Smyrna times., 1858-04-08
COMMUNICATIONS.
Written for the Smyrna Times.
A Defence of the Usury Laws.

A Defence of the Usury Laws.
"Why should not a man receive for his mo-
ney all it will bring! Why not, as in case of
all commodities of trade and commerce, leave
its price TO regulated by supply and demand Z"
Because the law says differently, and every
good citizen will obey the law. If a man vo-
lates one law, what security will he give that
he will not violate another! If one, for self.
interest, break the laws of property,-if he may
shave, why not smother steal? IT, upon such pre-
texts, men may defy any law, then we had better
keep constantly hand upon our pocket-books
and an eye upon our property. Men who hab-
itually break any law of the land, have 10 right
TO complain if their fellows point the finger of
suspicion at them; they are the very men who
are destroying the grounds of confidence be.
tween man and man.
"But these laws arc unjust" says the usurer.
Well, suppose they are, the remedy is to respect
them and not break them. Nc man can be al
lowed to take the la W into his own hand either
to administer or to violate it. The man who
does so, deserves not only public contempt but
positive penalty. He outrages the rights of
society--he saps the foundation Of legal order
and good morals
But why not lay these restrictions upon
other articles of trade, as well as upon money (!
Why not confne the farmer to six per cent
profit on his corn ?-why not restrict the mer-
chant to six per cent on his dry goods, as to
restrict the capitalist to six per cent. on his
money!"
For The very reason that money is neither
corn nor dry goods. Money is not like any
other article of commerce, and therefore is not
TO be treated as SUCH
Money is the standard of trade; it fixes and
regulates the prices of comm. rcal commodities
TO very large extent. 1t is essential, then,
that it should be kept, as far as possible, from
fluctuations; or there is end to trade and
commerce. 1t Is the measuring tape--the yard
stick of trade,-and men must not be allowed
to lengthen or shorten the yardStick at their
will or convenience. But if there were no
usury laws then this standard of trade would be
constantly altering. few monied men (and
they are always vastly in the minority would
control the entire business world, and the COM
munity would have no protection from their
rapacity. The merchant buying his goods to.
day while money was six per cent, might find
tomorrow money is twelve per cent; and rice
uerSa, he might buy on twelve per cent. prices
and be compelled to sell on six per cent. Such
confusion would ruin all trade.
The price of money could not always be regu-
lated by supply and demand. The scarcity OF
any article of trade may raise its price, aud the
man of credit, even without any considerable
capital, may come into market and compete
with the most wealthy dealer, and SO preclude |
all monopoly. But not So with money: here
the wealthy capitalist may build up inync-
BILE and oppressive monopoly, from which the
community could have no protection but at the
hands of the law.
Money is the life-blood of trade and COM
merce,-indeed, of the whole business world
1t is vital to the interests and prosperity of the
entire community that this l!fe-bloOd be beyond
the reach of unprincipled avarice: otherwise,
usurous vampires might suck US to n fatal dc.
pletion. OF, when it suited the selfish purposes,
we might be stuffed to an apoplectic plethora.
And but for the usury laws, fixing the price
of money, the government would be under the
control of monied monopol.sts. 1t would be
compelled to pay exorbitant rates whenever ne
cessitated TO make loan. This would be to
saddle an enormous burden of taxes upon the
people. Moreover, business men needing mo.
ney would have to compete with the govern
lnent at this advanced and extravagant rate, I
and do business at perilous and even ruinous
risk.
We do not stop 10 expand and amplify these
several points as may be done; any thinking {
nan may do that for himself. Our want OF
pace compels US to defer the consideration of
ome other facts to another time, when we shall !
,ont out the remedy against usury. C
HONESTY. +