New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1855-01-24
THE UsURY LAWS.

We like the pluck aud persistence Of the oppo-
nents of our Usury Laws, and are willing to give
them aword Of announcement. We assure them,
therefore, that if they will only keep boring, as
earnestly, ubi Iutously and pertinaciously as at
present. they may by and by worry the People
into compliance with their demands-just as the
girl married an iuportuDate sutton, "to get rid oil
chin" But they won't do it just now. There
are too many smartDg from the bite OF the
insurer to allow him to be wholly unmuzz'ed this
year.
We will let "B." have his say without reply,
though his insinuatoD that re have sought to ally
the Usury question with party politics, bis claim
of some sort Of sympathy from Gov Clark, aud
bis assertion tina. both the borrowing and
lending classes are nearly unanimous for re-
peal, would tempt the dumb to speak. But we
can afford to let him tun only observing that in
bis printed circular, which accompanies the fol-
loving letter, he asserts that the note' saarers o.
Wall Il. are generally opposed 10 Repeal but 80
ahead, old boy and when you get our present
Legislature converted to your faith, just lie. US
hear from you
THE GRAND JURY-AS TO USURY
To he Editor If The N Y. Tribune;
SIR: In opposing this presentment you remark
that the great mass Of our bank and mortgage loans
are kept at legal rates by our usury laws You have
been misnformed. Every bank in this State is in the
practice of constructive uswy all the time. a., re-
soects MORTGAGES the smaller borrowers now, aud
have been for long time, paying more than double
the legal rate. The larger borrowers have to pay
and in flQref
"fees."
friend Of mine has just agreed to pay $500 bonus
on loan of $40 O0O and deemed himself very fortu-
nate indeed to secure the loan on such moderate
terms. Repeal the usury law, and both these classes
could borrow cheaper. They know tiff you do not.
IT, under the reform we are asking, Bank should
ask o man Of small greater rate of interest
than they asked millionaire, they would do pre-
cisely what Fire Insurance Companies DO when they
make difference in the class of their risks.
Competition keeps Insurance Companies within
moderate and reasonable bounds; the same cause
would produce like effect upon Banks.
You speak Of railroad bonds. The Usury law
allows those corporations 10 borrow at Whatever they
may find parties willing to lend and still we don't see
any one calling in mortgage loans to lend to railroad
companies. .
You contend that @ man does not disgrace himself
by pleading usury; and yet you admi, thai the man
who repudia;es bet LOST in horse'race Is generally
regarded as sneak.
There is enc feature about our Usury laws, not
generally noticed, which is well calculated to alarm
even such bankers and individuals as rlgidiy adheie
10 legal rates in all the paper they take. alude 70
the fact that many note. now put awayln the vaults
Of bank, or in the pocket-boOk OF farmer or me-
Charlie taken a, not over per cent per snnum, may
be null and void against the mater, because tue
aid maker paid more than the legal rates when the
note was issued. 49,,
Now, gentlemen, let Us avoid making political
question of this Men prominent 10 each Of the po-
litical parties 60 most decidedly and warmly Tor
very thorough change in our Usary law. nave no
Doubt the Governor will sanction at least some modi.
fcation Of our present law. A. any rate, we shsli
respond to your invitation, and Ego to Albany and
"try;" and we should be very much gratined indeed
to have your valuable aid and influence. B.
lanuQrl y. la55.