Evening star. [volume] (Washington, D.C.) 1854-1972, 1857-12-29
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| ..Fr.-v -. 01onsHfowH, Dec 20, 1857.
much having been said through the columns o.
the Star for and against the abolition of the usur,
law by the new District Code, and as the com
oatants upon both sides have considered thu
question by the light of revelation only, we pro.
pose 10 consider IL by the light of reason, and
oner the following practical common sense view.
LOT the consideration Of the candid reader.
In the frst place, is not the usury law worse
Ihan useless from the fact that IL is violated over
snu over again every day, until II has been rem.
eeieu nearly nugatory; besides being arbitrary
lts operations not often attended with injury
, nor me borrower often fee! its injustice as
wen as the lender and in many instances has
remedy, :"
The necessary operations of the law il TO in
uuce the employment of third parties for the
more safely efecting Illegal transactions These
intermediate parties must be paid by the Dor
rover, aud thus the rate of interest is uselessly
.ncreaseo. IL there were no usury law, the bor-
rover would go directly to the capitalist and
bargain Tor the purchase of money on the best
terms ne could make. IL there were no restrain
ing law conscientious capitalists, who are now
ueteIrtu from Infringing upon the law would
come into the money market for price which
enterprlslng mechanics and merchants would
Willingly pay for it, instead of investing it in
western lands, foreign slate. lroad, insurance
and other stocks, as many have done. where
tnere was prospect, however distant, Of reaIi-
zinS more than six per cent per annum,
thc uioHty OF our own capitalists would
be kept at home, and the com petition which
would be created between prva te ca pitalists and
the banks at all times keep this article at its real
value. - W. N
There are institutions in the District which
usage, sustained by the decisions of our courts
IL not clearly defined law, has justified the di,
rectors or managers In assessing interest at a
much higher rate than six per cent upon delin
quent members or subscribers to compel them to
meet their instaments. For instance, in the
building associations, which are so numerous
among US, II member fails to meet his install
ments he Is charged interest at the rate of i've
per cent. per month, or sixty per cent. per annum
We might also cite other instances where the
Law law is regularly violated; indeed, we doubt
whether the usage among the banks would stand
a T12ld construction OF the provisions of the
usury law
We cite these instances to show that usurious
interest Is allowed to be charged in cases where
expedience has indicated it's utility WHY not
then extend the same rule to all moneyed opera
lions, III the people of the District should abol-
lsh the usnry law by the adoption of the new
code, and thus allow the rate of interest to be
extended To eight, ten, or twelve per cent as may
I've agreed upon by the contracting parties and
me States Of Virginia and Maryland should hold
10 tnelI present rate, SIX per cent would not the
capitalists Of those States DE likely to seek this
as more profitable place for the Investment of
Their money And thus District enterprise would
he fostcrcd and built up at the expensc of our
less clear-sig hed and prudent neghbors
No sne has ever thought of the ex pedirncy of a
law to prohibit the miller from selling his flour
al more than hVe dollars per barrel, the butChe
MS meat at over six cents per ID the grocer his
sugar at over six cents or the shoemaker his
boots at more than two dollars per pair The
community would not submit to such tyranny as
law fixing the value Of all kinds of nIercban.
disc; neither do we believe that they are willing
20 submit; now an opportunity is offered to rid
themselves Of 1t, to the arbitrary demands of
law that fixes the price Of money-an article mole
liable to huctuationtban any other mere handise
The weather, since Sunday night has been ex-
tremely gloomy and damp which has prevent
any outdoor business from being done Indeed.
We see but few persons who seem inclined 10
enter with spifit- into business, until after the
commence ment Of the New Year.
Wewould inform the Stars readers that friend
Remick is in the field, at No. re Bridge street
with the cheapest and most handsome assert
ment OF furs to be found in the District We
would advise those who Intend making New
ears presents to their female friends to call
early. Nothing could be more suitable for such
a pFaisewortby purpose than set Of brother
Remick s beautiful furs
The lot of magnificent new coaches, the A
Hyde and others, which are being PREPARED for
the Union Line. now in the hands of the
trimmer, and will be ready to appear upon the
line in short time. Mr.. VaBderwerken's efforts
to render those who patronize his Union Line
comfortable, and have them well accommodated
IN every respect, is deserving of all praise So
Is the gentlemanly and accommodating conduct
vi MS ulNefs ana timers. SPECTATOR.