The Portland daily press., 1867-02-12

The House of Representatives at Augusta is
very conservative body. 1t has not only re-
fused to amend the marriage laws so as to make
valid marriage contracts between persons OF
different races, contracts which one of our own
Senators has taken the responsibility to sol
emnize ON occasion, but has also refused to re-
peal or amend the usury law. Mr.. Atkinson
OF Embden appears to be the leader of the
House in this matter of keeping obsolete laws
upon the statute book. AT least he was the
principal speaker on both occasions. 1t is
| rather hulniliating when Massachusetts has
just repealed her usury laws, to find a Maine
{ Legislature SO Obstinately bent on maintain
ing policy as wise and useful as would be an
act requiring the sun to rise at six o'clock all
the year round. We give below the arguments
on both sides; '"- '' ''''"
Mr. stetson Of Bangor said that he was un-
willing that this question should come to a
vote without something being said upon it. He
regarded every usury law as a humbug, a sham
and am imposition There are various kinds of
neutrality-suspicious., political and legal. This
Is legal humbug 1t purports to do what it
does not do and cannot do. 1t processes to pro-
tect the poor man from the grasp of the Shy
lock. 1t processes to encourage the young man
in his efforts to improve his condition. 1t does
neither. 1t is based upon the false assump-
ton that We are not able to look out for our in
terests regarding money as much as when we
purchase other goods. We can protect our
selves and should be allowed to do SO. We
claim the right of minding our own business
and governing our own affairs. We are not
children to be watched. The Yankee is shrewd
and knows how to make bargains as well for
money as other articles. Usury laws are based
on the old theory that the masses of the people
need to be governed and that the few should
in. We claim to be democracy and not an
aristOcracy. bil7s 3Al - il so h5siej 90
? This is not simply harmless, but it is an in
genious humbug. 1t is injurious to the very
persons whose interests it proposes to protect.
Instead ofregulating anddecreasing the rate of
interest, it serves to increase it. That the law
is continually violated is well known. and ev.
cry one who lends money at a higher than the
legal rate, knows that he is breaking the law,
and that he cannot lawfully collect it. Such
risks increase the rate of interest The law al
so keeps from the market the money of such
capitalists as are restrained by conscientious
scruples, from taking more than the law al
lows, and thus competition is discouraged and
the business OF money lending is placed in the
hands OF unprincipled and soulless speculators
The sharpers do not ask for the repeal of this
law. 1t operates to- their advantage They
are enabled to get higher rate in consequence
OF its remaining on the statute book.
Again he was opposed to the retention of
this law, because it does not recognize the dis
tinction between good security and bad In
the great money markets, loans can be obtain
ed with good collateral security at six per cent
A good endorsed note commands seven per
cent at present, while on notes with less secur-
ity money lenders can obtain from nine to ten;
but our usury law assumes to fix the rate of
all classes of people at the same figure.
In another respect the law is humbug. 1t
pretends to a moral influence, and to restrain
money lenders from taking undue advantage
of their uStQmprS Instead of this il has N
fact an opposite tendency. 1t holds out to the
borrower inducements to break his contract,
as 1t assures him that the law will protect him
in refusing to pay the interest he has agreed
to pay. 1t induces the lender to add an extra
per cent to his rate on account OF the risk he
runs and thus it is immoral in its tendency
both for the borrower and lender. 4
1t is a well settled principle of political econ
omy that all legislation in respect to money
should rest upon the same general grounds as
the laws which govern the sale of other arti-
cles, and what makes this so stupendOus a
humbug is the declaration that this article
which is constantly varying in price, shall not
vary at all. 1t intends and purports to say one
thing while its effect is exactly the opposite.
He hoped the House would set its face against
this obsolete and imperative law 3a Ed.
Mr.. Frye of Lewiston made some excellent
remarks ON the same side, which we are
obliged to omit. ,a. Laf s.ua.4..t. ....
Mr. Atkinson OF Embden, replied briefly.
ridiculing the idea that repeal was for the
interest Of the poor man. None such have ask
ed for it, The gentleman from Lewiston is
"Law Officer of the Crown" and he speaks as
lawyer He thought the greatest humbug of
this matter was that any should pretend to
advance the idea that any poor man will be
benefited by a repeal of the law.
The House was so well satisfied with Mr. At
kinsons logic that it Immediately proceeded to
vote against the proposed reform, yeas 56, nays
70, -F a.aI io .El 0l