Smyrna times., 1858-04-15
COMMUNICATIONS.
Written for Me Smyrna IiMeS.
Defence Of USuYy Laws.
NO. IL.

tnaI Iney are oIten VlOlateu win lInpunltyi-
that it now has a bad moral effect to retain them
on the statute book. We confess we are too
dali to see the force of this objection. And il
IL were so, it would prove too much; how often
is the law against theft violated with impunity,
and shall we, therefore, do away with all laws
against stealing! No no long as a law
is on the statute book it has some influence
it will restrain some parties,-there will always
be found many honest men who will respect it
in spite of all temptation to the contrary
And while these laws exist, they make usury a
contraband thing,-they put the stamp Of ille-
gality. the seal of iniamy upon it,-they re-
strain, in some degree, the unprincipled avarce
of many merciless Shylocks. Heaven oaly
knows how far we would be preycd upon by
them II it were not for the law.
The question is: how shall we command a
greater respect for the laws! The answer is
simple: enforce them-nake the violators s1f-
fer the penalty. But how shall this be done ?
The man who bOrrows money at usurous IN
ierest is an accomplice in crime; he is party
10 tLe violation of the law, and has no right to
complain if he is, therefore, sufferer. But
there is class who often suffer very much, md
very innocently, from the usurious practices of
others. We mean the securities who have to
father the debts OF those whose business usuri-
Gus interest and bonuses have eaten up. These
should have protection from the destructive in
tluence of such illegal practices. Happily for
them the law is so constructed as to afford the
protection they deserve. They have simply to
the usurer enters suit, the security can summon
the principal witness, and, on proof of
usury, obtain judgment.
This course Of procedure has the sanction of
both law and justice; and it is not always that
they will both, conjontly, sustain cause
II any man endangers my property by his il.
legal acts, justice forbids that he should look to
me for redress in his own losses. But the usurer
does endanger the property Of the security, for
his usurious exactions tend ts drive the bor-
rover TO the wall to the damage of his secur-
ties. 1t is strictly, and rigldy just, that the
man who violates the law should have no redress
In law to repair the losses which his violations
OF law have brought upon MIN. II is Just that
the man who has tried to defraud his neighbor
should be made to lose what he has Illegally
r.sked.
And the law sustains this course we have
recommended. Ii makes the penalty of usury
the forfeiture of the note or bond on which
VI IriOuS interest has been received. 1t saws
expressly, that to receive usury, "directlv or
indirectly" is to incur such forfeiture. The
impression seems to prevail with many that the
note or bond must be paid in full, with its usu- |
rlous demands, before suit can be entered but
this is mere lawyers quibble. The law was
designed to protect society from the usurer.-l
But such an Interpretation would afford no pro- |
lection, for it would entail the loss of at least
half the amount in dispute. There is not iurv
IN the land which would not treat such uub-
bic with deserved contempt.
The law forbids taking usury in any form,
" directly or Indirectly" 1t Itmatters not. whe-
ther gold or silver, the paper OF a corporation
or the paper of an individual is rendered, the
moment the usurious contract is closed and the
quid pro quo has been rendered, usury has been
taken and the usurer has placed himself in the
strong arm of the law; and he ough, to be
made to suffer the penalty of his illegal con-
luct.
If this course had been pursued in the past
money would not now be used so generally to |
speculate on the wants and trade in the neces.
sites OF men. Diverted from this cruel, illegal
and ruinous channel, it would 60 to swell the /
resources of legitimate trade and promote uni. I
sersal prosperity. HONESTY.