Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1858-02-19

Z 1At AAAA1tA(SB ~ pay ~
never earned; have borrowed again and again
at high rates of interest TO repay THAT they
have borrowed, until in the hopeless struggle
20 compete with the present legal value oil
money, they have sunk into hopeless bank.
ruptcy and runs and the people cry out al
the terrible load thas laid upon them
Let US look ior u lnomeat al the effect mp.
OF real estate; and I do this for The purpose
of answering = very common argument IL
favor of this ten per ceut. law A man il
Z large city owns Il valuable lot. Il is un
improved and lies idle in the market. The
owuer burrows money at ten per cent upon
the nortzgAge Of the lot, and erecrs one o.
those stately marble palaces, with its impos-
ing front, and its stories pied high toward:
the heavens. What is The result. Why
sir. to make the investment pay, it mist be
rented 50 as not only u pay the interest on
the original loan bot upon the value of the
land itself. Then, too, there il the wear and
tear and natural decay of the building, in.
surance and taxes all to be taken into ae-
count.
Now, sir, who pays all this. Why, the un-
fortunate tenants. They must IN the tirs;
place bear This terrible load. and that tos,. out
of The profits of a legitimate business
Wherever this has been tried. [ believe ia
seven cases cut of Ten, it has failed, aud
| appeal to gentlemen sreuad me from neigh
boring cities II this result has not naiiora,ly
been their experience, The Iensat s.rus-
giles &. bear the lsad that is craskias him
; The same oii stury, familiar 10 almost every
'serc'ssn;iie tsistory, IS acted over and, over
again, Rud with .hs same resulI-i1eYltabie
tailBr- au4 Bankruptcy. Who bears the
iossl The peopte at large. and the peapie
aaly- II is a cun1nou ioss. Is lhere any
profit Is a:y esr,r in this transaction except
10 fhe foreign capitalists who loan I'd the uao-
ney7 The tins viii certainly como, whea
!uni. m1rbl. palaces and all, will be IN his
poszc4sioa. 50 il eiIl be while q rate of
interest is aIlexe,l BY las, that NO legitimate
business can evte par
! fhisc g.ntie.aea who favor the doctrine
Of free ira le anl high rates OF interest, might
do w<!l - inquire what are the presidents
u?on this question ia our country. What
his been The result OF the legislation upon
this subject in all the States CT this Un;ons
AMI shat has >ke;r experience shown them
as necessary to Proteci the p.spl-t The ex-
2eriencu Oh the several states and the laws
they haze made are worthy OF examination.
They point ust the way We should follow. l
read, for the Information OF the House, tae
preseRl laws -egae4ics .&srEes, in the sever
al s aies.
.ne-;egal rate o! interest 81 per cent.
! New Hampshire-six per ceut-if more
be takeu the parry forfei,s three times the
~ :esS.
N.-..-F So 80 - arnvar
bic Icy LAYS.
M1ssachusetts-six per ce~ni.-penaIty fox
excess, three-folL the.wt lie ~iHtereat taken.
Rhode lsiaGj-six P .r ceat any excess IL
'ltgrI-
Coaneeticut--six per e~em..--Pes}fy for u
sury loss Of lhe interest
New York--seyen per cen'.-asurious
contracts vsid, usury : III sleme, AMOR punish
able ty u fiae p"t exceeding one thoosaad
dollars aod Imprisonment not exceeding sx
eaonths. 1ezaei -, ~
New Jersey-six per eent.-penaliy for
susury tprieiture of debt and interest.
Pennsylvania--slx per c~ent.--coR.r act
void for excess, it more than ten per cent be
demanded and paid, the party upon receiving
1t skail forfeit. the mouey, and other things
lent. One half to the State, and the other
half TO the party who shall sue for the same.
Deldware--six per cent-same penalty as
Ohio. u
Maryland six per cent.
District of Coiumbia-six per cen.-au
notes, bonds, contracts, &c.. for mote, void;
penalty, forfeiture of tribe the amount lean
ed.
Virginia--six per cent; usurious contracts
void.
North Carolina-Six per cent; same; PEN
atty for usury, forfeiture of double the value
of money lieut..
Georgia-Seven per cent; penalty for
usury, forfeiture of whole interest.
Alabana--Eight per cent
Florida-S.x per cent; or eight per cent.
By contract; penalty. loss of interest.
LouiAiaaa-Fise per cent; by contract
eight
Texas Eight per cent; by contract
twelve.
Arkansas-Six per cent; by contract ten;
penalty for usury, contract void.
Teunessee--Six per cent; penalty fer
usury, excess recoverable by law, hne xxd
i'm prisonneut. !
k-nueky-SiK per cent.
Mlchigan-Six per cent; by contract ten.
Indiana--Six per cent; penalty for usury,
ten per cent. damages thereon.
I!inois--six per cent; by contract ten.
Missouri--six per cent.
lo~a--SiX per cent; by contract ten
Wisconsin--seyen per. cent; by c~ootract
twelve, three times the excess recoverable by
law.
Sir, tire State OF Ohio is, at tais momeat,
loaded with public and private debts, that
may we'll cause her to pause and reflect. In
the late n4essage of the Governor of this
stale TO the E~gisla,aye---a message, sie, re-
plete with sound wisdom, and by its ,aas-
terly ability commanding the respect of eP-
cry party, Republican or Democratic, Wing
or Free Soil---he has called the special at
tention of this body to tais IL portau. topic.
He unqualfIeiy recommends the repeal Of
the tea per ceal. law, and the establishment
vi Il naituTIu ra:s VI Interest in its stead. |
iadorse every word uf those recommendations.
But. sir, | have already occupied \ lonper
time than | INTENDED. The views that | have
suggested are those that have occurred 10 my
mind. | have given them with an ear
iytsr h-tii,,t Ell 1t, r, han te o four Thoughts
upun tt:s ruhj ct, we may find out the best
courseto pursue; snd having found it we shall
it bold and unhesitatin2ly. The repeal
Vi the present law mry, and | have no doub:
will affect some interests injuriously; but we
are here to ie9isla,e for the many and not
for thesfe~. Fl nv tn rid ourselves of the
debt that now weighs 20 heavily upon us,
do not know. | tan only advise that we
borrow no more, and exercise prudence and
to nav what we owe.
Mr.. Chairman, perhaps I have been beat
ing a phantom i'll the air in regard to this
of free trade in money. Perhaps