Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1859-11-22

DISHONESTY OF THOSE VINO PLEAD
UsuKY.-A contract made between the two
parties should be vigorously lived up 30, no
matter il it be losing operation to one and
/ great gain to the other. II a man borrows one
hundred dollars, and for the use Of that hun.
dred dollars one year, he contracts to pay
twenty-five dollars. he is in all honor bound to
pay it person borrowing money is suppos-
ed to know what amount Of benefit he 10 to re-
ceive therefrom, and what rate Of interest be
can afford to pay Tor its use. II the specula-
tion does not prove profitable one to him, it
is his misfortune. He has given his bond TO
pay the 500, with S25 added as interest, and
he should redeem that bond if he has the
means. no matter if by doing he is compel,
ed to make sacrifices. There may be cases
when it would he justfiable to plead usury, ns
when dishonest advantages are taken Of the
ignorance Of the party borrouin by the lend
er But when q man borrows money with a
full knowledge Of what he is doing, and then
pleads usury. he is committing an act degrad-
ing and dishonorable-and we might say dis.
honest-for he is breaking q contract made in
good faith We hear Of several instances where
men. heretofore occupying prominent posi-
tion, have plead usury They have done this
to gain time. perhaps, and perhaps with view
OF cheating the person Of whom they borrow.
ed the money, out of his interest. 1t looks very
much as if they borrowed the money with the
intention Of paying what they contracted to
pay, if convenient, and if not, shirk the respon.
sibility Do these men know that by pleading
usury they forfeit the confidence of that class
Of men who make it their business 10 loan mon.
ey, and by forfsiting their confidence they
place themselves in q very awkward situation?
They can never hope to receive pecuniary &c.
commodatiOns again; for men do not lend
money to those from whom they cannot hope
to collect it. The credit of those individuals
who have AIKEN advantage of a statute, to get
rid Of aging high rate of interest, has leen
fatally stabbed. They will be looked upon
with suspicion by ali classes Of business men
and even the attorneys they employ TO assist
and advise thers, will not take that interest in
their suit which they would if engaged in
cause with justice on their side The usury
pleaders will repent their acts when too late
Money. like everything else, is high low
priced in proportion to the supply. Hthere is
not sufficient capital in country to con duct
its business, then the rate Of interest will range
high but if, on the other hand, there is sur.
plus, then interest will come down to ve,y
lny In how
but little capital of our own. Our busi
ness is mostly conducted on foreign capital
Men come to the West, make large investments
on which they pay small sum down, relying
on the rise and sale of portions of the property
to pay the balance. Ifthey cannot dispose Of
the property at advanced figures fast enough
to meet their payments, they are compelled to
borrow or sacrifice what they have already
paid They usually prefer borrowing at high
rates OF interest, hoping for sufficient rise in
the property to more than ray the interest
The money they borrow, for the most part be-
longs to eastern men, who have sent it west to
loan on commission; they receiving ten per
cent and the balance goes to their agent. If
then, there is a scarcity of money, the agent
pockets snug little sum; but if the market is
glutted, he is obliged to content himself with
email commission. Unfortunately, the market
is seldom ov erstocked, and consequently inter.
est ranges at a high rate. The class of men
who borrow most Of the money at high rates
of interest. are those who are greedy to possess
large quantities Of real estate, and SO anxious
to acquire it that they will purchase large
tracts Of land adjoining their homestead, and
then mortgage their ~hole possessions to secure
the payments ON their newly acquired laud.-
Others who have purchased land and paid for
it. will not sell although the prices offered them
may be more than it is actually worth; but they
will borrow money at high rates Of interest to
pay the tares, which interest accumulates much
faster than the property rises in value. For
this class of borrowers We must cay that We
have but little sympathy. They do not appear
to look beyond their nose in the future, being
blinded by their sel6shness and q desire for
gain. A practical lesson is the only thing that
will bring them to their senses. Some of them
have had their eyes jerked open very uncere>
moniously.
We do not wish it understood that we are
apologists for those who let money at usuriors
rates of interest. We think that the high rates
Of interest Eaid in our State is ruinous to its
business men of all classes. There is no bust
ness under the sun that will afford sufficient
profit to warrant the paying Of even ten per
cent for captal to conduct it. 1t is merely a
question Of time with those who pay ten per
cent. for money to carry on business. They
must sooner or later suspend, il they do 10.
gitimate, honest trade. Their profits, if they
have any competition. will not amount 10
much more than the interest they pay, and ex.
penses, losses, ETC., have to be paid out of the
principal invested. It would be much better
plan for our merchants. farmers, and other
classes Of business men to close up their offices
and stop at once, than to borrow money at
rates Of interest which is sure to ruin them
Adopt this course or some other. but for Gods
sake do not stoop to plead asary'
A ANuIsANcE.-Wet think law should
be passed exempting editors from serving on
jurys and from being subpenaed as witnesses.
1t is great bore to be obliged to hang around
Court room all day, with knowledge Of the
fact that six or seven competitors are waiting