Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1861-03-27
The way Banks evade the Usury Laws

eitectuai for evading the usury laws that
1T is not probable that they would give
one cent to have these laws ropealed.-
When the market rate of interest is IA
per cent year, the plan is for a mer-
chant to get notes discounted att per
cent for doublesthe amount of money that
he wants, the wholeto be carried to his
credit, on condition that he is to draw
out but falf ofit thu. i'll he gets $1,000
from the bank he pays interest on $40,
600.
The way the bank manages to have its
customers leave portion of the money
carried to their credit, is this. Several
merchants offer notes at the bank for
discount, and when they call to know
whether the directors have decided to
take the notes and pay the money for
them (atier taking out the intcrest,) one
merchant finds that his paper has been
discounted, while the offerings Of anoth-
er have been declined. The unsuccessful
applicant calls on the cashier and asks
lIilng--
Mr.. Chandler, why was not my paper
done to-day were not the names sutisfac-
tory"
The cashier replies, The directors
found no fault with The names, Mr..
Smith, but we haG applications for0,l Of
pur Gtrl. cr,,, G,,,y ,,l,so ,,,o,,,,,,
We're better than yours, and we felt bound
to give them the preference"
By the accounts being better is
meant that these firms have larger sums
to !he credit of their accounts, on which
they are paying interest, lut which they
have left witk the bank to be loaned
10 somebody else, thus enabling the banI,
to get dcable interest on its funds.
Most merchants living in cities, expect,
when they hire money, to pay the market
rate of interest but the obstruction of
! the usury LAWS work o serious inconve-
nience to borrowers, especially when
/ 4 potion df,hen' receltirnes, navnrg"lo
leave q portion with the banks merely for
the purpose Of eyading the usury laws.
We never knew usury law in any
community which was not system ically
ard generally evaded and the inconye.
rience and expense of the evasions always
fall upon the borrower S-ieatfc Amcr.
MEMORY or THE ELEPHANT A female
elephant, belonging to n gentleman at
Calcutta, who was ordered from the up
per country to Chittagong, on the route
tLi,her. broke loose from her keeper, and
making her way to the woods, was lost
The keerer made every excuse to vindi-
cate himself which the master ofthn an
imal would not lister to, but branded the
man with care,essness, or something
wors. for It was instantly supposed that
he sold the elephant. lie was tried toi
it, and condemned TO work on the road'
for life. and his wife and children were
sold for slaves. About twelve years af
, terwards, tins man, who was known to bt
a we'll acquainted with breaking elephants
was sent into the country with party tc
assist in catching wild ores. They cam'
upon herd, and this man fanced he say
p among the group his long lost elephant
n for which ne had been condemned HI
4 resolved to approach it--ncr could tn
strongest remonstranccs of the party dis
@ suade him r'om the attempt Havin
&, reached the animal, he spoke to her, whe
. she Immediately recognized his voice ;sh
n waved her trunk in the air, as token G
n sautation, and spontaneously laid dow
Q and allowed him to mount her neck
n She afterwar' assisted in taking other el
Y ephants. and deeoycd three young one
|, to which she had given birth in her al
sence. The keeper returned. and tn
q singular circumstances attending the re
! covery bein g told he regained his charac
Is te': and, as a recmompense for his ur
If merited suiferings. had pension settle
20 on him for life. This elephant was after
n ward in possession OF Warren Hasting
,g when Governor. General of Hindostan,-
X. PopuIur Natural History
hi CREATING GONG ON.-Some years ego
le game of poker was being played in tn
re nlace. Jim C was in il, ana durir
ne the game contrived to steal the four ace
e, and Law them on his knee, to be playe
at at the proper time The player who sa
ry next to him saw the move, and sIippe
p. th aces from their hiding place, puttlr
n four other cards in their stead. Whe
be .Jim's turn came to deal, he called on
Ks hands to 60 it blind. "i'll go over all
m YOU" " hen all were in deep enough
ey suit him, re reached for bis aces, al
&c brought up something else. Thrown
ol his c,rds on the table, in q tone Ut indig