The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1855-01-05
Usury--An Important Movement.

ry Committee to inquire into, and report upon the
expediency OF repeating the Usury laws. The
motion OF Mr.. Boyce was submitted TO the CON-
mittee, and we trust that it will be promptly acted
on.
Our readers aware that we oppose the
usury laws and that we wish TO see them repealed
throughout the country. In that regard Congress
can act only in the District of Columbia, and in
the Territories; but Congressional action will
have its effect in all the States. The usury laws
opposed TO the spirit Of the age. They are a
part and portion Of an exploded system. No
justify them, without abandoning every
thing which fair discussion and liberal ideas have
accomplished, towards breaking the shackles which
ignorance and prejudice have fastened on the ac-
tion of commercial intercourse.
The time was when money was regarded as a
commodity, differing IN all its essentials from every
other commodity. Therefore, men enacted regu.
lations and made laws 10 control its use, employ.
ment, and transmission. In the first instance,
laws were enacted to fix the value of money; and
then as part Of the same system OF interference,
protective duties were levied for the purpose of
controlling the investments OF the country under
the belief that The wachful and directing care OF
Government was necessary, and even indispens-
BILE, in determining the employment Of individuals.
According to the Protective theory, the govern.
ment can tell better than the citizen how the CHI.
labor; and, according 10 the same theory money
is the only wealth, and Government ought 10
superinvend The Of the money and The trans
mission Of ii from one portion OF the world 10
another.
The usury laws constitute a pUrion of this
theory. They have the same origin and The same
operation. They emanaled from the same paren.
tuge and their progeny have the same complexion
The usury laws check industry, strengthen mo.
sap and reduce the strength Of real, homes, and
productive labor. No one honest interest IS bene.
fitted by !hem, and no one reups poft from
them except banks. monopolists, skinflints and
shavers. Every honest aud useful interest suffers
from them. They compel scrUpulous men 10
abandon the money market, and they force the
needy man TO pay as much for the risks they i'm.
pose and The limited supply they occ ason as
money is worth.
Thcre is nothing in the nature, character, or
functions Of money which can justify the laws
regulating interest. Money is the standard of
value, and therefore it has a freer and more unre.
strained circulation between individuals than uny
other commodity. MOI so, however, in large
or in the extended operations Of in
intercourse. We say that busheI of
whea; is worth dollar but it would be equally
correct to say that dollar is worth bushel of
wheat. Why then should we undertake TO fix the
value Of the dollar any more than to fix the value
Of the bushel Of wheat? If free trade is right,
with regard TO the one, why is it not right with
regard to the other! If man is permitted To
purchase wheat why should he not be permitted
10 purchase money
few stupid people whom we have talked with,
hink that Government can fix and determine the
value OF dollar. Such simple minded folks are
very much mistaken Government can fix and
letermlne the number OF grains and penny weights
of silver necessary to make dollar. But Gov
'rnment cannot regulate the real, actual value OF
he smallest fragment OF silver, any more than it
IAN regulate the value Of house, or of an OK or
u bale ol cotton. Government being totally
Unable TO regulate the real, actual value OF money,
t is passing strange tha: Government should per-
st in attempts 10 regulate the exrhangeabie value
If money. In time Of ignorance, and when
;onceaIment was necessary in important ransac-
IONS, and when compaciness OF bulk was q Crcnt
clement ol value, Il is but natural that j"wels pre-.
Ious stones and money, bad peculiar power. Tn.
Ter such circumstances, ii is not 10 be wondered
t perhaps, that attempts were made to clog the
clIylty OF money by special usury regulations.
The time has come when all these barbarous
otlons ought TO be exploded. The fact Iha. they
re permitted TO manifest themselves on the pages
our statute books is becoming 10 be a reproach
AN ugly and ill-favored anomoy on that liberal
nd progressive commercial and financial system
Inch has trIumphantly sustained the wisdom Of
lc Democratic party. We hope that the Judicia.
Y Committee Of the House OF Representatives
nj act promptly on Mr.. Boyce's resolution of in.
ury aDd we trust that its action will harnlonize
9TH the spirit Of the times. Much and perhaps
ost, of the existing Commercial! embarrassment,
hlch harnesses the country, may be traced to the
'eration OF The usury laws The dangerous
sue oil bank paper, which Is the immediate cause
the present pressure is intimately connected
Ith the government restrictions on the use of
oney intimately connected with The usury laws.
hich disturb the operations Of trade and which
'sten revusions when they do not originate
EN-. There is no virtue in restrictions. and
'lhIng but harm can come from monopoly eris.
tIon. But it was not object to discuss this
beet fully. or even 10 begin discussion Of the
ns involved. Our purpose WAS to call auen.
N TO the important movement which Mr. Bovce
IS made, and TO tender him our thanks for ina;
oVement. When the usury question comes uo
r consideration we will not forget to express our
avs, for we regard 1t lbe most important ono
nnec'ed with finance and commerce, which has
en- considered by the country since 1916.
Washington Sentinel
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