The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1858-10-14
I THE UNITED STATES AND MEIICD. - WHIT rs
| 10 BE DONE NTH THE ENGLISH CREDf
From tho London Times. j

II the current of thought In New York runs In tho
direction that what is called uury may bo at any time
set up as bar to the ulflment Of contracts
for treating them with degree Of unconccrn, it
is certain there hardly apublic private engagement
in that country which may not be at any time upset Is
usury to be pleaded in cases where government or
company have deliberately borrowed in what they con
sdcred to be tho cheapest market but upon terms above
the nominal rate of interest Is it TO apply where tho
debt has been contracted prices below par in both
instances indiscminatey, well as In any other where
the terms may not In uterdays appear confomabc with
the moderate fancies of the dcbtori
Ii So there is scarcely State stock railway
nal bond in the United States which may not be disposed
Of in this manner and those Of our capitalists who un
touched by past expeence may be disposed to listen du
ring the coming abundance of money 10 tempting invita-
tons from that side had better DO warned at Pos
sbly will be urged that the charge Of sury is Intended
be evclled only in where the amount of interest
contracted to be paid in comparison with
the borrowed But where is the line to be drawn
Is the fact in any given instance that the borrower
found he could not get the money anywhere else
dons that seemed to suit him better tho best and only
test as to their fairness II any other principle to
be recognised the greater part Of the national debt OF
England might be repudiated since many loans were
made at GO or 10, upon the stipulation Of repying 100
The moment the usury doctrine is broached and olera
ted there an end Of all safety in entering into engage
mcnts sincc plainly stated it simply amounts 70 dec
laraton that voluntary promise is not to be held sacred
under oil circumstances, and that man Who III needy
plight and bad credit has submitted to the market terms
eccstatcd by his condition. may at any time iffotnc
should prosper plead that he ought never to have been
helped in such manner and that he refuses to rccog
Mise the transaction a4
The argument must apply universally and neither
men nor nations will be scrupulous against making
improven bargains except where it is held as an inv
onbic precept that circumstances connected with
pledge spontaneously entered into in the small
est degree absolve the contractor from its fulmcnt on
the exact basis in which it understood by both parties
at the time An cndorscr OF bills among certain reck
less class will sometimes say Oh, merely gave my
name to olge friend and did not get anything by H.
as if his motive in the matter should bo Of any
to the claimant Whatever it was he deemed It suit
ccnt at the time; and after ho has enjoyed his gratic
ton whether that consisted in obgng friend or in the
receipt cash. he must pay the price, and neither whine
for comniscraton nor expect it. With regard to The
Mexican debt however, there is not plea such as per-
sons even of this easy description could think Of resort
ing to- Tho money lent when the republic had the
sympathy of the world, and upon terms which, looking
at tho sacrifices since made by the bondhodes are now
absolutely much less onerous than would DO demanded
/ from any frst-rate State.
If The cry therefore, is to be set up in that instance
what may we not expect in others The most acliyc
promoters of the absorption Of Mexico by the United
States including General Houston have not vcnturcai
on such course They have stated broadly in Congress
and elsewhere that in of establishing procctortc
America would be bound to that the assignments
made To the foreign creditors honestly administered
while if annexation resolved upon, the assumption
of liability for the full amount must follow rs matter o.
course But General Houston's object may have been
simply to assist the acquisition Of the territory by depo
| eating European objections At all events, ms views
upon financial policy would be nothing against the De-
cson Of the city that practically the metropolis OF inc
Union IL is in New York that the symptoms must be
watched and the question will form excellent test by
which distant aud disnercstcd observers may Judge y
the progress or otherwise Of rigid opinions throughout
/ the entire country. F9 tG