The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-04-28
LITER AT u r E.

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Murray. Philadelphia: J. B. Lippincott & Co.
To call the work before us the "Hlstory of
Usuryn Is almost misnomer. It partakes of
the double character of a sketch of the growth
of that "penal offense," and an elaborate de-
tense Of the propriety OF allowing its exercise.
From the opening page to the extremely compre-
hensiSe and useful index, the whole aim of the
author is to justify what ancient laws and popu-
lar opinion still pronounce an extortion. We
would not be misunderstood on this point. Mr.
Murray takes the pains to give us clear detni-
tion of both interest and usury. To give. his
own words;--"Usury is defined by Sir Edward
Coke as "a contract upon a loan of money, or
giving days for forbearing money, debt or duty,
by way of loan, cherisance, sales OF wares, or
any other things whateyer;' and may be stated
in other words to mean the letting 0utor lending
of ones property of any kind to others, and
taking or contracting for an eIoTbttdnd return.
Interest, on the other hand, is differently and
well defined as q certain, fair, and legal profit
which the lender is to have for the use of the
thing loaned Thus interest and usury are
entirely different"
But after having thus given us the clearest
possIble declaration that while one is an extor-
lion the other is lawful gain, the writer pro-
Ceeds to defend both with equal vigor, and, what
Is more remarkable, uses the words throughout
his entire work as though they were synony-
nous. Thus on page II we ind:-"But event if
it was as the writers first alluded to have con-
tended, it may be urged that though the Jews
were thus enioined from taking usury from their
brethren, yet they were expressly permitted to
take 1t from a stranger. And then we have an
Inconsistency not easy reconciled; for If the
L - ,,Nt
have been permitted under any circumstances
whatever, and we are therefore left to infer that
the taking of usury was not contrary to that
moral precept or natural law which existed be.
fore and survived the legislation of Moses
And the heterogeneous mingling of the two
terms, here 80 apparent, is preserved throughout
the entire work. We are at a loss to understand
whether It was really Mr.. Murray's design to
write defense of usury (and we use the word
with his own defnltion), or whether he has
fallen into the error of the old writers, with
whom he is familiar, and accidentally con-
founded what is universally recognized as law
fui with what both humanity and justice alike
protest against. Whatever may have been his
intention, his work, to an unpreiudced reader,
appears to be defense of the Jewish crime
of extortion. Occasionally we find the author,
In his ardent enthusiasm for his subject, make
use of arguments which will hardly bear the test
of logic. Thus, speaking of the New Testament
avoring usury, he says:-"And it was of them
(the brokers of Jerusalem) our Saviour spoke in
the parable of the ten pieces of silver. Now it
is not likely that the Divine lawgiver would
make sinful practice the medium OF instruc-
tion in His heavenly precepts." When 1t is
called to mind that our Lord stated that "the
Master commended the unjust steward" in His
parable under that title, and on numerous occa-
sions, spoke of the evil of this world, as an exam
pie to give force to His preceps of truth we think
that the force of Mr.. Murray's logic will be
shaken. ". -
We would be doing gross injustice, however,
did we leave the impression on our readers that
the ''History of Usury" is a work OF small value.
1t is of 30 much real Importance as work of
reference that we place it permanently within
our reach upon our table. 1t is book to which
we expect to constantly refer. 1t covers ground
heretofore unoccupied. 1t displays vast
amount of familiarity with the Fathers, and the
chapter devoted to a sketch of interest iu
each, State OF our Union is of special value
That part which refers to Pennsylvania may not
be familiar, and we quote 1t entire:-
rate of interest, limited by thelfrst Colonial Act
was eight per cent, but the act of that date
reduced it to six per cent, and annexed tor
Seiture of the money, goods, or other things
lent, for taking or receiving more. This act was
repealed in February, 1705, and restored the
former rate of interest; but in March, l723 it
was re.enacted, since which time several amend
atory acts have been passed in 1856 57-5s-59, and
the existing law upon the subject of interest may
be stated as folows:-Interest is fixed at six per
cent, and any excess is not receivable, but may
be deducted from the debt. and where excess is
paid, it may be recovered back, provided the
action for that purpose be brought within six
months after the time of such payment; but
negotiable paper in the hands of bona fdt
holders is not affected, and commission merchants
and parties not residing In the Common wealth
may contract TO retain interest al seven per cent
upon balances in their hands. Usury laws dc
not apply to railroad and canal company bonds.
As each State has paragraph thus devoted tC
its laws, the geIcral value of the work can bt
easily appreciated 1t is printed in clear gooC
type by Lippincott, and bound in style a
once neat and serviceable
Miss MAJoRIBANKs. BY Mrs. Oliphant. Harper
4 Brothers. j. b. Lippincott Co, agents fol
Philadelphia. 4
For the past eighteen months miss Maori
banksr has been appearing as serial in Black
goods Magazine. For the first nine months O
IFS existence il was an interesting story. A
Young girl, LuciDa, fresh from boarding
school, arrives at Carlingford, and finding tn,
soc;atu of Cranpe Lane in a state of chaos de