Tama County Republican. (Toledo, Tama County, Iowa) 1867-1872, 1869-03-25
TOLEDO; TAMA COUNTY IOWA. THURSDAY, MARCH 25 1869.

wheat or pork, and its price ought to
be regulated by the great law OF sup
ply aud demand, rather than by legls-
lative enactment. Money is worth
more at one time than another; more
III one place than at another; more to
zone man than to another; and to at
tempt to limit its price by any fixed
law and TO prevent a man from realiZ-
irg a profit upon it, is equally. as alb
sard as to establish by general act a
uniform standard Of prices tol mer-
chandise. goods, or lands. The disad-
vamages OF the usury law are apparent
to every candid, thinking mind. 1t
forces millions OF dollars to lie idle,
that otherwise might be employed. 1t
shuts out capital from thousand ave
nues, and establishes an inactivity in
commercial transactions. 1t destroys
thrift in every branch OF trade, by de
ssroylng that freedom to buy and sell
which is the soul OF commerce.
The tendency Of opinion now -a-days
is averse to those protective measures
which legislators are con tinuaily inau
gurating. forgetting that freedom is it's
own protector. II would not he diff
| ficul, to show how legislators, in every
attempt they have made protect
sGme particufar interests and uphold
some particular principles, have not
only ta1ed, but have brought about
! results Numerically opposite to those
wiich they proposed. Their laws in
iavor OF Industry have injured industry;
tseir laws in lavor OF religion have III.
creased hypocrisy; their laws to secure
truth have encouraged perjury; and
their steps taken 10 prevent II ury aud
keep down the interest OF money have
invariably resulted in an ,ncrease OF
usury and OF interest. For, since no
prohibition, however stringent. can DE-
s,roy the natural relation between de-
anAt.l and supply, it has followed, that,
when some men want to borrow and
other men want to lend, both partt,.s
are su,e 10 fri means OF eyadny 4 law
which interteres with their ual
rights. IT the Two parties We're l,tt TO
ADJUST Their own bargain uniisturb, i,
the 'u>ury would depend upon the cir
c'tmstances OF the loan, such as the
alnonnt ot security and the chance OF
repayment. Blu, this tural a. ralse-
men, mas been complicated by the IN
reference OF government. A certain
risk being always incurred by those
who dIsobey the law usuler, very prop
eriy, refuses to .e,il his money unless
he IS also compensat d tor the danger
ne IS III from the penalty hanging over
him. 1nls compensation can only be
made ny the borrower, who is thus
obliged TO pay what, in reality, is
double interest-one interest tor the
natural risk on the loan, and another
interest from the extra risk from the
law. Such, then, is the position in
which every legislature has placed it
seit. By enactments against usury, it
has increased what it wished to de
stroy, II has passed laws which the
imperative necessities OF men compel
them TO violate, while. to wind up the
whole, the penalty for such violation
tslis on the borrowers, that is. on the
very class IN whose favor the le2isIa-
tor interfered.
These are some OF the reasons that
induce Us TO believe that the Illinois
Legislature acted inconsislerately and
unadvisedly III dismissing so summari,
~ the proposition to repeal the usury
laws. II IS subject which demands
consideration ana thought. and n,sn 5
opinions thereupon should be modern.
and modified By, the most advanced
principles oi political economy and the
important, demands OF. commerce =
Chicago CeWser. a.sf aei; ste- g