Dayton daily empire. [volume] (Dayton [Ohio]) 1850-1865, 1859-10-13
Messrs. Cuppy, Parrott and CoOver.

The people Of Montgomery county have
heard you on the stamp, and elsswhere, de-
clare that you are in favor Of a Law that will
prevent the taking Of usury; they have be.
lieved you, and have elected YOU to the
Legislature; il remains for you to redeem
your pledges, Our present law on the sub
iect Of interest allows six per cent and no
contract can stipulate for moro, but there Is
no penalty for agreeing TO take more, ard no
safe guard or restriction against usury, II
usury lie paid il cannot be recovered back,
and the Law is easily evaded II only stipu,
lates that upon an actual loan Of money six
per cent. only can be taken. II does not
prevent the taking Of any amount Of usury
in the discount Of business note which is
not made for the purpose Of discount. and
consequently, when parties desire to stipu-
late for more than per cent they manu-
facture note for the occasion, and then sell
it to the broker.
We want a law that will remedy these
evils. II an usury law is needed, le. such
provisions be made in it as will make it
eiIectual We want
lst A provision that all the interest shall
be forfeited if the contract stipulates for
more than per cent
2nd. A provision that interest after it is
once paid may be recovered back
Sd. A provision that no note, whether
made for the purpose of discount or in the
regular course Of business. can be sold or
discounted 81 more than por cent
The business community are demanding
such law-yOu have promised it to them.
Will your influence be used in our Legisla-
ture to procure its passage2
The practical evil resulting from brokers
Offices from irregular banking; from money
monopoly, forbids theoretical speculation -
The industrious business public have claims
upon you, they do not wish to deny to any
class of men equal facility in every industri-
al pursuit to acquire wealth, but the evil Of
using money to embarrass the business Of
our community, requires legislative inter
ference.
We have incorporated banks Of issue,
made by legislative enactment, to answer the
wants Of our business men, which, under
penalty of the forfeiture of their charter,
forbid the taking Of more than per cent
But they are rendered Intellectual by the
latitude allowed to brokers, by which they
build up monopOlizing, irregular banking
houses, becoming prey upon the business
community, and upon the regular banks of
issue. This result Is practically felt every
day. Our State banks are afraid to issue
their money lest these brokers may ask
them to redeem it in specie when they may
find it very inconvenient, and lest by the
discredit occasioned by these brokers, they
will be embarrassed in their banking opera
tons. They are crippled by these causes
and refuse to issue. The consequence is
our regular banks Of issue become in some
way, connected with the brokers' Offices, and
the money issued hy these banks, instead of
being loaned to our business community at
per cent is brought into the shaving shop
and from ~ to 60 per cent is taken, and
yet we remain passive. The business man
complains for few years, and then becomes
insolvent and attributes his woes to the usury
system, but no effort is made to get rid of the
evil. And in consequence of the usury al,
Owed to be taken, every man-even those
not engaged in regular shaving shops-con'
tinues by every possible means to withhold
his money from industrial enterprise, ard
lends it at exorbitant rates
BY the passage Of such a usury law as
just contemplated, men of means would inn
prove the real estate of our country, farms
would be well stocked, and improved, me-
chsnics would find employment, and our
manufacturing establishments would receive
a new impulse.
Will these things be well considered by
the Legislators elect? We will see.