Daily American organ. [volume] (Washington, D.C.) 1854-1856, 1855-01-15
FOR THE AMERICAN ORGAN
Abolish the Usury Laws.

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Nm. EpIroR: am surprised at the Indifference
shown to the existence Of these laws by all persons
residing In the District; it is question seriously
affecting the prosperity and welfare Of the city,
and all its citizens who are not oney-lenders and
shavers. These latter know that the law fixing
the rate of interest at six per cent viii keep mo-
ney away from the city, and enable them to charge
their one to ten per cent. per month; in any city
where no restriction exists on the rate of interest,"
to that city will money come for investment at as
good profit as may exist elsewhere. Now, sup
hands of shavcrs bank directors, &C. doing this
business. Well, those persons, by working to-
gethcr, control largely our bank accommodation,
and turn the 100000 over effectually three or
four times every thirty or sixty days, and get just
what they choose to AJAX for their money. Well,
no honest man win resort TO the usury laws to
evade payment Of just debt he has vounta-
rily incurred and this is well known to all our
moneylenders Hence we find no proceedings
BY the community against the moneylender; but
we shall find very few honest wealthy liberal.
minded men embarked in shaving at over about
seven or eight per cent. per annum. Our laws
say six per cent. only shall be charged, and those
charging more shall be liable to be indicted for
misdemeanor. Now, the law is not carried out on
any one loaning money above these rates. But no
wealthy respectable person or persons win come
here with their money to be liable to such indict-
ment; they can get from to 10 per cent else
where legally, and without reflection on or trouble
to them, and al moneyed men know money win
bring Just what II Is worth In the market, and ac-
cording to changing circumstances win be worth
more or less than eight ten per cent similar to
-four, corn, WOOL other articles and viii also be
subject to iuctuatc In peace or war, and by album
dance or scarcity same other metals products,
and where and when money or other substances are
abundant the price, value, interest win godown;
and, where the same may be scarce the value and
price win raise therefore, our usury laws prevent
money from being sent here for investment and many
here who have made their pile, send Il where Il
pays better, or purchases foreign stocks, &c, and
instead of our getting money at about seven or
eight per cent, We pay shavers twelve and up
wards; while, II no usury laws prevailed, proba-
bly, In short time four to ten millions of specie
would find it's way 10 this city for investment
for the accommodation Of those wanting II, and
at as low rite as II may be elsewhere. Does
any one suppose that the community would have
TO pay as much for money here II FIVE millions
Of dollars were here for use, as they would IL
only one million were to be foundy We all know
TO the contrary; quantity decreases value, and
scarcity increases Il. The above embraces only
one item OF the effects Of the usury laws on the
city and community, and that the least Of all.
We know the climate Of Washington and
the District bears the palm from all our sis
ter cities for equality of temperature, and the
number Of deaths here arc less per cent than
any other city Of the Union. We know society Is
superior for numbers, and the Injuries OF life can
as well be procured here AZ elsewhere our railroad
connexions are slowly but surely progressing, and
many sprincely merchant, on retiring from bust
ness would settle in the capital Of the country,
where health Is more favorable than In the principal
sea ports, and desire to commingle with our pub
lie men from all parts Of the Union and these and
others would bring their wealth with them, and
their amusement would be In improving our city,
building themselves permanent residences, and
putting out their money around them, 10 others
improving and developing the resources Of the Dis
trict in manufactures, the water power, and spen
did navigation Of the noble Potomac nov so slum-
bering for want Of means. Commerce would spring
up, the surrounding country would be improved
equal 10 any, its minerals and advantages brought
out, and all around would be changed by the influx
Of wealth money would b. cheap, employment
abundant, and none but shavers suffer. Therefore,
petition for the entire repeal Of the usury laws in
the District. A CITIZEN