The daily union., 1856-01-30
For the Uaion .
CODIEIERS OE TILE CODE. .

MgssRs. ESiroRs: win you allow a small space in
your valuable columns make few remarks for the cod
ifers of the laws of the District of Columbia in relation
the statutes usury? This law against taking than
certain per cenage upon money though both bor-
and lender be willing to do and prescribing
penalties upon the party who receives greater in
terest than limited per centagc made intended
be- n aid Of and protect the borrower from the
pacy of the lender but of late the community through
out the whole Union appear TO consider il not ouly doubt
full if such is the result Of the law bat il is pretty
generally understood that il is very great derment to-
and oppression upon the party for whose benefit it was
passed The law has been repealed in many States in the
Union. In New York, the great commercial emporium,
petitions to abolish the usury laws numerousy signed by
the most influential merchants and traders who
peled borrow money conduct their business also
resolutions advising the abolition of laws Of usury passed
by the Chamber Of Commerce in the city of New York. and
applications from inhabitants OF other Of the State
of like effect have presented the legislature Of that
State and bin repeal the usury law has already there
upon been presented the Of the State Of New
York A bin Is also pending for the like purpose,
has been before the legislatures OF Pennsylvania and New
Jersey and understand several other States intend
follow the example The law as II stands is dead
letter almost and Is constantly evaded in the District and
person pleading usury 10 get rid of indebtedness
would thereafter be noticed by gentlemen any
than person who bad swinded you The best OF men in
the community lend usury and pay usury for the loan
of money and few persons who live upon the income Of
their money can in these times when everything has with
in few years doubled in price, afford 10 loan il at per
See the difference: whose money Is invested ia
houses living becomes dearer raise his
the then Of things but be whose money put out
interest only receive the Of income This
living costing him three four times much he did
in 1904 when the following law in relation to usury sd
in force, was passed
"All notes bonds contracts &C, for more than G per
cent interest void and every person charging or
taking directly indirectly than per cent inter-
shdH forfeit treble the lent contracted
half 10 20 the United States aud the other half TO auy
person who shall for it, Act Of Maryland, Septem-
ber l7O4 60; soe, ALSO Thompsons Abstract Of the
Laws OF the ID. O. page ~
Here siill In force making the offence Grim
inal and besides the lender losing the loaned
reward is offered uformer always considered des
pcable ehsracter) complain Of him erinnay and
him mulcted in fine treble his loan. have said the best
Of in the community daily placing themselves by
necessity in this position by oaning money at greater
than six per cent and thus becoming criminals Is
such state Of things desirsbe3 Do such laws have
moral and beneficial effect upon community need not
these queriest Is too plain what the must
be- a.
could say much this subject but fear 10 trespass
on your valuable columns viii conclude by showing
the correctness OF my first ssscrouhat "he law ope
oppressvely upon the borrower" II person wishes
loan the lender demands premium insurance against
the risk he for violating the Law Of usuy and hence
be charges very heavy percentage whereas II this risk
was not incurred he could afford lend bis money for
onehird less at least Persons In good credit
paying two and three, per cent month for loans
which, f there law against usury, they could get
for eight ten per cent per for you must reco
lect that the risk Of being punished under the
usury Of trusting alone to the honor OF the bor
rover for cases have been known where executors to an
estate bave refused pay loan to their principal in his
lifetime that usurous the ground that IL they did
so Il would be in their wrong and their loss rs II
would not be allowed In the settlement Of their accounts
The law too limiting the ofinteres drives capital
from the District to those places where il be better in
vested and prevent, persons bringing II here.
These evils the coders have, in great measure the
power to remedy and hope they win do So and the
wishes OF many. @