The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1858-01-08
Chamber OF Commerce.

THE UsURY LAws-ruEIR REPEAL UEGEp-A sPfyS-
DID BUILDING FOR THE CHAMBER IN PROSPECT.
Tho regularly quarterly meeting OF the Chamber of
Commerce held last evening at Clinton Hail. There
was but thin attendance Of members p PERT, Prcs
dent occupied the chair.
MEMBERS.
hessrs. Samuel Z. s oden and T. T. Randolph were
elected members Of the Chamber Mr.. f. NJ French
was chosen member Of the Committee on Arbitration
um vsuRy LAWS
hr. CMEh BsRsow, from the Committee appointed 10
memorabilia the State Legislature the subject Of the
usury hws, reported memorial, Of which the following
IL the substance
Tho memorial forth that the great body OF the rner
chants siii desire The abolition Of the usury laws
Although this change has been strongly urged several
years past yet the events Of the last few months show
moro strongly than ever the necessity Of this action the
part o. The state authorities. The law Of 1887 the
statute book enacted for purpose OF aiding bor
by diminishing the Of interest and increasing
she ,sae Shy o. the movements Of money ~ hoseyer
the reversc Instances can be given going IN show that
under o same rolf money has been lent per cent
month and i've pcr cent year. To show that the abo-
iton Of the usury Law would do harm, England was
instancod, where money during the revulson did
not beyond ten per per annum The natural w.
of supply and demand regulates the price OF money
without The Intervention OF statutes The memoralsts
refer % then fermcr petitions for detailed state
ments OF the bad effects OF the laws Tho form Of
q Law u also "a accompany the memorial 10 Albany
The report n the committee was accepted
The law they dosrcd could not be carried through the
Legislature in Consequence of the prejudice Of certain
parties. There twenty four states that had
PARTIALLY abolished the usnTy laws--,hree entirely
Mr. Gt,tSCN said the usury laws a relic or bar.
barsm. u was incNpiCahlc that tho statute was no,
abolished long ago lie hoped the Committee would act
theoretically.
LOCATION.
Mr. BARsruw, from The Committee on Location reported
in favor Of the Chamber having the Merchant
Exchsng-, which would cost about ~ 500 per year.
Mr.. M.psHsft wished 20 know where the means would
come from 90 pay for the room.
The CHAIRMAN stated that the present income Of the
Chamber was about VI 900 per The fees coui be
raised 80 that the income would be ~ 600
Mr.. SESNIII thought IL anything but credrabc n the
merchants that they had 20 poor a 81 meet In. In
Boeon they bad splendid for tho Chamber 10 meet
IN. and the New Workers should not be behind hand.
Gen. pRo@Prr NJ wF1NoRr strongly urged uIpn tho
merchants " build hall Of their own The Chamber had
been in existence ninety years, and during that time
they never had place of their own - meet in.
Mr.. PEHfr said IL would be advisable for the Chamber
b. have not only but artuary who wouf make
annual reports, got up statistics, &c commercial
tors Of great Importance to the community.
II was finally decided 20 add Mcssrs. Moses III Grinne
and " Davis "a the committee with instruction to report
plan of building how the funds should be raised, 40
Communications received, from iran Roth.
beck the Prussan Consul General respecting certain
lighthouses IN the Baltic, another from Mons Malnfcrt
respecting new diving bell Of his own invention Tho
former referred 10 appropriate committee, and
the latter was laid upon the table The Chamber then
a diosrped