The New York herald., 1867-03-15
SHALL We REPEAL THE usuaY lAws'
TO THE EDITOR OF THE HERALD.


The question Of abrogating all laws regulating the
power Of money to increase itself by interest lately
been agitated in West Virginia and North Carolina and
is now introduced by Richard H. Dana into the lower
House Of the Legislature in Massachusetts As the record
cd opinion Secretary the Treasury also in favor
OF such abrogatiou It win do no harm to examine the
subject little through the columns Of the press
perhcia view Of the question might lead the public TO
endorse the claim Of money to increase itself by inter-
est, simple or compound. at any rates which may be
agreed upon by the parties interested yet history tells
that almost all civilized nations and modern
have found It necessary by to limit SIMPLE and in
most cases to absolutely forbid compound interest
The right Of money to increase per e. by interest,"
is in itself disputed by many authorities. Not few
Legislators and many philosophers and eccIesiastics
have steadily denied It Aristotle declares that money
is properly only medium Of exchange, and that
IL should have legal right to increase except by
passing directly through some form OF labor" de-
by Mahomet the third and thrtieth chapters
Of the Koran. It IL thrice condemned by the laws Of
Noses is absolutely forbidden by that legislator
between Jew and jew Tho ancient Roman republic
forbade n the four hundred and eleventh year OF the
city of Rome Tho doctrines Of the Catholic Church
utterly opposed to any direct nsrset for money and
not few Of the popes have anathenatized IT, The law
which first permitted and secured interest for money in
England which was passed in 1645 and the foundation
law on which the system stands which was passed
in the reign Of Elizabeth In 1871 carry their own con-
demnation on their backs Tho Protestant bishops who
in both instances stcrnly and unanimously disputed
their passage werc ease their conscences permitted
to record in them their testimony that any taking Of
interest for money loaned was morta sin." The eml.
nent historian Charles Rolin calls usury or interest c
most prolific source OF human misery ~ and the learned
biblical photographer Calmei, docares II on no
law, natural, human or divine.
While no one denies the right OF money 20 increase
directly through labor many dispute the policy OF egai
zng its power to increase per Sc Is submitted that
sgpcop 70 that q wealth ITSELF which i was invented
to represent and 10 serve But this position IL has held
for the last three centuries In Christian nations;
that Il may be considered sanctioned by time.
II is also certain tnat the present fnan-
cal system has forced the intellectual physical pro-
iencc TiS would be praisewortby were Il unalloyed;
but there those who assert has been and Is now
Great Britain The army standard has BEEN decreased
twice in the last twenty years; and in Massachusetts,
moro than half the drafted found unit to bear
SO great Is this decenson that the last census
proves u 70 have affected both in Boston aud New York
tho natural increase OF those communities. In the
former the bihs scarcely exceed the deaths While in
the latter moro than third OF tho married coapcs a,e
childcsa IL Is true this sorrowfu state OF things may
proceed nom natural causes but has also been attri
buted 70 the dreadful results OF financial pressure upon
the people. Il 10 certain that the dead aborer money
whose power to opprcss is capable Of almost indefinite
annual rcturDs Of the labors Of the community thai
enough 10 not eft 10 satisfy the natural and artificial
rs9Srsmsnss Of t s last s served living competitor
portant question which heads this article n money
not armed with the force Of the law there would
bc no necessy 10 restrain 10 with the curb OF tho law
But - yet II does not hold that position. Proba-
bly, nine tenths Of the v0lumnous and complicated laws
acted 70 protect and sustain n nS Wcc sxs y ncor e
recy tsrmcdl the 'crsdt system" annlhilatsd (which
many bel eve TO be detrmcual to morality and danger
oNs to liberty and money aned mot recoverable by
LAW hen would be just 70 fre the money holder from
ssa tnmmsla f The ususy hws Spd lsavs IN hs hands