: VI u pave
for barrel Of -four @ih five dollar gold PIECE, aud
II nsys for one With sbVe.dolGr bank bill, II there
be any intrinsic value in .'e goid - m aey which
does not equally EXIT 10 the paper used - money,
q loses oil he tiierepct betEeen the Intrinsic value
of The gold money and that OF lhe paper money. /;
the rod in The balf eagle nd the paper 10 me DAok
hill were 10 be used mechanical purposes Instead
Of for money, the gold you'd 81 course, be gfesty
superior in value 20 tbe paper Bat this difference
vshisb.f when both are Ueed ~ money thus proving
that paper snd sp'ce money sfe botn r"PIs7:htauVs
Of Other values than 'hai of their own materials IL,
a. we have tbown, The difference bo'@een the Ysue
Of gold and sbat Of paper entirely disappears wheh
both used 6s money, no other mefns Is Ieit % &C.
uferftt TIE income ON money Ia the measure o. I've
value, and is the faculty by which il detormiGes the
value OF other thirgs, for int' ilee. # money VIII
produee seven per c. ut interest honse 10 measure
10 value by a som Of money that Will net the same
income, dc. II hence appears that the laws must
keep The rate Of interest nuDru 10 M Ike TIE measure
OF value perfect; fr, without sueh uoiformty, !;
would BIZ as reasonable 10 adopt weights aud
measures tina, had not the Dseves been Weighed or
measured, ITO use money az standard OF vsiue
without regulating The Iuttrest
Notwithstanding these facts, n1morous po'i ions
have been sent 10 our State legislature for the repeal
OF the present laws against usury The payer OF The
petitions IL inconsistent IN itself they fret ask 20
have the rates OF interest no various governed
by the individual agree Detts between borrowers and
lender and then ak TO have the rate Of interest re-
stIctee 10 per cent AFTER the rendition Of ldg-
nent. What principle just,f-s SUI dscrmina-
toni II A. las many are now DONG b0rTows m)ney
from baDh at per ceOi interest Der annum, aud
lenos i,tobis needy neighbor B,, at per cent adsy-
that IL, 9l1 per cent yer hDnum-why not enter 10
judgmt bt6 accordingly aud make the la consistently
carry out the agreement Why should The law de-
pTi,e Of 81 per cent out Of the 81 per cent, TIA,
vas lawfully running IN his favor before me lac
dertook to settle this agreement be@een the parue:
The advocates Of this repeal @Osld also persuade
The public that usury laws peveot ownefs from Tree
" using their osD mccoy. They inlsot as .eil cay
that to restrict ihs epgth of yardstcks 90 thst own
eIs nay not use shorter when they sell and
longer when they buy, To deprive the OF the Tree
use OF their measures. Is & greater restriction upon
Than seven per cent. lie II any unjust restriction
upon The free use OF knives aOd iroOrants that the
owner may not thiust ne ore into his neghoors
body and with the other set his neigboOrs house on
fret man because b OwDe he money has no bet
ter rig 10 make it the instrument OF Jury oppres
son TO bis Deigh than he has 10 toe knife or fire.
brand for the same purpose. Has man because he
owns and commands ship, right II seattle II, aud
then take all theprop.ry Of TIE passengers Tor agree
ing 70 help then TO the shore U,urers, by exciting
and taking more than tie legs. rate OF interest, as
much compel borro 10 agree 20 give higher rates
Of interest the scuilug Of the ship woald compel
the passengers 20 make such oneroue agreements
with the captain TO help them to the shore.
IL s certainly the duty, not the intention, Of gov
ebmeDts to found toer lave upon PRINCIPLES OF jas
tce, that they may he STANDARD by which theJ JOS
tce or injustice Of private Individual agreements may
be determined TIE law should then upe old aud en-.
force tbe nhllment OF all agreements made in sceord
aIce with it, reqnisiions and con1enn and apuu al
that are made contrary to them. TIE petitioners, N
pray for the repeal of the usary laws Gsk TIE Legs
lature this principle for they SAX 70 have
private agreements be. seer individuals made the
basis Of The law Gnc il fac. 20 IL he iaTtheir petit
ton praying that Law shoud conform Il lodi nd aal
agreements instead of akirc these agreements con-
form TO law. IL their principle be ja- y will be ae
applicable TO otf Of private voluntary agree
DeDts as TO carer OF usury AID We should Ike 20 hive
the petitioners make tn application Of 30 pugiisp,
dueling, gambling bigsmy adultery, &c, and see
what would be the result Of making law il these
conform 10 individual agreements II its application
10 ell these crimes tteir approval, shy not in
corporate them in the petition Sc as lestmE.ey 70
carry out the principle
The laws OF England recognize privileged class.
and in recently acohshiDg ner usury Lass abe his
net departed rom her principles Of goys; nmen.. Size
has OF ly given ia NOR. desgotic power 20 few;
and % avarice knows no boubds wo nay safely pre-
dict that not many years will eapsa before che wild
undergo such crisis in her monetary affairs she
has seld ID, if ever, exp. reuctd hat she will be
ma L. tn ...tah 4. In nf