Kenosha tribune & telegraph. [volume] (Kenosha, Wis.) 1856-1859, 1859-02-17

Mortgage STAY Law


Mortgage Stay Law; and judging from the votes
that have already been taken upon the question,
we must believe that the Mortgage STAY Law
will be repealed or materially modified. The
question arises whether the change has been
called for by public sentiment and also whether
such legislation is wise, equitable and Just
1t may be thought by some members of this
legislature, from the noise that has been made
upon this subject, that there is an 'outside pres-
sure" for the repeal of the law in ques ton
But it would be WELL before taking any impor-
tant step in legislaton,to stop and inquire where
all the noise comes from-whethsr it comes from
the wolves or sheep, that demand this change.
II it comes frem the former, it might be proper
to pause little before committing the State to
SO considerable change. The question NAV
well be asked, is it likely that the mass of the
people, who to say the least, are not MONEY!
lenders, have called for the proposed change =
That is question that requires an answer If
the clamor for its repeal comes, as no doubt it
does, wholly from the Wall Streets Of Wisconsin.
and the East, then the legislation it calls for,
might fall far short of meeting the approval, or
of advancing the prosperity of the people of this
State.
Wiscon sin has been blessed with few phlo-
sophers of small ealibre, who, if they could have
given their visionary ideas practical effect in le
gislation. would have placed the people of the
State to considerable extent, at the mercy of CIV.
cry shy,ock in the land.
One class Of these political philosophers advo-
cate the abolition of all usury laws, protesting
to believe that oney, like every other thing,
would be governed by the law of supply and de-
mand in other words, it would be plenty wher-
ever there was plenty of demand for it; not I'M
Outstanding that money is not a commodity OF
itself, but only the representative of commo-
dity, and that same commodity must be produ-
GEO before the representative of that value can
be obtained. 1t may be proper proposition to
| lay down, that where saleable commodities are
produced in plenty, there money is also plenty
In all communities there are many necessi-
tious individuals SEINE from imprudence and
many prudent mon, some from unforeseen casual
ties, and therefore whenever by the abolition
of usury laws, the door is open, the greedy por-
ton of money lenders will rush to the feast, and
notwithstanding the lauded rule of supply, and
demand, if you will show me Shylock that
does not demand, and also obtain an extortion-
ate rate Of interest, should like to exhibit him
as a match in curiosity to Barnums famous
"wooly Horse"
Another class of political philosophers advo.
cate high legal rate of interest as q sure means
of uniting capital into State, and of bringing
prosperity to its inhabitants. To say nothing
about the arguments that could be made to dem
onstrats the opposite of these conclusions vii
only point to the example of those States who's,
rates of interest are fixed at a less per centage
than our own. Wisconsin has fixed her high
est rate of interest a. twelve per cent, and Hi
nois at ten In which State is money NEST abun
dant, and in witch State is money most readil,
obtained by loap7 The Legislature Of Wiscon
sin affords its inhabitants what? A disadvan
tags as compared with Illinois oe two per cen
in effecting loans.
The repeal of the mortgage stay law is anoth
er measure forced upon the people of this Stat,
| by the less meritorious portion of money lenders
backed by the political czpsrimentcrS of Wis
consin. 1t is indeed another experiment t.
make money plenty. The miritorious money
lender wants and expects more than hi
agreed for twelve per cent, and if it requires
year after its maturity, to collect the principle
sum, snd interest, he is not dissatisfied, fer HI
has all the time as well during the year he wa
collecting as previously received his full con
sideration Its twelve per cent. for its use
Thus if man keeps herss for hire land agret
for his use for one daybut keep him two days
and pay the owner of the horse two dollars
for its use, what great hardships has he suffered
thereby?
But the Shylocks who most usually borrow
the money that they loan, are not satisfied will
this straightforward and legitimate way of do
ing business. They will lend some hard up
farmer or enterprising mechanic money on rea
estate mortgage for six months or year at Il
per cent interest, and if at the maturity of tks
mortgage, the debtor calls to make his apollo.
gies, and wants an extension, Shylock discov.
ers at once that " the times are hard " and he
cannot wait for his pay without bonus of at
ASoS' 1iiAo0 " hNO pei CeHI al l1Ohbu' HIS 10
the opportunity that this class of money lend
ers want spread before them by the repeal of
the mortgage stay law, and it appears that the
political sxperimenters are sufficiently numer-
Gus in the Legislature to give effect to their de-
sires.
The legislation that fixes high rates of inter-
est to the disadvantage of its own people, or
that, by stringent collection laws, encourages
and opens the door to snap judgments upon the
inhabitants, for the purpose of making money
plenty, may be wise legislation, but it would
look much like the proposition in morality that
would ask US to "do evil that good may come"
NJ