The Union and journal. [volume] (Biddeford, Me.) 1858-1882, 1869-02-12
rHsU sURr Law.

A bill has been presented to our legislature
proposing to repeal the law which fOroids the
taking or collecting Of more than six per cent
interest Il was voted down in the House, but
khcre are indications that the vote will BE re-
considered, and the law repealed. Weare sorry
that proposition Of such common sense rs the
repeal Of the usury law, did not at once receive
unanimous endorsement Of the legislature.
Thst law is efeminste and ridiculous. IL as-
sumes TO command when il Is absolutely certain
that none obey; it attempts to regulate matter
Is impossible Of regulating. as that Of the rise
md fall Of the tides, thereby bringing into dis
rrdit the name OF law, and bringing odium
upon it.elf The opposition to its repeal rests
the idea that somehow the law fOrbidding the
Issing Of more than six per cent. interest, is
bene6, to the poor man, but in what manner,
and why, we have never heard explained.
First. money being property. isgovernedby the
rules which govern all other kinds Of property
ht is commodity like corn or day 'slabor, and
Regulated by the same lsw-that Of supply and
Elemand. IfAb allowed to sell the use Of his
pxen one day for three dollars, there can be no
reason produced why he may not sell the use Of
)is one hundrcd dollars, one year, for seven dol
lars. or any sum he can get for IL.
secoudly-ihe law fixing the rate Of interest
is rs impOtent as the POpe's bull against the
comct-.an utter impractieability which can nc
more be enforced than lsw fixing the price Of
h days. labor and the cause Of its imprsctca-
bili,y is specific reason for its repeal. because
,he people have found that business cannot be
carricl on in conformity to its provisions.
Thirl-in no respect is the law benefit 70
the poor man. HecannOt obtain the loan OF
dollar in this or any other State for six per cent,
land he never will be able to until money Is
worth less in the market than IL now Is. Other
states have repealed this foolish restriction. the
~. s. Government have set the interest price
above six per cent, and As n consequence, capi'
talists, large and small. send their money out Of
the State, Instead Of loaning il within the State
to encourage. promote and protect home indus
tries, thereby. to q greater or less degree, de
plcting the pockets Of every laboring man in
Maine.
Whatever may be added in urging It's repeal
either Of the reasons given are sufficient. II
cannot be shown why John Brown, being OF
lawful age and sound mind, may not contract 70
buy Of John Jones his yoke Of oxen and pay
for them whatever price may be agreed upon,
and no more can il be shown why the State
should step forward and say that the said
Brown may not contract to pay whatever rate
Of interest may be agreed upon in buying Of
Jones the use Of his capital. We hope the
House will join the Senate in striking this law
from the statute book.
Since writing the above we have received a
copy Of the remarks Of Mr.. Cunning Of Ban
gor upon this question. II illustrates point
above referred to:
.IIIe said he hal learned from the Bank Com
missoners Of Maine that there Is not q bank in
the State but that totally disregards the law as
| il now stands, and il seemed to him, aud he
though. every business man could not TAIL to
sce that the law is u deal letter. A great deal
| II talk has been made about injuring the labor
ing man. His friend Palmer from Bangor had
risen nom poverty TO wealth. and by the privi-
lcse Of paying nine, ten, fifteen or twenty per
cent. to pay of his hands that he had in the
mills and woods. Did this injure the poor man
Not nj all.
lie recollcctci once when he with others was
building railroad, and had . thousand men at
work for him. A months pay being due, and
being disappointed in receiving some money
which he had expected, he went into the mar
ket and hired $4,000 ut eighteen per cent,
with the exception Of small part Of IL, for
which he gave twelve per cent He asked any
man in the House II the laboring man suffered
by that transaction! lie thought not.
II cannot be winked cut Of sight men will
hire money and pay what they please. There is
not bank in Bangor but that violates the law;
and il was for the 80 reasons that he supported
the BILL lie wanted 10 see the Law conform To
the advanced age in which We live"