The River Falls journal. (River Falls, Pierce County, Wis.) 1857-1861, 1859-01-05

fraud, hereby pledging ourselves to OPP
pose it before its consumation, and to la
Dor ever afterward, by all honorable
means, to prevent the taxation of the peo-
pie to meet the demand of the State debt
thereby increased.
Resol0ed. That project fraught with
so much mischief to the best interests of
the people, should not be entertained by
the Legislature of the State.
THE UsURY LAW
That every attemot to regulate the prize
or rate to be paid for the use of money,
has not only proved failure, but has
had direct tendency to embarrass trade
by increasing the rate of interest or amt
demanded for the use of money. All
experience proves that the rate of interest
of money cannet be successfully establish
ed by law. All such laws ever have been
and ever will be eyaded. Every person
has the same natural right to sell or let
the use of his money for what it will
bring, as he las to sell or let his house,
land, horses, oxen, or products of his land
for the market value, and law never can
consistently take away a natural right I'M
less IT is clearly to promote t public
good. Usnry laws ever have operated
against those whom they are intended to
benefit. viz: the borrowers of money =
when rates of interest are high, they not
only are compelled to pay those high
rates or1not obtain money, but they must
pay the expense and risk of evading the
law.
Your committee have examined with
much satisfaction, that part of the report
ola committee appointed by a meeting
in the city Of New York, published in
1.-THE Bankers magazine for Dec, 1853"
which relates to the repeal of the ,s,lry
laws We regard it as abe and truthful
from which we make the following ex-
tract:
"Nothing can be more absurd than our
present position as an intelligent people,
living under Usury laws which forbid our
giving or taking more than certain fix
cd rate for money, while in nearly all the
great European marts with which we are
in daily correspondence, and hold init
mate business relationship, the people
are free to pay or take whatever rate
they please.
But we must submit to the loss of our
capital, so long as our Usury laws exist,
whenever Europe pleases to bid higher
for money than these laws permit us to
give; and the United States will continue
to be used as y great reservoir for mon
ey, to be drained at pleasure by the gov
ernments, or people Of foreign nations"
And as to the mortgage Stay Law"
your committee cannot perceive why q
longer time should be given to the maker
of bond or note secured by mortgage
on real estate, than on a bond or note Sc
cured by chattel mortgage of personal
property, or unsecured altogether. That
instead of aiding the mortgager, it has
had the contrary effect, by driving all
the money out of the country, so that he
is left at the mercy of the lender, who
while the times are hard, Immediately pro
eeeds to toreclose his mortgage, aud one
year soon rolls around to the debtor, the
mortgagors find that they cannot raise the
money to discharge the debt, become dis.
heart6ed' cease to make Improvements, OF
even provide for their families, and thus
let things TO ruin run Our Usury laws
we're lad enough, but by this fell statute
in addition, the job was done for us, and
our credit abroad entirely ruined. No
man can now obtain loan for three, six,
or twelve months, but the shortest the len
der can calculate upon is fiftee, eighteen,
or twenty-four months.-This state of
things is simply ridiculous.
And your committee recommend the
immediate and unconditional repeal of all
Usury laws, enacted for the purpose of
establishing the tate Of interest in the
State of Wisconsin; and also for the re-
peal of what is generally known as the
Mortgage Stay Law, of 1853, all of
which is respectfully submitted.
O. T. MANSON,
D. M, LUSK, Com.
p. V. WISE,
Resozved, That the Press of Pierce Co.
be requested topublsh tie proceedings of