The Davenport daily gazette. [volume] (Davenport, Iowa) 1856-1869, 1856-12-12
UsuRY.


As~sN erk Saspriae aad sCeameseiaaslsss'
OF 2ad ult. We feel there is SO much
strength aud justice in the argNesent, thst
Could this article be freely aud fully read
in evesy part olour land, but ashort hin
Mould elapse ere thesfepesl ~ sill usnry
Laws would be called Tor BY scciamation,
and thus remove the Rrestest carselon our
commercial interests, anain ameasure.pre-
vent the now too prevalent eStortions OF
our modern Shylocks. The subject of Usu-
~ LAWS now sttrscting me attention Of
oas Legislature. We are opposed to all
usury laws---to all laws which make diff
ercaoe between money and other commod-
ity, so far as regulating it andits useswhilc
in individual CT corporate hands, We do
not think il Is a legitimate subject thus con-
siaered for legislation, A man has just as
much RICH, TO get what he can for money,
as ior corn, potatoes, turmps, or anything
eise ior which he has laeered or given an
equivalent Oar present usury Law is a
dead letter ON the statute book We hope
II viii be stricken out. In the meantime
9Ve ask The attention 81 readers to the fol
lowing. II presents The question in SO
plain form, tliat all may understand,
The UsRry Laws
The Evening Post. few days since, sta
Il q that gross fraud had recently been
scrpetraied by produce dealer in the West
era part OIL State, under the absurd plea
a. Usury. Itappeats that the party in gues-
ti8n borrowed $1,000 ia Boston, where the
legal rate is 6 per cent. on the security of
\ 4 1ur mill near ReeheSter-tha the lend
ers knowing seven per cent. 10 be the legal
rate in New York, agreed 70 the terms that
we're offered, and loaned the money upon 7
per cent.-that the first half years interest
was duly paid Al The rate Of per cent, per
aanum. bnt when the second half years in
ierest became due short time since, the
borrower pleaded usury, On the ground that
he borrowed the money when he was in
Boston, where SIX instead ofseycn per cent
is the legal rate We are further told that
llc borrower actually boasts Of his smart
eess III the Transaction.
AsWe have before had occasion to re-
mark upon every principle Of abstract right
81 commercial policy, Of expedenoy, nor
Us aud common sense, restrictive laws up.
on Tie use a money, are absurd and preJu-
dieiai and we hope to see them speedily
abolished, 50 lar as tlas country i concern
at Strenuous effsrfs have been made in
arveral ai the States, y ithin the past year,
TO haze these esury laws repealed, but we
regret that 80 iiitte Aas been accomplished
The PREJUDICE against usnry prevails more
.sBerai.Ain the ceuRlrs than 10 cities, and
large toxins PcaPle engaged IN the quiet
an,. uniform pursuits Of hIishanaB. must be
uesessafily unaequainled with the details
81 every day business life, aad ignorant Of
The sants aud demands ofartiyc commerce.
Il IS not Ia he expected that these who are
lstus hspptlg exempt irom the troubles and
ea Barr assinent 81 business should be able
L. reaIee ts9s eNl 81 ;he mischief attend
n4tri ii5t tta' Ia o. wondered
nj, sa4r enlightened ,ni3is sad sound judg |
Wei.J @tu7uid be auped aEd ciogsed by |
pr,ladires - the grossest absurdiy, for |
y hica ii,ere is 40 warrant but n their own |
ssneeits aud misappreheDsloas. Ii IS this !
class 81 people. "a cftmang desc iliusoFy |
tdess Of lie ases and properties u money, |
san; heretofore successfully opposed all leg
jsldii9B baVng iof is oaleet lbe relaxation
81 usuyy laws,
Auaey differs lrola 40 aliteT ,.ommeddity, |
save that BY genersi consent il is used as |
CIRCULATING medium The most zealous
biget ID favor ii the rontiausnce OF these |
o.5aus enactmcnts fasnry Laws must admit, |
llist man wlro has arrived AZ the years Of |
discretion, and OF sound mind, possesses the |
unapabted riga, To make what terms he
pie lses ia lbs atecanl1iy transactions, aad /
that the denial of such right il not only |
tasFtrlhent and ipedles otae, but q ysusasiun |
o. oesidaal fiberty and uniser al ustice.--l
Lztpf Is the primary constituent OF money,
aaG talaes 81 every description are reduca
ble 10, or measured BY this element As an
ausaryiae standard. aud any commodity is
verln 50 mueh, ID proportion 10 the qnauti-
s Of labor required 90 produce Il. So the
- ciJns metals, q Wmes ey is made,
arr nors or less t4laabia ia 9soportion TO
ti.e labor b proportion rg the !abur needed
10 Jig the ore uut the mine, and TO sepa-
rate lie true metal from the. baser substan-
ees combined eith II. Labor tseli varies
in vaiae according 10 the character Off and
TIE uses 10 whieh itis qFpiied. The labor
o. wooIsawyer may be we'll requted at
dollar 8 q Or; side me ,a15r u the aflizan,
whose skli, mas betu perfected by long and
1 areuaus application o. tie mysteries Of bis
cg4u, may Do &urih doliar 40 hour. II
0uic be unreasonable Tor the Jaw 10 at
gtmpi 10 cqa3iFze tie value Of The labor ci
5ogh, aad y tldi Die days iabor Of the
sk!iiui "a chahic st3ouil be @orlh 10 more