The River Falls journal. (River Falls, Pierce County, Wis.) 1857-1861, 1858-08-25
Written for the JOURNAL.
III = III L ".

past AHA PitScHt CENTURIES, WHoliy uoCu
to signify ''unlawfulinterest." Under the
the Mosaic Laws, in Germany, Rome and
England, prior to about the 10th centu
ry, Usury signified nothing more than
the compensation paid for the use ofmon
ev OF goods loaned. The oldest usury
laws | find on. record are contained in
Exodus 22-25, Leyiticus 25-35, and
36-37, 1890 before Christ. These en-
actments were in favor of the poor; loans
to them for usury or use at any rate, Of
money or goods were entirey prohibited;
in Deuteronomy from 18th to 18th verses
of l 5 chapter, the Jews are imperatiyey
commanded to lend to the poor sufficient
for their need in that which they want"
These enactments supplied the place Of
our poor laws, and are the only consist
ent, sensible laws [ have ever seen prohib
iting or trying to regulate the use of mon
ey; the poor arc protected from oppres-
sion and provided for; and the rate of
usury or interest is left free to be agreed
upon bv the parties. In 1851 Before
Christ, Deuteronomy 23-19, 20, we find
those laws modified as follows; Thou
shalt not lend upon usury to thy Brother;
usury of money, usury of victuals, usury
of anything that is lent upon usury; I'M
to q stranger thou mayst lend upon usu-
ry; bat unto thy brother thou shalt not
lend upon usury; That the Lord thy God
may bless thee i'll all that thou settcst thy
hand to in the land whittier thou gocst
to possess it." These brief acts constitute
the sum and substance of the Mosaic usu-
ry laws; which being regarded of divine
origin their violation was considered to
incur the divine displcasure; no rate of
usury or interest was ever fixed by law
and no penalty or forfeiture ever annexed
or inflicted See Ezekiel 1S-9, Is, II,
and Chap. 22-12, jeremiah 1916
Proverbs 2S-S, Psalms 15-5.
Trace the history of this peculiar peo-
pie through the varying vicissitudes of l.
900, years and you find feeble remnant
of this once powerful people who had in
their prosperity been a terror to the ma
tons of the Eastern World; in the midst
of famine, exposed to foes the most invct-
crate, with weapons in hand laboring most
necessarily to rebuild their favorite City,
and in violation of these humane provis-
ions of their ancient Law, were oppress-
ed beyond endurance by their brethren,
their Rulers and Nobles who wero rebu-
ked by Nehemiah their gallant and he
roic leader, and their ancient humane u
sury laws successfully enforced. Sec Ne
hcmiah from 1st to II inclusive.
Ignorant of the true letter or spirit of
these institutions; prompted by ;e,l
without knowledge; Kings and Clergy,
in the early history of England, wagcd
unyielding hostility against all who loan
ed money for use or interest. Jews were
banished, Christians forbid to loan on any
terms; the most cruel penalties were in
tiicted, men set in the Pillory, their ears
cut off and the like, all because they wan
ted little pay for the use of their mon
ey. The reigns of Alfred and Henry 18th
were famous for this bigoted zeal. In
the reign of Henry 8th an act was passed
allowing 10 per cent and FORGETTING three
times the amount loaned with fine and
Imprisonment for taking more. In the
/ reign of Edward 9th all interest was a.
gain prohibited under severe penalties
The statute g of Elizabeth again allowed
10 per cent; the Dist of James 1st re
dncel it to 8, and the 18th of Charles 2
to Z, and the 18th of Anne t. 5, which
is now the legal rate in England
Perhaps there has been no subject of
legislation upon which Kings and Clergy,
Church and STATE, Legislators ancient
and Modern. (the great Jewish Lawgiver
excepted) have displayed 50 much pure
genuine folly and ignorance as they have
in trying to regulate the rate of interest
| by law, unless it was in trying to regu-
late religion by the Same power; and
/ what renders their efforts ridiculous is that
/ the miserable Thinkers never can see that
they are constantly defeating the object
they are aiming at: the risk of losing mon
ey loaned always enter into the consider
| ton IF the rate of interest, and if that risk
is increased by legal enactments, the Loan
er always did and always will have extra
par for that increased risk.
Since | have been in Prescott, which
is over two years, money has been more
easily obtained in Minnesota than in Wis
consin, and at less rates of interest, and
there interest is left free to be regulated
or agreed upon by the parties. I have
dealt in money some, for six years past
and have never loaned dollar at legal
rates; and never at as low rates as | would
if no law was in the way. In the West
ern States usurr laws are vetoed BY the