, 1869-08-16
THE USURY LAWS.
The New York Bankers Engaged ID
the Recent - Lock-Up'' OF Green
baeks-TneIr sentence for vIolat.
ing tho Esury Laws,

The New York Bankers Engaged ID
the Recent 81 Lock-Up'' OF Green.
baeks-TneIr Sentence for vIolat.
ing tho Csury Laws.
TIE telegraph has mentioned the fact OF .ht
recent sentence OF eight New YuEI bankets, By
Judge cardozo ior violation Of lie asury law.
to which they plead guilty but The ercuutstAnces
tf the case arc OF Sufficient intereN to warrant
| The names OF the brokers and baote1s whc
Knight. David n. Morrison, George Pnlpps, Rus:
Charles l. Macy. Their counsel msde aguments
TO the conrt ID mitigation OF sentence, principally
based on the Idea That the usury laws lad been
| obsolete for thirty years. and that tie mouey
| oaned did not belong TO the Defendants: they dii
not get the entire benefit Of the transaction but
e"sed ~ q nit o. ine bs
repaid the extra rate Of interest charged. II Is
also sad that over $eo,o0o be loaned at the rcgu-
lar rate OF interest on the day he was said TO have
ash ed an extreme percentage, and that but one
transaction OF ~, coo had been made by hin 81 an
unusual rate.
But all this aid rot nratL Judge cardoZo said
he had given due weight to all the considerations
presented, and had modified bis v1eFs to solne
extent. But still, he went On:
:. While this may Mitigate, It des not excuse the
crime. have no f14nt TO say that N onrnre.
even though II be not malum n h, Is usEal and
may be overlooked, while the Legislature. though
several 11Nes INVOKED has refused to repea! the
statute aud has declared It SO important and 50
r1ous that Il snlo!ned . duty upon ere7J Judge
lJ to charge the grind Jury 10 inquire as 70 la
eomuka0p. The trnih L. violation Of tuis statute,
tke anything else wh,en Iae iaE 6eoou.nases Is
not be legally crime OF else i she2lt be treated
as such. These vJeTs, together with the crest
evil which was near being accomplished BY
the recent combination to lock up money, except
st fnghtful rntes Of interest, threatening bonk-
rnptcy 10 very many commercial houses, and
great d!sires5 TO the great masses Of the commu.
nif
averted by tbs timely hearkentnE Of the grand
Jury the Inhsructtons OF the Court and tho pre-
= G.
my duty to impose such sentences, discriminating,
OF course, according 10 the Information which 1
circumstances OF each case before ms As will op-
crate As m admonittan against future offences N
this dcecrtpt!on. IN other words. on this occa-
sams Eime, dinertoR from the estimate OF the
eject OF the EespectabilitJ taken BY one OF the
Of the defer danis have 20 imDanity from punish-
mcnt when they violate t be law"
The Judge then proceeded 10 pass sentence he
imposed ines On Elk OF The brokers, varying Ia
amount from $3.50 to $50 on each Indictment
Russell Sage IN addition to fne Of $50, got i've
days in me CITY Prison. on tie ground shas be was
lock Cp money, and thus Increase the rates OF tn
Ierest Nr. Georve Waits, because he Bueert4l at
the power Of the Court, and for the further reason
to get hlm OF, Was ordered to pay nne
Of $50 and 20 10 jail for tcn days.
EFFECT OF TIE HENTENcEA
The delivery Of this decision, sentencing severnl
OF The prisoners TO confinement In tho Tomba,
brought terrible conBternatton on both prisoners
and counsel Rs neither had anticipated such puu-
tFhncDL The sentences werr commented upon
Aotto rpct BY the lawyers and friends Of the prison.
e.r. Mho expressed 'heuseires in rat1oas ways,
~ : an outrage to send gentleman to that
horrible pt1Rop-"
HWho ever drcams the thing wonld end this
':Why don't the otlcers take the prisoners OF
to the 1o1pbs, and not keep them hero melting
under the gaze Of this crowd :"
\ Prisoner. ~ would Eather g1vesa thousand
dollars . DAY than be taken on there"
"Why the hi didn't Jou stand lour chance In
3 trial. then:"
"Its horrible :"
"Get Mr. Woods,
ACnll the Judge back" ...
'Aek him to double the inc on every count, and
let a. pay II and get away. For Go0's SAFE do!"
Judge Cardozo, who had retired to his private
or11ce, was called back, and long convcrest,on
followed between him and the District Attorney,
and the counsel for the pHhOuera, but the aspect
OF Affairs was left unchanged, and, tho Judge hay
Ing retired again. after long md painful ranse
we're conducted from the court, while those who |
bad simply been nBed stepped u7 and presented |
Lhetr checks to tho clerk OF the court |
This Magnificent DISPLAY Of the blindness OF |
New York justlce 10 wealth. social position and |
Ia boneWhat burleFlued BY the f6ct tel
egraphed yesterday morning that, although Aen-
fenced on Tuesday morning, tho usurer1 had not
,ecn delivered into the custndy Of the prison an
hortlics at d lsse hour On Wednesday evening