Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1858-03-26

| have rendered the operation of this statute
| less injurious upon private fortunes than il
\ otherwise would have been. It is the theo-
| ry OF political economists, confirmed by the
| observations of every day life, that the price
of the real estate of a country depends upon
| the legal rate of interest. Ii the lawful rate
| of interest is high, real estate will be low,
| and SO uice uersd When tie moneyed cap
| italist Can get 30 per cent. for the use of
money, he refuses to invest it in real estate
that will yield him but S and per cent.
revenue, and perhaps net that. The farming
lands of the state will not yield that: town
| and city property may. The passage of this
law induced great mary farmers to sell
their farms, move to some tow a or village
cross roads; with view of loaning their
money out for 10 per cent. nd make more
money. And a great many who have tried
this experiment, have founl it bad policy /,
and many of them after it was too late TO re-
trieve their steps, found themselves out of
employment. contracting habits of idleness
and dissipation, and their expenses greater
than their iacome. We wan. no idlers.-
We have work enough to keep all employ
ed. Dt. Adam Clarke, one of the wisest
men of modern tlmess sa3s the side head is
the DEVILS Workshop -5a =
Repeal this law, ard the effect of it would
be to drive capital into some legitimate busi-
mess. Some would engage in nlanufactur-
ing and use their capital there; othsrs in
farming,and invest their capital in real estate;
and the price of real estate in the country,
as well as in towns and cities, would be ad-
vanced By it. The quantity of real estate In
the market would be less. and the number
of purchasers be greater. The agricultural
Interest is the grer. controlling interest of
the State. 1t is the occupation Of the many
loaning money is the business of the few.
| am opposed to any species Of legislation
that is designed To benefit the few, and det-
riGnental to the interests of the many.
We were told by the gentleman from Lu-
cas-, q Mr. Rlymond,) the other day, that the
usury laws had their origin during the feu-
dai system; That the moneyed capitalists
were Jews and the usury laws originated
with the land holders from a predjadee
they lmbibed toward the Jews. 1t matters
not to the land holder in this country wheth-
er the money iu.this country is Isaned by
Jews or ca rlstians. The price of real es-
tate Is reduced es much by high rates of in
terest paid to christians as if paid to Jews
The argument OF the gentleman proves m y
position, that the agricultural interest is ad-
verse to free trade in money, or high rate
OF interest, while that gentleman may be
representing the interests as we'll as the SEN
timents of the moneyed capitalists OF the
city of Toledo, The interests and sentiments
of the rural districts are adverse to his poll
/ 10
lish statute passed IN the reign OF Queen
Anne, furnishes some light on the subject.
1t is as follows:
s.Whereas the reducing OF interest to ten
and from thence to eight and thence TO six
in the kingdom. has by experience been found
very beneficial to trade and improvement OF
lands; and wherever the heavy burden of the
! late long aud expensive war, bath been borne
chiefly by the owners Of the lanls of
the kingdom, By reason necessitated to con-
tract very large debts, and thereby and by
| the abatement in the value of their lands,
are become greatly impoverished; and where
as, by reason oe the great interest and profit
OF money made at home the foreign trade
has been neglected" &c.
From this discussion, il is apparent that
monied capitalist taking ground III favor Of
free trade in money on one side, and the az
! ricuiiural, mercantile and mechuntoa al classes
upon the other, ,anI it seems 10 me that II
need not take Us long to determine where
the weight of public sentiment and the pre-
pcbderance interest lie. 1t is true you will
occasi ionally find the vieftna Of the money
loancr, who, to be duly obsequiuus to his
benefactor, VINO is sucking from his Gfe's
Bldsjd, defending this law, bus, sir, soon as
1 he can pay off his loan, and get himself re-
leased from icy srasp, lie VIII then be his
own man again to express his sentiments
upon this question, and they will be found
! i'll opposition 10 this law. ssam opposed IL
this law for another reaSon-it creates two
rates of interest. One rate, six per cent ior
otie class of men, and another rate of o pei
cent. for another class of persons. The loy
rate is for tue clever man, wto can't find it
in his ilcart 10 Beaf down and dppress he
poor debtor. When he makes settlement
and takes his neighbor's note lie don't insist
upon ten per cent, he knows it is too much
But the high rate is for the benefit OF the
s'hard master. who gathers where he has moi
strewn and reaps where he hath not snwn.' ;
When he settles with his neigiibor and takes
his note, he must have 10 per cent; he says
money is worth it, and he must have it, anc
he rets it, There should be but one rate o.
interest and that should be uniform, and op
crate upon all classes aiike.
But we are told that if we repeal the lC
per cent. law, and reduce the rate OF inter
est to per cent, it will not be Observed
think otherwise. Heavy capitalists vii
and do observe the law, AM the great body
of the people respect all laws and observe
them. NJ man can live i'll open violation o
the law and command the respect of com
munity. 1t may be otherwise with The con
stituency of the gentleman from Hamilton
Mr.. Brooke and the gentleman from Lu
cas- Mr.. RaYmond,] but my constituent
respect the laws and observe them. But fo
, the sake of the argument, suppose we admi
that some men whose conduct in life is con
trolled by avarlce and depravty, should vic
, late the law aud take unconscionable rate
of interest. is that any argument against th
law! Can it be claimed, with any show o
: reason, that there would be any higher rate
of interest taken than if there was no Law
f upon the subject! If so, the objection
: would apply with equal force against all law
: prohibiting crimes. We have statutes q
t gainst robbery, theft and arson, yet thes
ofenses are committed daily, and will am
one claim that it would be wise, or even aa
| to the safety of the community, to hav
D these laws repealed because they are some
n times violated! The commandment of tn
: decalogue says, s'thou shalt not kill;'' an
: yet this law has been violated from the mul
: der of the righteous Abel to the present, an
e will any one claim that murders have bee
+, | more freouent than thew would nave been