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


tent medicines made, in the Clerks Office.
The bill making appropriation to purchase q site
for an Executive mansion was taken up.
Mr.. WHITNEY moved to increase the amount to be Ap
propratcd to $50 GEO. much thereof may be
cessry and providing also for furnishing the mansion
Mr. YosT moved, as amendment, that the mansion
be constructed sufficiently capacous and furnished and
arranged to accommodate the members Of the Senate
and Assembly with board and lodging during the session.
at the pense of the State
Mr. DASroRrH suggested after members of the Lsgis-
lature g and their wives" Ruled out, and
Mr. Yost's amendment was adopted, as was also Mr..
Whitney's.
The title was proposed to be amended by inserting,
and boarding house for members Of the legislature"
The bill then reported to the Senate.
Mr.. PRATT moved to strike out the amendments
Mr. WHITNEY moved to lay the motion on the table.
Agreed to.
Assembly.
ALBANY, March q 1855
RICHARD NJ. BLArcHroRp was appointed Speaker pro
ten.
BILLS REPORTED.
To incorporate the Mercantile Savings Bank Of Albany
To supply Flushing with water.
To provide for the better security of passengers on
steam ferry boats.
To authorize the Williamsburg and Cypress Hill Plank
Road Company to collect extra tolls
To incorporate the Union Savings Bank of Rochester.
To incorporate the Commercial Savings Bank of Troy
The bill relative to the proceedings opening streets
in Brooklyn passed to third reading
To renew the charter of the New York College of Phar
macy.
Regulating the rate of interest.
The Inspector General reports that he is not aware
that any military companies are organized in violation
of law.
To organize new ward in Brooklyn. Referred back
To incorporate the New York and Brooklyn Ice Com
pany. Passed
Recess to o'clock.
Report Of the Judiciary Committee on the
Usury Laws.
IN II TR n r
The judiciary Committee of the Assembly to which
referred the several petitions and bills relating to
the Usury laws yesterday submit the following
port -
That they have had the subject under consideration
and have given that attention which their other duties
would permit.
Nume GUS petitions and memorials have been referred
to your committee, praying for repeal modification
of the present laws and urging the following
why the existing statutes upon that subject should
no longer remain the law Of this State =
l. That they the most severe Of any in the com
mercal world that this severity has failed to accom-
pish the desired object, but, the contrary, has
during times OF pressure in the money Market enhanced
. That the stringency of the usury laws leads de-
vices and subterfugts to evade them.
3. That inssmuch parties be compelled to tes-
tfy at the instance of the adverse party in act
IL held out, and premium offered for the commission
| Of perjury.
present law upon that subjee, is TO produce such
suits then ali will agree that they havs entirely failed
rrie review of the history Of usury and of the
money laws which have been enacted in Englani since
the oaniDg Of money ios interest or gam became the
TO correct conclusion upon the several propositions
submitted for consideration Origin sly, the word
usury" sgni6ed money given for the use Of money,
by which gain vas made above the principal by way
OF rfmune ion for the loan and at early AZ.
prohibited by all civilized nations In England ii
prohibited both by common law and statute-as 9 CON
trary to divine law and natural justice
THIS prohibition seems to have been founeed mainly
o then
which the Jews forbidden totake usnry gain for
the loep o. money in their dealing wi tn each other
This law however, does no. seem to have assumed
the taking of usury contrary to natural justice for
by they authorized TO tase usury OF strangers,
and history informs that they did actually deplupa
rate the surrounding nations, by extortng from them
extraordinary rates Of usury
suppos to be contrary to natural justice because
money Ia in its nature barren and unfruifl-that hiv
ing been instituted merely for the purposes IT exchange
SIT would be monstrous TO make II pro9ncttysu
The reasoning would seem TO apply with equal
force TO various other kinds of property sach
riages and suldngs and We. the right to derive
stnaee profit or gain from their use was never ques-
toned.
The argument may have answered well enough at pc
riod when II could do positive harm; when the wants
and necessities OF mankind few when ined
themselves almost exclusively 70 the wants Of life,
lived slowly, a:ted slowly ami thought slowly; when
the arts and sciences either nnknoSn confined
to the few; when trade, commerce and manufactures
were extremely limited and the science of government
and especially Of political economy was but little un
Arguments in this aud progressive age. 1t
is however curious to observe the and zeal
with which the English nation attempted to enforce and
statutes In the year 1885, during the reign Of Henry
the Eighth, Law was passed by the British Parlis
forbidden, "as contrary to the law Of natural
justice, to the common hurt Of the land and the great
was upon convic ion. liable fine OF slo0 and lest
the offender might escape punishment in the temporal
the accused turned to the tender lies OF the
church, to be dealt with according to the law for the
! preservation of their souls"
1.-THE report here re:ites sundry cnactments in Great
| Britain, dc wn 10 the YEAR 1882 and continues
Since that time variou. laws have been pas ed by the
British Parliament TO prohibit regulate the taking of
interest gain FOR the of money each in its turn
reciting the fact that "formcr laws had proved ne
fectua notwithstanding the severe penalties attached
The preent of interest in England is FIVE per cent
and ali contracts for TIE loan Of money, reserving
taking receiving than the legal rate Of interest
is liable to fine Of treble the value OF the money
loaned.
In the United States the rate of interest is regulated
by each state according 10 its peculiar policy In nearly
ation OF the usury laws less rigorous than in New
York.
ties In some other States and in ownl
Thus win be that the usury laws in this State
majority Of the United states while the
aleady submitted TO indicate that the effect of
IRENE penalties and forieitures has been rather to
nance the price of money, credit in times Of pres
sure, than TO keep within the limits fixed by statute
Penalties which extreme and dispro portionate TO
the offence which they intended to prevent pun
ish, rarely inflicted Jurors slow TO find men
guilty Of nisdemesnors and subject them to fine and
mpsopmsnt for an act which the majority Of business
mel practice rs custom.
Experience has shown that will dispose Of their
money or property in such manner as to afford them the
greatest return compatible with good security, the
highest price they obtain the security be doubt
iuhaving very little regard to the wishes Of govern
ment upon the subject. Men not much restrain
cd from the violation OF law by the severity Of the penal
" IS by the certainty Of punishment
The report aryuts length to proye that the strn