The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-02-05
Usury Laws.

For tue Register:
See that the Legislature has repeal
ed, or is about to repeal these laws. |
regret this. This is no time for putting
the poor and debtor part of The commu-
nifty in the power of creditors and mon
ey. blenders.
Tho great argument about usury
laws from the days ofJeremey Bentham
to this day is what is called the mer-
camille argument" that there is a mon.
icy market, as we'll as a grain, meat OF
q horse market, or market for grocer.
les or dry goods-that money is like
grain or provisions or merchandise, and
"ought to be equally open and free tC
contract" | deny this. | deny that
there is any truc analogy between mon
ey and chattels or property, such AZ
wheat, meat, dry goods or groceries
The law gives special advantages tc
money; which it does not give or begir
to give to meat, grain, horses, cattle pl
other property.
For example, cattle. hogs or groceries
or other chattels, WiH not pay debts ex
cept at the pleasure of the creditor. II
| owe a debt must pay it in moPey.
may have my barns full of grain, my
fields full of choice live stock, or my
warehouse crowded with goods-but
my creditor says he wants the money
Here the analogy between money art
chattcls utterly fails. When the Law
gives grain the capacity or function, that
money has, then this mercantile argu
mcut may be good, but until it does, the
argument is untrue and unjust.
Again: The law creates, by its provis
ions demands for money, because by
positive injunction of law, the creditU
can be compelled to take for Judgment
or other debt, n-thimg but money. Let
the Legislature grant, that grain, gro
ceries and horses and other property
may pay debts. Then and not before il
will be true that there is in an Hcqudl and
Just view-a money market like the one
for meats or groceries.
Again: The law does not give to gro
cerirs ur meat or 10 Il business a certain
value-but it does give an ounce or pen
ny-weight of gold or silver, or stamped
piece of Government paper called money
a certain known or fixed value-but thC
law does not do 80 with wheat, grocer
les, dry goods, &c.
Agais: III lend money the law give.
ME a remedy that brings me money
again. But if lend a horse or goods
do not as matter of right get back my
horse or goods, either in species or il
kind. The law gives to money many
and great qualities and advantages il
gives ito nothing else.
Again: The law, by its magic power
turns all broken contracts and wrongs
into money, by giving the right to sue
and get Judgment. How literally true
lis it that it is money (and nothing
else) which makes the mare CO."
Again: The law says an ounce Ut
gold is worth twenty dollars. Why
may it not also justly declare how much
a year the use of it (Which is interest,
Is WORTH Esr ~
believe it is the money men aud nc
one else, who are anxiously seeking tc
repeal all Usury Laws. am sure it j:
not the people, who want them repeal.
ed. And am still more sure, that this
law ought TO be called law "to iHcredS,
the legal rate Of interest" Hereafter il
will be ten Fer cent-in six or eigh;
times out often-uiark the prediction.
Asain-This law as Published in the
REGISTER is deoeptire-aud works more
than is intended. Look to it-see what
our thousand and one newfangled cor
porations are after. An OLD FoGY.
n. B.-if money is worth more than
at the rate of six per cent. Interest, why
did the State fix il at six per cent when
there is no contracti Aud again: II
money, or the use of it, has no certain
value, why did. the Legislature fx. 4
rate Of INTEREST," If lend wheat or dry
goods, the law does not say what returu
shall be made, if the borro wer is in de.
Fault