The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-07-22

This bill was too shameful and open, and
when the press spoke out 1.-THE press does
speak sometimes they craw-fished out Of it
by reconsidering
! have conversed freely on the bills now
pending with all CLASSES OF our citizens, and
! find the feeling almost unanimous, that
they are fraught with evil, only evil and
that continually, and that the only effect
will be TO turn the screws tighter on Us for
twelvemonth, and then end in being re-
PEAKED; or DECLARED nuii aujf void by tiIc
courts. As if bent on closing up every door
and shutting out every hope Of rein
stating ourselves honestly, they have add.
cd to the list Of their crude and ill-digcsted
relief measures, usury law, the effect OF
which will be to drive away capitol which
now Of all other times, should be invited,
and therefore proong our embarrassments
For until We can raise enough in our own
State TO have money Of our own, we must
depend in great measure upon foreign cap
ital, and the best way to reduce interest is TO
invite capital and allow free competition, and
the same abundance which has reduced the
interest in New York to 31s per cent. per
annum will in due time reduce il in Mime
sofa to living rate.
Under our old law capital had commenced
without the aid Of a usury law. The matter
was regulating itself. The people could not
afford to pay &c per cent. and therefore the
rate was reduced. Our own bankers too
have voluntarily reduced rates to lS and 20
per cent. for commercial paper. If we must
have a usury law, let it be one which will
strike at the So, los and % per cents. per
month, which ought not to be enforced and
which are only exacted in ordinary cases, by
the most ungodly of Shylocks. To correct
these is legitimate subject OF legislation,
and one which will accomplish the good
aimed at by a usury law.
But if - per cent is all the interest CAPT
talists can get here, there is no State in the
Union where they cannot do as well at home
and keep their funds under their own eye,
secured by men and by property they know
well, and save the expense Of employing an
agent. The writer Of this is personally cog
INFANT of thousands of dollars now in the city
which will leave it, if this law is passed, and
thousands more in the States which the own.
ers intended sending here to loan, but will
not il this and the stay law arc passed. And
why should they! Life ought to be as long
now as in anti-deluvan times il we have to
run the gauntlet Of courts, pettifoggers, legal
bubbles and the thousand delays of the law,
for one or two years before we can get judy
ment for an honest debt, and then after hav.
ing run down our game, have only the poor
consolation Of seeing him put his thumb to
his nose and say to US, =" You kant kun it,
old hoss--thrce years more time if you
please" This, however, seems to be the
motto Of the present Legislature, and that
homeler old adage that "honesty is the best
policy" seems to meet cold reception.
We may dodge our honest debts under the
proposed bill, but that which is better to
every man and every community than money,
our cre,ia-where will it be. Go from
the Winslow House to the Ievee and ask
every merchant and he will tell you, it will
be crippled, so that he has no hopes of any
further benefit from it among his eastern
creditors.
And more than this, how will our own
debts here at home be effected Can mer,
chants sell on time Will men build
houses, ,and wait. one day. Are you safe to
trust any man who, ei,he- from pique or sell
fsbnesss, or inability, or indisposition, or
dishonesty chooses not to pay. What man
cares to do business in such place. Why
sir, total repeal Of all laws for the collec-
ton Of debts, would only be single degree
removed from this law. Some remonstran
ces have already been presented against it,
and when the scheme is fully worked out,
and the people find themselves unable to col
lect their own debts, and unable to get cred
titus having neither money nor credit
then will the wisdom OF our Solons be illus
trated more clearly than ever. and like Pc
ter who denied his Master, it will be hard
TO find one who will admit that "he too was
one Of them Nox PoPULI.