The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1869-05-04

No ono can dispute this! Is there de
ficiency of capital never more than now,
and this state Of affairs has been fearfully
on the increase, particularly since the
war, money on the other hand is abun-
dant, though all cry hard times. The
excess of government securities and ma
tional bank notes above the actual bust.
ness necessities of the country as shown by
the inflated state of the currency prove
this. A corresponding increase of the
rates Of interest must occur, or money
does not retain an equilibrium with its
representatives, Real estate pays ten per
cent on money invested, or the induce
ment to invest is hazardous
We are informed that the Mosaic law
prohibited the Jews from taking interest,
but that it was permitted to be exacted Of
strangers is proved by Deut. XIII, 20,
Lev. xxx, SO, Prov XVIII, 8, which
is conclusive that the taking of usury or a
reward for the use, for so the word signi>
fies, is not nldl,tm IN Sc.
The canon law prohibits the taking Of
interest, chasing it as mortal sin. This
is not surprisingly that age of the Plough
and Sword money was not merchants
bic commodity then as now. The hon.
orable and chilvaric profession of the
sword rendered money loans exceedingly
dangerous. The continual war, offered
extra inducements for borrowers to abs
scond or convert their property without
the knowledge of the lender, if pressed by
exhorbitant rates.
1t is very easy to see how in that age
when money was but secondary consid-
erarion, that the popular minds should
become imbued with this sentiment.
But there appears TO be no foundation
in natural or revealed religion inhibiting
a man from realizing profit on his
money as well rs on any othor property.
If A, for the use of horse and buggy,
worth three hundred dollars, for one day
pays four dollars, is not this usury as
much as it would be if the same be taken
for the use of the same som in money for
the same time. There is hiring in both
cases, as to the correctness Of this princi,
pal in a legal point of view, reference
may be had to Ord on usury, %; 4, wend
R679.
would not agree nor strive to sustain
the theory that no limits should be fixed
in any case for the use OF money. This
would evidently be injurious. The avar.
icious desires of some men wonld lead
them to a severe oppression Of the poor
and needy in some conceivable cases.
But hold that custom and the equalizine
power that the article money possesses
should furnish the guide to legislative
enactment Remove all legal restraint
for two years and the settled rates then
observable for the use of money in differs
ent cases, would indicate Enthusiastically
its real value, In the Athenian Repub-
lie. Solen is said to have permitted par.
ties to regulate the rate of interest by
contract; but De Paw observes ''that
usage finally fixed the rate at twelve per
cent, in certain cases, and eighteen per
cent in Others" Grotius believed that a
reasonable interest" onght TO be allowed,
as to what constitutes this reasonable
interest must be regulated by necessity,
by circumstances, society, commerce and
country, and the manner and kind OF
business transacted, for what would suit
the demands of one people will not SUIT
the demands of another differently stua
ted, nor will the rates of interest in an
inland, be adapted to, or satisfy the peo-
pie of II seaport city.
The late Henry Thomas Buckle, (who
was one of Englands brightest intellect $,
in descanting upon Aristotles purel .
speculative idea that no one should give
or receive interest for the use of money,
remarks: San idea which If it had
been put into execution would have pro-
duced the most miscbieyous results, would
have stopped the accumulation of wealth,
and thereby have postponed for an indei-
mite period the civilization of the world"
Thus upon Mr.. Buckles philosophy, an
active, commercial, prosperous, progress
sive nation or people, owe their life and
condition to rates. Just what rates socie-
ty and increasing trade will determine.
Instability may for time, by iti
furry, brighten the over scrupulous, and
fatten the avariclous, but the under cur.
rent Of popular sentiment and the inner.
ent regulativc power Of money itself will
regulate the rufiie caused by the tremu-