Glasgow weekly times. (Glasgow, Mo.) 1848-1861, 1855-03-15

the courts not relieve every citizen against
the effects Of an uiquiiious or unconscier-
,ious contract? Against the contracts Of
married women and infants under twenty
one years Of age, relief is constantly grant
ed. The courts will not allow the guardian
to deal and trade with his ward, even in
many cases after he has attained TO majority,
nor the trustee with the beneficiary in the
deed CT trust. The law will not allow Won
to take my property worth 81 900, which l
have mortgaged to you under my hand and
seal, to secure the payment Of $500 by the
first day of August next, if / fail 10 pay on
the day agreed rpon. No such oppression
is tolerated; YOU can have my property sold,
get your $500 with legal interest, and the
balance belongs 10 me or my creditors.
Mr.. SPEAKER, suppose you and cove
nant that on the first day of May next, l
shall deliver 10 you at ST. Joseph one hun
dred hogsheads of sugar, for which vou
agree to pay me five thousand dollars, and
we further stipulate, that if the sugar be no,
delivered at the place on the day, l shall pay
you the sum Of five thousand dollars dam
ages; the law would not allow YOU to recov-
er the FIVE thousand dollars upon nv fail
ure, but just such an amount in damages as
you had actually sustained by my failure,
would be the end Of the law.
In these arguments about men doing as
they please, gentlemen forget the true Oh
Jec's oil civil governments; they forget that
we live by the lights of hundreds Of years
ol experience, as 10 the better rules OF gov
ernment
BY the indulgence Of the House propose
TO read few short extracts from an opinion
Of Chancellor Kent, delivered as the Chan
cellor Of New York about thirty years ago,
and in which it became necessary for him
TO 60 into summary historical review of the
policy CT other nations upon the subject Of
usury Jaws. Says he:
'lf we look back upon history, we shall
find that there is scarcely any people an
clent or modern, that have not had usury
laws. | believe there is not nation in Eu-
rope at this day without them"
We learn that many of the ancient law
glvers prescribe higher rate of interest
for the business Of commerce and trade than
for ordinary purposes. 1t was so in Athens
when SOlon made the laws.
Chancellor Kent recites from Lord Bacon
as follows:
Lord Bacon, in one of his moral essays,
has also discussed the question, and exam.
ined the arguments for and against interest,
with his usual sagacity, and he concludes
that two things are to be reconciled; the one
10 use his own words, that the tooth 0. usu
ry be grinded, that il bite not too much;
the other, that there be left open means
10 invite moned men 10 lend for the con.
tinulng and quckening of trade and he re-
conmends general rate OF interest, say
five per cent. for ordinary cases, and high
or rate of interest in matters OF trade"
The Chancellor proceeds with the en-
platte questions following:
Can we suppose that a principle of mo-
raj restraint OF such uniform and universal
adoption, has no good sense in it? Is il al
together the result Of monki>h pr-i,dice?-
Ought we not rather TO conclude that the
provision is adapted 10 the necessities and
The wants of our species, and grows out of
the natural inflrmiy OF man, and the tenn
ta'ion to abuse, inherent in pecunary loans"
The Chancellor, in further discussing the
question of interest, recites in substance,
part OF an opinion of Lord Redesdale, an
English Judge, and says:
1T was intended, he said, TO protect dis
tressed men BY facilitating the means Of
procuring money on reasonable terms, and
by refusing 10 men, who sit idle as high a
rate Of interest, without hazard, as those
can procure who employ money in the haz.
ardous undertakings OF trade and manulac-
ture,"
Twill now give part of the conclusion
of the Chancelor's opinion, alter his labored
historical research upon the subject. He
says:
81 trus, theoretic reformers have not vet
attained on this subject any decided victory
over public opinion"
And speaking more directly Of his own
State, and of his observation of the practi-
cal effect of usury laws, he says in conclu-
sion:
"The statute of usury is constantly inter-
posing ITS warning voice between the cred
itor and the debtor. even in their most Sc
cret and dangerous negotiations, and teach
es lesson of moderation to the one, and Of
iers its protecting arm TO the other. / am
not willing TO withdraw such sentinel.
have been called 10 witness in the course
OF my official life, too many victims to the
weakness, and 10 the inhalned passions OF
men. All sudden and extreme reforms are
unwise. We ought not 10 stretch or 10 am
putate in order 10 make onr institutions fl
exactly to any theory. 1t is better to fol-
low the course and order OF Providence, and