The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-08-11
COURT or OYER AND TtnMiNsa,

Sentence Of the Wall Street Usurers-Some of
Tieu Fined Only and Others Fined ana
fnsrrisanct--is MARKS OF the Judge in Pass
Ing sca,cncc--The Court Room Crowded
viii the Bulls ana Bears and Money
Changers.
Before Judge Cardo2b.
ithaving become pretty extensively known that the
Wall street brokers who had pleaded guilty to
usury some few weeks since would appear before
the Court yesterday TO receive their respective SEN
fences, the spacious court room was filled to repe-
tion by o deeply interested crowd Of spectators,
the main portion Of which consisted OF the money
changers and capitalists Of Wall street. whose coun.
tenances evDccd the deepest eagerness In the pro-
ceedings which were about TO be enacted.
After the FORMAL opening Of the court, at eleven
O'Clock,
Judgment IN the several cases OF usury before the
Court. lie said before his Honor proceeded to the
discharge Of his duty he supposed each Of the parties
implicated would say something through their coun-
sci. either by affdavit or otherwise.
Mr. C. n. Potter, counsel for Edward r. Jones,
read the AFFIDAVIT Of that gentleman, which disclosed
that the defendant was q broker, that he did make
two loans OF money, as alleged IN the Indictment;
rover; that the moneys were the moneys OF princl-
pals, and the loans were made at the rate Of seven
brokerage OF onceighth or one-sixteenth of one
per ceut for procuring the loans; that If
ns loans sv so made are nra'Ons q the
to be; that, on the contrary. from his general
knowledge OF business, such transactions have not
only not been punished but have been regarded as
lawful, and he so supposed them to be; that defend
schemes for locking up capital or money. and that
SO lar rom having oppressed any one by his action
regarded Mr. Jones' action not only as blameIes Is.
but as favor. Mt Potter then proceeded TO show
that the offence committed IF committed at ALL was
purely O technical one, and as such deserved either
q very slight punishment or no punishment at ALL
,,S Mr. Barrett who appeared for Messrs. Mowes &
almost similar state Of facts.
fhe counsel assoc lated with Mr. Barrett then pro-
court He sad he had nyessatea the ease wine iie
considerable care, and had come to the Conclusion
that these accused parties had perfectly legal de.
fence to this precautionary, that they even had
defence upon the merits. There were three Classes
OF individuals in this and In every other civilized
tanned the belief that money should never produce
interest at all. Tie second was the class which
was In FAVOR OF what was called q moderate com.
pensat.on reasonable reward for the loan ana mse
OF money. And the third class was that which was
Spp0sen 10 any restriction at all upon the profit to
latter class was supposed to be In favor Of what
was known az nsrry. Counsel here read from
these men df crime 1t was was technical Crime.
The Court should consider 1t as such, and In that
view Of the case administer only nominal punish.
ment 1t was true It was legislative violation OF
no immortality or turpltudc or baseness whatever.
Since 1880 IN this State it had been a misdemcanor
70 sSe interest," s greater rate than seven per
vision empowering the court to imprison for one
year end also to impose a One Of $3.50 for this Of
prisonment 70 six months and Increased the fine TO
$1,000 Counsel then went on to argue at great
thai Tor nearly thiryni years no acton had Sees
!eken py the courts against what was called usury
MI. North, having read an AFFIDAVIT Of George
phipps (anothcr OF the parties impcated almost To
the same purport a. those which preceded it.
10 the court urging that as long statute against
existed the law books OF the State il oucbt
to be respected and she parties violating 1t should
JUDGMENT OF THE COURT
Judge Cardozo then proceeded to deliver judg.
ment as follows
counsel the though differ IN soms re-
Iris very careful cohsdsssiop - have
ibis . the ar. se,ou o ioos osrod sf c
x" n AND s. az:
sis Ms K:
crime and I have right say that an offence, even
r = v :Sd T ::
1s and SS.
e sasS % 'ss .s :. y . ss%s'
odou. Either should not legally crime or else
should pe treated e sueh These views tosshsr With the
:: iocn uP money s1cspt q fngh ras Of
Ss m ny q X
lab6rng and the cassss-only avsrtsd By The
hs Court and the rre.cnimsn ~ them Of these
dy 70 impose such Of course ID.
cordins 70 the Information which have scrsfuly Snsav
me- e WI Spssss As IN sauoapsn asafns vsuss oness
clsdSd - follow and such 10 ne sentence Of |
the Court -Adw.rd Jones the nrs 70 plead guilty
ana he exep1e doubsss nnsncpd Of the others th
saxns nrss pSSS time labor and s.Rsnsa nne Of ya
David horrison and George PiiQ followed him speedily
with pieas OF guilty, and Informed tha4lRsy sre MOI
0se on lenders against the law. Of 80 each ID i'm
possf upon them kmsnuel keight voluntarily into
arrss vas executed, and tn1m sdatsly psaded env ia