The Council Bluffs nonpareil. [volume] (Council Bluffs [Iowa]) 1857-1867, 1858-02-20

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condition Of everything in any way connect
ed with the management Of the affairs Of the
County-it was promised them, and they
demand it. II was for this purpose Judge
Mr. was elected, and something moro 10
asked for, than mere statement, that no 10
willing to givethe people all the information
that may be Of any interest to them. The
people will mot be satisfied with the vsrbiase
Of the organ in relation to this matter-it
is not enough that the organ essays to ridi-
Guile the statements No made last wsek--it
j, not enough th.sthe County Judge through
bis organ, asserts that We must prove those
things-the people look to him for i.tor"sa-
ton on Tie subject. Shall they have it2
Ussry Laws.
Many papers throughout the State, are
urging upon the present Legislature seri.
Gus consideration Of the present usury laws
of the State. During the session Of '54-
'55, a bill was before the Legislature, for
the repeal Of these laws, but it failed to be-
como law. We believe bill il now pend
ing before the Legislature, to secure the
repeal of those laws. We hope it may pass.
Tho Davenport Gazette, represents our
views 90 clearly in regard to this subject,
that We adopt ito form Of expression, instead
Of our own: awe look with no favor upon
usury laws, believing they are neither suited
to the age nor to this people, . kind Of
financial barbaric relic with which every
great civilized community can dispense at
the present. 1t seems to US that they actu-
ally promote more usurous contracts than
they prevent, and As writer upon the sub
ject remarks, SO far from mitigating the
mischiefs that flow from unnatural expan-
sions Of credit, add greatly to their maligni-
ty. Against usury laws the testimony Of
practice and principle concur in tho strong
est manner; as they 60 against the legisla-
tive recognition of credit in any manner
whatever. On the part of some political
economists, the right Of government to
prescribe the sum that shall be paid for the
use of money, is utterly denied, any more
than to prescribe tho sum that shall be paid
for its absolute ownership. II moneys the
creature Of government, As some say, and
therefore government has the power to fix
its rent, why does it not follow that it has
also the power to fix ito price-to say how
much of it shall be given and received in ex-
change for every article Of human owner
ship? If money is the creature Of govern
ment, to carry out the principle in all its
practical applications, would find employ
ment for half dozen legislatures, even moro
industrious than our single legislative as
sembly.
"The experience of our own State proves
the inefhciency of usury laws to produce
the effect desired. Being founded in usury,
their tendency is to aggravate the evil they
are enacted to eradicate. Regulations of
this kind, says Adam Smith, s'instead of
preventing have been found from experience
to increase the evil Of usury; the debtor
being obliged so pay, not only for the use
Of the money, but for the risk which his
creditor runs by accepting . compensation
for that use." Mr.. Bentham takes the same
position, and says-'sthough it-s system
Of usury laws-be ineficacious, in the way
in which the legislator wishes to see it eff
cacious. it 10 eficacious in a way opposite to
that in which he would wish to see it 80.
The effect Of it is to raise the rate of inter-
est higher than it would be otherwise
DR.. Smith entertains similar views, and 10
quoted by Mr.. Bentham. Mr.. Locke as
sumes that the price of the hire of money
cannot be regulated by law. Mr.. Say rep
resents the tendency Of usury laws to be to
increase the rates paid for the use of money.
Mr.. Mills enumerates these among the 'smis-
chievous interferences Of government with
the spontaneous course Of industrial trans
actions.'' "Usury laws are an old world no.
ton, heard of only in legislative bodies
unimportant for any good purpose roduc-
tive Of some mischief-and, in any point of
view, totally unnecessary" A cotempora-
~, in abiding to usury laws, says: "There
should undoubtedly be legal rule for the
computation of interest in cases where
there is NO agreement between the parties
to the contract, where the parties have NO
power to contract, and where there are
none capable of contraSsing; which rule
should approach as nearly Is 'possible to the
actual value of the use of money. But
where the parties have seen A. to arrange
the matter for themselves, their right to do
so should not Be limited bylegislatits re-
straint."
ssIn Iowa, the usury law Is almost dead
letter, A. ever citizen knows especially those
who have had to borrow money! No at
tention whatsoever is paid TO the "legal
rate" of interest, farther than little
trouble to protect against advantage being
taken Of the law BY borrowers at usurous
rates. The Law had better be Of our statute
books entirely. II should have been repeal
ed last winter, and would but for the mis-.
taken ideas many legislators appear to have
Of the efficacy and real effects Of the law
We trust it will at least be thoroughly dis.
cussed in the present Legislature, and not
passed over - matter of small impor-
tance."
rhe people Of Council Blum are eiaorous for an ez-
hibit Of the financial adars the dounty, but get
satisfaction from his honor who sits high up his pet
~ throne and whistles at their impoFtuniies Away
with this one man power.-Des Noises CttSea.
So We say-"away with this one man
power,"-do away with the Office Of Coun-
~ Judge, and give US in its stead Board Of
Supervisors, and Probate Judge. As it
is now, County Judges possess more pow
er than the President Of the United States.
They audit all accounts disburse all mon
ies-adjudicate oil probate a6airs-build
roads, bridges, county buildings, and pre-
enption pens-appropriate County funds to
tkASR ~ eat A. L. 4