The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-03-03

Innocence against the craft and cunning Of the
money lender. What o burlesqus and libel upon hui
man nature Bones money create miudS This may be
in the estimation Of brainless few; but the great
pmen ted by recognition Of the truth OF this theory in
the statute law Of the State.
Your committee entertain the opinion that laws which
enacted to protect against themselves their
ordinary business affairs, are generally useless aud ina
practicable; and i dem snded By any principle Of public
policy they should be framed to provoke
ve violations furnish temptation for men to act
dishonesty. Under the present usury laws in this
ment held out to retain what is not own BY estab
fishing the fact, Of taking than per cant interest
warded to the full extent Of tho loan matter how
great.
The fact that this cheating done according to law
renders TO less immoral aud unjust and II is believed
that the public regard him who the
defence Of usury urless the be sctual
fraud has been commtted) with the same suspicion
and want of confidence that attaches men who COM
NIT any other dishonest act in their dealings with each
other.
true that stringent asury laws have for centuries
existed in England and this State has sanctioned their
proprety by enactng the statute of 1887 But though
these laws may have the merit Of antiquity, they
not with any show Of truth be called time honored
for experience has shown that they neither re-
speced obeyed AS relics of darker age, they ~
be curious but in the opini'n of your committee
longer useful
sion that the usury laws Of this State should DO
amended and modified as to allow the money lender to
the loaned with interest at the rate of
per cent. That person OF whom greater per
mt shall be tasen be ao we'd to bring action ia the
Supreme Court to the excess and allowing the
prevailing party in such action costs Of suit. That,
whenever the defence Of usufy shall be established
the trial Of cause the defendant shall be entitled to
costs and to set off the excess OF interest against
plaintiffs demand Aud to that end your committee
bsve prepared BILL which they herewith submit and
recommend its passage.
Mcneil Seymour, Fl. Baker,
Wesley Gleason, I. Stuyvesaut,
David O'Keefe, Jr., A. Wager.
The following is the b submiited:-
Sec. l. The rate Of interest upon the loan forbear
Of any money goods or things in action shall con-
tinue to be dollars upon hun tred dollars for
year. and after that rate for greater less sum,
for longer shorter time; and 1t shall not be law
full for person corporation directly indirectly
to take receive in any manner, any greater or
value for the loan f0rbearance Of money goods
or things in action than is abe prescribed.
Sec. 2 No promssoy NOTE bill Of exchange or other
contract security shall be void by OF rs5ervng
or an agreement to pay or allow more than tue
rate of interest named in the frat section OF this act.
ngs proofs that greater rate Of interest been d.
recty Indirectly reserved, taken received by or
account OF the BILL bond, note other SUI Jet mat
ter of the suit the plaintiff may the principal
and interest al the rate named in the FIRST section Of this
act, and more; and the defendant shsu his
full costs against the plaintiff
Sec g. Every person or corporation taking or receiv
ing, directly Indirectly any greater rate Of interest
than that named in the first section Of thi, act shall be
liable to action for the Of interest thus TAKEN
by or in behalf OF any person party paying the same
and the prevailing party in such action shall be entitled
to fun costs without reference to the amtdnt Of the re-
covery.
Sec So much OF title third chapter fourth and part
second of the Revised Statutes and much Of the laws
Of 1887 chapter AGO. inconsistent with the proyi
siops OF this act are hereby repealed
Sec 4. This act shall take effect Immediately.