The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-03-08

tiOn is to resume" So says Salmon p, Chase
and we most heartily agree with him.
-
The Repeal of Usury Laws.
From The World.
Mr.. Richard H. Dana, one of the first lawyers
in Massachusetts,, or, indeed, in the United
States, and who recently resigned the United
States District Attorneyship, and accepted an
election to the lower branch of the Legislature
of that State, has signalized his presence there
by moving and advocating the repeal of all its
usury laws. Mr.. Dana has always supported
the Republican party, diverging from its pre-
cedents only when he refused to retain
Office under Mr.. Johnson. In commencing
his example, therefore, to the Republican
members who control the New York
Legislature, and inviting them to similar
progress towards freedom in trade, we can
not be fairly met by the reply that this
is the advice of an enemy. Mr.. Dana is one
of those few Republicans at the East who,
like many Republicans at the West-repre
sented and led by that able free-trade journal,
the Chicago Iribune-perceives that the death
of the Republican party will follow fast upon
its adherence to the exploded protection theo-
ries and restrictive, hampering, enslaving
legislation of former times. These obsolete
and exploded theories of legislation, of which
usury laws are some of the unremoved YES
tiges, are still stoutly upheld by the New
York Tribune whose creed is "All Rights for
ALL" and whose practice begins by denying to
all men in the United States that most funda-
mental right-to freely use their faculties, and
to freely dispose of their labor and the pro-
perty acquired thereby. With its party or
without it, the Tribune is destined to be
stranded while the river of progress flows on.
The repeal of fprotective tariffs, which forbid
freedom of trade in merchandise of various
sorts, and the repeal of usury laws, which for
bid freedom of trade in money, will be the
! future work of liberal and progressive De-
| mocracy, if those who are now in power shall
commit the blunder of leaving it for them to
! do. We are so much the less concerned for
the future of the Democratic party than for
the enlargement of liberty, that we shall re-
ioice if the Republican Legislatures of New
| York or of Massachusetts deprive their anita
gonists of this opportunity of renown. Pro-
tective tariffs and usury laws are a disgrace to
any free and enlightened community, unless,
indeed, they are the proof that the community
is neither enlightened nor free.
! For long wears now, the wisdom of COM
! mercial entranchisement has been an axiom in
! the science of political economy, and demon
strated fact in the financial history ofthe fore
most nations of the globe. Yet ignorant and
]
are able to retain their following whilst they
repudiate the veriest aXiOms of freedom and
of political science, and are needless of this
published experience of contemporary nations
Take the case of usury laws. Since the
year 1887, when Jeremy Bentham wrote hi
thirteen letters in behalf OF the liberty o
making ones own terms in money-bargalns-
which were collected under the title "Defens'
! of Usury: showing the impOlicy of the presen
. on tbp farms of nppnniarV bar
! gains ns''-nothing has remained to be added t.
the discussions upon the subject. ILL
vindication of the policy of freedom wa
! complete. His demonstration Of the impolicy
! of restraints upon freedom was conclusive
Indeed, his first proposition-that mo man o
ripe years and sound mind, acting freely
and with his eyes open, ought to be hindered
with a view to his advantage, from making
such a bargain, in the way of obtain
ing money, as he thinks fit; nor (what i
a necessary consequence anybody hlndereC
from supplying him upon any terms he think
,roDer TO accede to''-had itself all the fore
of demonstration, and threw back upon hin
the onus of devising arguments IN behalf o
laying restraints upon such liberty; ana III
arguments for the prevention OF usury, o
prodigality, of indigence against eXtortlon, o
simplicity against imposition, and for the re
preston of the temerty of projectors, include
all that has been forCbly argued Tor usur,
: laws, as his arguments against them includ
t whatever has been well said upon the oPposlt
10 side from that day to this.
4 Mr.. Dana pleads that usury laws do no.
protect the borrower, but oppress nm; WnloI
= Is the first of the mischiets ana ulstresse
e pointed out by Jeremy Bentham. Mr.. Dan
Il urges that usury laws ''lead to eyasions, un
> demanded work, and chicaneries, as Jerem
y Bentham had shown "the corruptiye influence
exercised by these laws upon the morals
y the people" And while the latter congratu
IS lated himself ON the perfect ineficacy OF usur
y laws in 1884, the former is able to say to TN
is Massachusetts, Legislature that 'public sent
lie ment no longer considers it crime to len
e. money at high rates." and to appeal to tn
ly example OF England and Holland in proof
al the go9a results OF expunging from IN
p. ties of a crime which no man of Intelligent
to believes to be less than his harmless and pc
a feet right.