The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-07-29
An An.,sas Separation To be Restored.

| Usury Laws. And the present, u cannot
be doubted, Ia an suspicious time for the re.
vival u this medieval superstition. The
community Ia just row violently prejndiced
against high rates Of interest, for the cogent
reason that the community " just now pay
ing exceedingly high rates Of interest, much
10 its chagrin The immerse debts incurred
inprevious years Of expansion and extrava-
gance, are accommodating at the frightiul rate
Of three and 1--WE per cent. per month, while
the investments upon which they were based
have deprecated in nearly the same ratio.
The candle Is lii at both ends. The burdens
OF the debtor increase 10 proportion TO his
growing inability To bear them. lilo Is
dragged towards insolvency by the exac-
tions Of the money lender before him, and
pushed towards il by the fearful deprecia-
ton Of property behind him. This agita-
ton ola Usury Law, then, is war Of the
borrowers against the leDders-oi the debt
ors against the creditors. And the debtors
include nne tentlis Of the whole number Of
voters in the State, whose pccuniary dis-
trsses are perhaps faithfully Represented by
tho members Of the Legislature, and who
arc anxious TO attribute their misfortunes 10
some other cause beside their own folies,
and no with compliment unanimity attri-
butte them 10 the absence of usurious re.
strictions upon the rates Of interest. In
this state Of public feeling, there can be lit
tic doubt that Usury Laws will pass the
Legislature and be received with favor by
the people. What we may say will perhaps
have little effect upon the result. But we
desire IN advance, and upon principle, to re-
cord our protest against this sort Of retro
gressive legislation.
Without entering to-day into any extend
cd discussion IN relation 10 the principles In
volve,l, or the practical operation Of usury
laws, it may be well to direct the attention
Of our Legislature to the significant fact
that, while il Is meditating this backward
leap TO the economy Of the middle ages. the
most Heightened commercial states Of Europe
France, Holland, Piedmont and even Spain
have followed tho example Of England In act.
ting money free from the trammcls 0f it, an.
Gent slavery. Pennsylvania, too, by recent
net OF her Legislature has struck the vicious
penalties against usury from her statute
books, and the whole commercial strength Of
Canada, Of New York and other states Of tho
Union, has been long engaged In u contest
with the tenacious conservatism Of the several
districts for The repeal Of obnoxious laws,
and II Is fact not less worthy the At
tention Of our Legislators that in the cnightcn.
cd examples We have given, the usury laws
were: repealed for the very same reasons,
which are here confidently alleged for onacting
them. viz To protect the borrower, to alle-
viate his dstresscs, and to emancipatc him
from thetyranical extortions of the money
lender. The experience of ages has demon.
strated throughout the world the utter made
quency fer any such purpose OF legal restric.
tons upon rates OF interest which had sprung
originally, not from commercial necessity
but from religious superstition. Although
tho nsury laws Of Great Britain were not
finally and wholly repealed till 1854. an i'm.
portant renovation In this direction had
taken place as early as 1883. SO well had
Il worked in the succeeding four years, and
so advantageously for borrowers, II not for
lenders than In the great crisis Of 1887, tho
commercial and manufacturing classes uni
versally demand still further removal Of
usurous restrictions as u necessary mel, SIRE
Of rei'tf, An act OF Parliament accordingly
released commercial paper, having twelve
months to run. from those restraints. And
twenty years experience had 10 convinced
the English people that the old usury laws.
even IN the mild form in which they were
still retained. wer imperative or prejudicial.
that al the demand OF all classes except, per
haps, the hook -nosei brokers OF Lombard
street. the last remnant Of the laws restricting
interest. was abolished by act Of rarlia.
ment passed on the 9th Of August, 1854.
Some OF our readers may perhaps remember
the commencing speech OF Lord BRopunAx,
while this bill was under consideration, in
the House OF Lords. and how conclasivcly
it was shown BY him In the Investigations
Of the committees OF enquiry. that the
Usury Laws had been uniformly in the in.
tercs, of the money lender, and uniformly
oppressive IN the borrower. who in addition
10 the legitimate rental oil money was
obliged to pay Tor the legal risks which the
lender frequently incurred. The remarks
Of the Marquis IAspspowSr on that occasion