The daily union. [volume] (Washington [D.C.]) 1845-1857, 1855-11-04
From the Journal of Commerce.
MEETING OF THE CHAMBER OF CoMMERCE.-RE.
PORT ON THE USuRY LAWS.

meeting in the Merchants Bank yesterday afternoon In
the absence of Mr. Per the president the chair oS
cuped by Mr.. Royal Phelps, Mr.. c. H. Rogers Mr. c. II
Dabney, and Mr. Frederick Q. Gebhard elected
bers of the board Mr., II. O. Brewer elected
of the committee arbitration.
Mr. Caleb Barstow, chairman of the special committee
upon the usury laws reported for the consideration of tie
chamber circular that bad been drawn up with the In
tenton of giving il wide distribution throughout the
State in order to elicit hearty union between country
and city for the reform that Is becoming general
in the trading world.
After further appropriate explanatory remarks
from Mr. Barstow and others, the circular was unsni
monsly adopted by the chamber.
CHAMBER OF CoMsEReE COMMITTEE ROOM
New York, Oct 80, 1855.
Pursuant to The annexed resolutions of the chamber The
undersigned would respectfully invite your attention
sential modification in the usury laws of this State.
The chants and inhabitants generally of this ety
have long been convinced that material interests are
suffering seriously under the operation OF these laws in
their present forin
Such being the case is extremely desirable that not
only the city of New York. but NIL the principal cities and
towns in the State should earnestly unite in the effort to
place the subject in It's true light before the mex, eiss
ture in the confident hope that relief will thereby be
cured.
1t is not in cash loans only that our usury laws com
pcae aud embarrass but under the general terms Of the
act relating to forbeaance OF money, goods things in
action, they enter injuriously into the movements
receiving very heavy press OF merchandise may oeea
s,onay find il convenient to obtain credit facilities
or credit ioans from their opuent negbbors This
IL done under circuous device, costing the spp
cant much more than the arrangement would cost
under free-currency laws
Its well-known fact that the commercial prosperity
of the principal trading emporiuns of State has been
essentially promoted hy the removal Of all unnecessary
impedimens in the way Of inspection laws, &c.
This naturally suggests the confident belief that such
benefit would be greatly enhanced by extending the like
freedom to money.
Enp land has long since abolished her usury laws The
immediate tendency, and indeed positive effect of such free
dom, was TO mpart increased ease and stability TO their
money market The rates Of interest have ruled lower In
England during their fieecurrency laws of the past
twenty years than they did before When money is
abundant in London, it is generally abundant all
commercial Europe No reasonably doubt but
that the same slutary influences would flow from the city
of New York. whenever their citizens enjoy the like
freedom in their currency laws.
1t has been feared by that any essential rciaxa
ton in our nsury laws might possibly disturb existing
mortgages upon real This fear is shown TO he
quite groundess by the fact that no such result has fol
lowed the comparative freedom that has long existed in
the usury lws of more than twohirds of the States Of
our Union, any trouble caused in mortgage loans
IN Enaand by the repeal Of the usury laws there
50 far from injury the parties needing money upon
mortgage would, beyond all doubt, be greatly benefited
oy the new state Of things sought for because
would most eiectually put end 10 all the oppressive
sraagems that have been and sill being resored
as well In country as in city in the vain and deusve DC.
lief OF cvadipg our usury statute
good deal has been said in time past to the lenders
Of money being the class asking for the change in the
laws under consideration.
II is probably that both borrowers and lenders in
all commercial places unite in the condemnation Of such
usnry laws as We have in this State Sll as mere mat
ter OF fact il may be well here name that for the pact
I'VE years. the for this reform has proceeded almost
entirely from the borrowing class OF our citizens Even
our wealthiesi merchants including fully seveneghhs Of
our bank directors realize greater profits when the
Of interest rule low
Referring to such publications may be sent herewith
Tor more detailed exposition Of the Of the chamber
the undersigned would ask the favor OF reply from you
expressing your opinion how far the movement
for this most vallymportant reform viii be sanctioned
and concurred in by the great trading cities and towns
OF our rivers and lakes also by The great agricultural
aud manufacturing ineresia Of the State.
Please address your reply to Caleb Barsow, New York
CALEB BAESTOW,
ROYAL PHELPS,
WIN. H. DODGE
WALTER = GRIFFITH