The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1856-02-08


After the reading and acceptance of the minutes,
dorris Kstchum proposed and elected member
John a. Earle Esq, elected member of the Arbi-
ration Committee; after which the report of Hon. j.
hp Pherix, on the effects of the reciprocity treaty
nth Canada published exclusively in the New York
braid ON the 23d ult.) was read, and motion made
adopt the memorial to Congress.
Mr. ROYAL PHELPS called attention to an amb guilty In
he phraseology of the memorial. New Bruins wick snd
IOWA Scotia wee too often COMPOUNDED with Canada To
make the matter clear, he would to make 1t read
he Intervening fresh water rivers and lakes" for It
vas supposed that the whole coastng trade along the
Atlantic shore be thrown open would be bitterly
pposed by all the New York merchants
Mr. PHxNx thought that fresh water did not begin
he st. lawrence until above Quebec, 1t would limit the
dvantage Of the trade to be opened.
The memorial was amended in accordance with Mr..
helps motion, and adop.ed, and copy ordered to be
emit TO every member Of Congress from this State.
CALEB BARsrow, ESQ from the Committee on Usury
laws stated that he had seat circulars to 500 mer
hants in various parts Of the country and of
had ne received an answer orsble to the
The folio wing is a copy Of the circular
CHAMBER OF COMMERCE., COMMITTEES Room,
NEW YORK, Oct 80. 1855. (
SR-Puruant to the annexed resolutions OF the Cham
the undersigned would respectfully invite your at
ention to the endeavors thst being made to
uIe some essential modification of the usury laws of
bis State.
The msrcb ants and inhabitants generally Of this city
ave long been convinced that their material interests
re suffering seriously under the operation Of these laws
their present FIRM.
My the city Of New York, but ell the principal cities
nd towns in State should earnestly unite In the e
to place the subject In us true light before tne nsxs
legislature In the confident hope relief viii thereby
Q secured.
1t is not cash loans only that our usury laws COM
cate and embarrass, but under the general of
be act relating to ''forbearance of money goods
hiDgs IN action they enter njuriousy into the move
ents OF credit in all forms Our produce dealers
Wh iv}nUa hoav nf oIcb, tt;o
bay occasionally find it convenient to obtain
~ facilities or credit loans from ther opulent
e'ghbors. This is now done under crcuitous Device
ostng the applicant much nore than the arrange
hent would cost under free currency laws.
It Is well known fact that the commercial prosperity
the principal trading emporiums of state has been
ESSENTIALLY promoted by the removal OF all unnecessary
Experiments ,s.I In the way Of inspection laws, ~,
This naturally suggests the confident belief that such
eneft would be greatly enhanced by extending the like
teed0m to money.
England has long since abolished her usury laws The
nmeciAte tendency and indeed positive effect of such
Feedom to impart increased ease and stability to
aeir meney market. The rates OF interest ed
wer In England during their free currency laws of the
asst twenty years than they did before. When
honey is abundant in London, it generally abundant
oyer S Commercial s Europe No one can reasonably
the city of New York whenever their citizens can
Djoy the like freedom in their currency laws.
1t has been feared by that any essential relaxa-
on In usury laws might possibly disturb existing
ortgages upon zeal estate This fear Is shown b
ute groundes by the TACT thst has fol-
owed The comparative freedom that has long existed
be usury laws Of more than of the States of
ur Union, nor was any trouble caused In gage
In Eng!add by the repeal of the usury laws there
SO tar from injury, the parties needing money upon
orgage would beyond all doubt be greatly by
he new state OF things now sought for, because
would most ctually put end to all the oppressive
raagems that have been and st1 being ted to-
well in country a. in city, in the and oeusivs be-
Fef OF evactng our uaury statute
good deal has been said in times past the lend
money being the class asking for the change In the
hws under consideration
Ia ~,
CONNER cal phases unite n the condem IN of such
sury laws rs we have in this State Still, mere
nater Of fact may be well here that for the
asst five years. the for this reform has proceeded
entirely from the borrowing class of citizens
Even our wealthiest merchants including fully
Of our bank directors resize greater profits when
|he rates Of interest rule low.
