New-York daily tribune., 1858-09-02
MINNESOTA.
nrR SEED OF a ustRY LAW.

To nc Editor y 1he y. Y Tr1Vne
Sir: Inctcein The TRBCsEof aug. y, slet.er tom
your oldtnt ~ho exu.s 10 the fac, that the
Goyernor vetoed me b p,ssed by the Legislature OF
NM sso.s, providing for law sgsnst U.ury. ID.
sa es that tie Governor did go knowing j. 10 be for
the interest Of the STATE and in accordance With the
wbhes Of t1e people. It seems thst the members OF
tie Legislature rGp7eses trg majority of the nh.bl-
taI.s were Of different opinion, and believed such
law would be sble to their consttren.s and con-
tlbl.s 70 their svl-beiDg OF course the aivocste OF
free made also desIts il 10 be Understood thst hs
cor suits the gelsro OF the people generally, and no.
merely BIS ard that Of few money lenders. Bat
low are tie interests Of the farmers and Of the other
proiucrg clsssss sub:eIved by this upresIicsd trade
in the standard Of value Whst fleet has il really
upon the pros2trty OF this young S.s;e
The ordinary rae sof interest 10 MinreEots have
rarged between and 36 per cent per anrum, sverag
se probably rot less than p pr cant srd on notes
overdue, securd by mortgage OF real estate, it has
rot been connen 10 Gemssd srd TO give psr cent
8 mcTth urhl tho payment was msde. clause to
that Ell. &c; frequently inser.ed n rotes mortgages
secmiy ftT the purc.usl dlscbgsce Of the deo,s.
Doubtless higher rates n IL these have been paid
many Cars; bur these higher T-tes seek t'e obcury
Of c,lhoeLia ea.gairs, sid the most arden.
mercy would not Ike 70 have them too rudey thrust
before the public view. Tie bouoFers ere prnci-
psly farmers uechsDcs and inercl ast; tne lenders
caisty comparatively few psrsoGs residing mostly
the towns snd VilsCes Who bsve been sb!s to carry
with tkem TO the section OF tae coInIy consider
able sums who have irducet Essen capitalists ID
lean mcEey there. lie lsrceIs demand ample secuFi-
~; aid every exc kaoEs thst i requires far mora
yoyeity 20 Osr bearing 50 par ceat int rest
ttsE or besiirg 10 or - pr cent a mltges9 up}a
poperty xoitn double the sm0uht, ghic' WITH H.
v.,at.
osn would rCt mske q rn)dgsgs oesiia< 50 per cent
ssfs, except tor very shJlt f=Tiod The lster3s.
eomi o1Lced srrualiy-s1d Z s 1t uLuau i. in N.nrs
tcta q con pound cr 70 psJ :. q1lrery-rJud 10 Two
AId qosteT y=srs equal prncpsl; ard II the IL
eiest lie over, would, expiration If thst ps-
y, j. tshe the i1 vslne the property - ss ..fy the
c.bt. Consider t1e squlston t1G, s0cl rsts % Ia
tefest uskss upon borrowers: they must invest tle
uCIey N sueb vey IN their farms, Jreif msnuflc-
S1es their bu.issss tnst tbs value ol these sai %
them doubled every tSo years . s.s5s them -
psy tre.r iniss. Gnd NIKE any pr Ire. Trey DO DO,
buy the money bot ory tho ice Of Il; AID they ms.
psy every iSo thIee CT four years, according ID the
Of interest sln IN poLey % -ao lender equal %
hs sm,ul bouOsed, and must slso retain the 3r5ci.
psl wen u becomes due. Let c3uGtry bs "a isr,i
s.d &c productive IN every way a. /, may, how )ag
car sly Dc6 81 isers aDd 1sncs stand uo 1ud.r
suca AZ upll tLeu lsoo- The lsnters sao Yecsivs
tLete eI o-Ous gsns perform little sry useful lsb0r
IEry molsly loan money which t1-y nave z m..y
cAes torosta Htm toe Ess, ~ r 10 per cent osr
~
psr cen, eD; UpsAIa i0r sausfyils themselves wito
the securities sIc Pc itg their mortgages on rs,or5.
at -1s'e 2. es, .ot IcsBy Jslrs siii elspss bsars
lie money lsLd-ls Of NcIesO.z viii ss0 bs nsr snd-
no.tsf', sLd lie great BODY of the people vii b; a.
woik 20 psy % them tie rep.s on as lsJcs ss vel A.
the iLt.I,s. or the money. Tney vir.u .lly psy ex-
csfsl'e rents q sfds r0s ttroaso tue in.sres. on
moIiss,.s. Nc poo could De dsylsel more sIsotua-
y sId m.Te oisssrcusy . gather the lsE3s sal tns
res,n ot the S,ste 10 = f - hands than unrestricted
fd core qoenDy e10ibi,snt rs.es Of ic,erssE Ga
I1otty. lh- o:e saTewd u the lenders do not nov
D1y ard cIecy thous rear GshJ ii .As towns It -
ispdy rie.rg Il value, bst Ian money TO i.s occG-
lsns gro thai lsrge ror.iors OF IL sl oy an oy
Inevitably pass into their hands tnIousa tee fI,s-
closure of mortgages. What then beclmss Of tas
isrn.Fs, n.ehaIiCs ard l.b5reIs, Who e1cs3. ior a
1Sussttae law, would De driven on, OF s toar po;-
sss;lcrs, IsrLsssl i their welfare of l=s3 Import
sree than t1.t Of producing euders of nsasyi
Nhs s1lCidsl State poc7 tbs, s-icn &c glects To
eI1ct he LeeofaI lsss cr tle prOec on Of this clsss
CT et z.tF, sId leaves .1tm prey % IIGoIs sr2c-
tcrs. Ii il -ere ret tbat M.rsso.s l. snd fer.
the STATE Nth srest rs,1rsl .na. De, p.o-
is sJs handy elierpsrg s,d r.sola.e s1ca rA.ts Of
i;ttst: :St-s T.! g.ssie5 2e.4iE-p,t o.csIss e.d-