Dayton daily empire. [volume] (Dayton [Ohio]) 1850-1865, 1859-09-14
The Usury Issue.

Iho DbuFy hSsues
Since the passage Of an usury law has
become distinctive issue in the coming
election, in this Senatorial District, it is but
right that the position Of the Democracy
upon tho question should be clearly laid
down Although the last Legislature, which
repealed the 10 per cent. law, was Demo
cratic, it was claimed that that measure was
carried by the exertion of the Republican
members Of that body. Though it is i'm
possible to see what direct connection the
passage Of that law has TO do with an usury
law, yet 40 a matter Of fact, II is but just to
state that II was supported in both Houses
by many more Democrats than Republi.
cans. 1t was inaugurated by Mr.. Hubbell,
Of Delaware, Republican, much to the
disgust Of number Of his own party, who
used the ir utmost endeavors to crush it, and
he was compelled to place his great reliance
on his democratic friends in the hour Of
need. Mr.. Slsde, of Cleveland, Republic
can fanatic, was the great champion Of ten
per cent. in the Senate, and made THE speech
of the session upon the subject. His writ
ten manuscript comprised 80 pages, and he
was several hours in delivering it He
raked heaven and earth 10 end arguments
to support his position, read Who'll, pages Of
his Wealth of Nations and made
quotations from the works Of
..a to Say and DR.. Wayland, until
trs must OF his audience, worn out by his
lengthy remarks, fell asleep, or retired in
disgust But notwithstanding all this, we
are not Of the opinion that Mr.. Slade was
opposed to an usury law, OF was in favor of
taking usurious rates Of interest Opposition
to the repeal of the ten Pc cent, law, is no
criterion by which to judge the persuasions
Of any man on this subject
In some communities, and upon extraor-
dinary occasions money may be worth 10
per cent, and it might have been the honest
conviction Of many Of the members of the
Legislature that it is worth that much in
Ohio, at the present day, and hence they
were in favor Of the law remaining as it was
Others were willing to vote for an per
cent. law, but thought6 6 per cent. too low,
and preferred 10 to G per cent Again
there we're many who would have voted for
the per cont act, had it been guarded by
the necessary penalties and restrictions; but
as long as it was not thus guarded, they we're
in favor of the law standing as il was. And
yet, Notwithstanding this diversity of opin-
ion as to the rate Of legal interest, these
men might have been all alike opposed to
che taking of usury, and perhaps would be in
favor Of stringent usury law. inAicting
severe penalties upon any broker or money
shaver whowould take more than the legal
rate.
The repeal or the re-enactment of the
10 per cent law has but little to do with an
usury law, and is no criterion by which to
Judge the preference of either party upon
that subject
The present issue did not arise in the
Legislature, but ia several counties Of the
State, of which ours is one. The Demoo-
racy, in convention, by adopting resolution
pledging themselves to attempt to bring about
the enactment of an usury law, threw down
the gauntlet, and the Republicans, by the
nomination os NJ. cepFy, took it up They
brought about the issue themselves, and
upon 1t the battle RACES, and will continue
10 rage until the election The Democrats
lre pledged in favor of an usury law; the
Republicans are pledged against it.
If the people want laws under which they
IAN borrow money at low and regular rates,
et them vote for the Democratic nominees:
but If they want to be aeeoed by money
sharks, and pay enormous rates when they
want little accommodation, We bid them
3od speed in supporting the opposite party.