Referring to such publications may be sent here
nth, for moro detailed exposition Of the views Of the
hamber the unisr gned would ask the favor of reply
you expressing your own opinion IS to how far the
Movement for this most vitality important reform will be
nd towns Of rivers and lakes also BY the great ag
CALEB BARSrOw,
ROYAL PHELPS,
WIN. E DODGE }C)mmttee.
4. Waller ). GRIFFITH,
~ ARTHUR LEARY,
The following ls statement of the efforts made t,
bolspI <he usurysiaws in this state:-
As 81 proof Of the feeling In the interior IN
vor sxif0ur usury laws, the result OF the votin,
! the cia e the session Of 1852 may pc named:
mtee and from thence it went before the COMMITTEES
rine where compromise was made, 80 that the las
AIMED committee unanimously reported bill continuing
be rate at seven cent annum but reducing the
enay to merely the loss of the interest instead OF the
resent bArbarous exaction OF fine and imprso nment
nd loss of all the lent Thus lender At more than
per cent per could collect the principal in
suit but must rely the honor Of the borrower for
be interest
pr 1852 and received Sc votes for it, to IS against
List for want OF the constitutional affirmative vote
The question was reconsdered, and brought up to
ote again on the 18th of the month"; when it
eved 30 votes for It, to 81 against IT, Thus 1t lost
gain, and yet virtually gained because ID members,
ho voted for the bill the 10th, happened be out
Or the moment when the voting of the 18Th occurred
We thus had in our fav5r inc names Of seven.ytwo
MEMBERS from six out of the fifty nine coun-
es of the State Twenty counties unanimously In
avor Of the REFORM There also members
to be in favor, who had left for home the
ession its close that upon full vote Of the
Assembly in April 1882 we should have mad 50 for re-
.orm and As agsinst it.
Buffalo and Oswego have protested against present
sury laws, and So irdeed all the places whsre a..
'eD lion has been drawn towsros their operation
nj chr s. sas in which the ann lent 4, ,rfed ours
the only spot in all Christendom where maa be
in prison for taking what friend may please to give
him for the uss OF money.
Twenty of the United States, and all commercisl
Europe have long been almost nrely fres from usury
avs. 1t is devouy 10 he hoped that great CONNER
al emporium may not much longer labor under their
most oDerous, aud every way dicredta pie,
bar, sssment in currency matters
Mr. EAGLE submitted the following resolution, which
Fas adopted
Whereas To protect the city New York from the impora
ION Of Infections and contagious diseases qiaran
regulations and Restrictions have been imposed oy the
AWE OF the STATE nR into this port which often
the discharge OF cargoes at the quarantine grounds
urficAo and whereas Congress- Ia view OF the Incidents
Ind Of passed an &C, In 1893 authorizing
Sn6 merchandise may be unaden and deposited ITO an YES
% sS' ss and pt s = @
uante Of ssd act wharf was constructed and warehouse
erected the quarantine grounds of this port
hnds cedeo TO the federal that
ybCui the 1901 which wharf and storehouse
|uch pdated condition unsafe reception OF
}auabe and whereas In view OF the
qua anne season. the exgency Of the demands
APPROPRIATION be made by Congress-, early day.
the proper repair of said wharf and sorehouse there
'pre,
solved That this Chamber do hereby request Reore
Congress from this city from the fede.
'a government an appropriation for this purpose.
petition for relief, from Lieutenant rhos r. Gedney,
10 Congress read, speaking Of his service to
ountry, but the Board cid net deem the matter GER
sin TO their business, and 1t laid for further
5eisideration.
Professor FELTON, sent a communication asking the
Board to cooperate with him in inducing Congress to
don't tba ~ mal nj waiChts nd m A