The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-06-01

= dIscn..ea &c qaes.Lon O inleFesl

WE discussed the question OF interest
and so-caIIsd usEY pretty fully last
winter Y;hen tbs matter, as practical
concern Affecting the vital interests Of
the Sta te, was before the Legislature.
Those Who, like ourselves, took pro,
grtssiy view Of the relations OF our
state . the monetary interests Of the
COUNT y did not sueeeed in obtaining
the co operation OF that body, bat that
they will succeed At no distant day is
too p lain To need argument, Their sue
csss Is a. certain as the operations OF
self interest and sslEprotection can
rake il. We cannot, II We would,
Iiere In West Virginia, drudge along In
the nut that The Old wheel made cen
ruEy ago. We must conform TO living
Influences. There Is not to-day State
the Union where usury laws have not
been the most transparent failures.
Especially has this been the case in
New YorE Whers the statute for the
regulation Of interest Is pronounced by
lbsCh4mber OF Commerce, in = recent
memorial 70 the New York Legislature,
10 be more stringent and severe than
any similar law known Of in the whole
commercial world" Il has been by no
means = dead letter, for il has strongly
tended not 70 keep interest within seven
per cent. bat 70 make the addition 70
that rate charged much higher than il
would have been with NO Law At all. As
il pot Il in the power Of the borrower
70 rob the lender not only ofthsInterest
agreed upon, bat Of all interest what
ever and oftbs principal itself, Lenders
pIaesd their rates sufficiently high 10
enable them to make their calling lu-
crativs Notwithstanding the risk which
they incurred. The Law operated a.
tRxupou honest borrowers, for the pur-
pose Of ipsuriDg lenders against loss on
loans to EaSeals. A strong instance Of
This operation OF the Law Is given IN the
memorial above referred 10. About
fortnight after the commencement Of
The uanic Of IS5T an association Of strong
lenders Was arranging TO 90 into yFall
street and relieve the pressure by loan
ing money freely upon a fair Increase
on the local rate; but the suggestion by
one Of their number Of the danger OF
the usuYy law, arrested the intended
movement, and the money market
bounded spasmodieaIly from one PEI
cent n month, to two, three and finally
nye per cent q month.
In this matter Of usury the English
government has Of late lnsde greater
progress than this country. She be-
gan TO relax her usury laws in 1873, By
providing in the renewal OF the charter
ofthe Bank OF England that the usury
laws should not be applicable 10 bills
OF notes payable at or within three
months afLsr date, or not having more
than three months 70 run. Four
years later this provision was
extended 70 bills and notes maturing
UithIng Twelve mouths, but It's opera
tior. was limited % January l, 1870. In
Iss7H Was made applicable 70 "con-
trnels .or loan or forbearanee Of money
legal rate Of interest unless Otherwise
stipulated. Several other acts we're
passed extending the time for which
the foregoing provision should remain
in force, and on the i0th Of August,
ls56. the usuEy laws were totally re-
Pealed.
The abolition Of usury laws was agf-
tnted In this country before the earliest
Of the British statutes looking to thai
end, but Massachusetts, has been the
hrzt STATE IN the Enion to repeal its
usury IaHA, and the act by which she
has dons 50 does not take eject until
the Hrst day Of July. The act retains
six per cent. a. the legal rate Of inter
eat when there Is no agreement; and
makes Il lawful ito contract, 70 pay or
rtceivs discount at any rate and TO
contract for payment and receipt Of any
rate Of Interest, provided, however,
that no greater interest than six per
csntum per annum shall be recovered
in any action except when the agree
Inent 70 pay such greater rate Of inter
est Ia In writing"