Evening star. [volume] (Washington, D.C.) 1854-1972, 1868-02-06
~ RI LAWS.

Mot business men assert that by the enact
hsnt o. laws restricting the rate of interest
business l. FRUSTRATED and enterprise crIppIed
and think that the trade in money should be- a
iTee rs that IN tea, sugar, flour, provisions dry
goods, and other marketable articles. They
'idim that the laws of supply and demand
lone should govern the rates at which money
l. loaned or exchanged. Tn" subject is being
considered in several OF he State Legislatures.
and ha- been brought TO the attention of Con-
cTe~- by Trading business men in this District,
- wc have stated heretofore. II has been sup-
gr-i"d that 30 far rs this District is concerned,
'Chcre>s should merely repeal all laws i'm
lo-!ng penalty for charging higher rate of
interest than six per cent. This would hardly
accomplish the object IN view. Six per cent
Vctlc stili be considered the standard. and the
leaning Of money at higher rate regarded as
di-reru'able. even If no longer Illegal. The
advocates of a change in the laws desire the
removal Of all restrictions. 80 rs To leave
abr tTafc in money untrammelled by
any legislative eu5ctmentS whatever believing
4, VIII result in good. and that business men
VIII b. able II that j. the case. to obtain tempo
raTy accommodation on more favorable terms
than a. pr sent In the financial centers of the
country w know th1t the legal standard il
uuility. and that The rats for money fluctuate
from day 10 Day, as do the prices of stocks,
bonds, merchar die, &c. A. these varying
rates are g'L'rally below the arbitrary legal
s-SEda:d no great harm results, but il would
D. difi,rsnt If they were above 1t. The repeal
in@ oil. blch the Georgetown Councils desire
t"Esie-- 10 pass, and which is understood 10
NEST she approval of a majority of the Board
~ Trad IN tins city, enacts:
i lat from and after the pas are thereof il
my tr Ia"iul Tor any person or persons. or
a.
al able III law OF contracting, 10 bind himself
1ti~'h Cr themselves IN any note, bond. or
ribeT WIlii' obligation. 10 pay unto any ether
Peg on or rr>Cn-- or bodies corporate. such in
O. ret o. Usance on or for money or other value,
TrPr -eIt' q by such note. bond, or other writ
''i ctii-ailon, n The parties contracting may
;ri'r upon. And thar 10 NAV be- lawful for the
OvTCT If such note. bond, OF other written OBJ
hg''ion' 70 collect and receive any such inter-
o-- or U-ancs.~
The secOnd section repeats all conflicting
lgWS.
We r ieTTsd a day or two since 10 the action
C the Ohio Legislature on this subject. Yes
trday, IN the Senate of Maryland, bill was
reported 10 amend the law relating to usury,
30 n 10 provide that mo plea of usury shall be
hereafter De- arsl!sble in this STATE but II shall
u lawful to contract 20 pay OF reserve dis
CUUE; At any rate. and To contract for payment
snd receipt OF any rate OF interest: provided,
bOwtVer. that no greater rate of interest
iEsh sIN per Csntum per annum shall BE-
l'CONeTed IN any action except where the
aerstnlt 1t to pay such greater rate of interest
- IN writing: and provided, also, that this
att shall not affect any existing contract or
action pending or existing right Of action"
! he friends If this Maryland bill urge in its
favor that II free trade in money is Ieyalizsd It
a. NECESSARY that some fixed rate shall be Speci-
IL d as gal, where no contract is made other
wee unrnding contention and litigation will
rrNult- Another claus, which would seem to
b. ns cessary. is that which provides that the
act ii all not affect existing contracts