Evening star. [volume] (Washington, D.C.) 1854-1972, 1869-02-19
THE ISURy LAW

THE t>URY LAW.
EDIToR STAR Action by Congress lu rela-
ton 70 the usury laws Of this District - de-
msnced on the ground OF morality. The thesls
that Congress has no right 10 continue In force
laws which, from the nature OF things, Hec.s-
sarily demCralize the people needs only 70 be-
stated. That this l. the fact m reference 20 the
usurN iaNs Is capable OF perfect demon
eIauon. No one who informed upon tue
supye.' Will 9nrsaoA The pr-nlse that no money
Il lent IN mas DistIlCt as low The legal rate.
except very small amount by th,. hNps, 20
th'r depositcrs or 60 a few others who naye
son epe,nai Slsim , upon them Let any per
son no 90 DIS this,St einpt 10 hire money a.
he Will Ind that the best real estat. 80
VIII be refused AZ double the legal rate Of
terest Ii M. DAVIS, any other profas
9 mlend OF the District. has money 20 losr
twelve per cent. per annum. on condition.
the same be used for improving the cat,
increasing lis taxable property, ne can n
customer who will give him uuquestioa
security, and bInd himself oy solemn PR
NOT 10 TAKE ad antace OF any usury law
tanning rom the STAB Office the address
writer Of this article. Loans are nego,iaf
TINS city every day for one or more year
high a rate as eighteen per cent. This
naked fact, and neither MI. Ds svis phlIoso,p..
nor all the usury laws IN existence can pre-
vent Il. The law Of supply aud demsn vail
assert It's power, although its appropriase M
nnence may De deranged by unwise measures
The only premise IN this argument ~ that
any statute which is continually violated by
those who are not vicious, is a source Of de-
moralization. This is an axiom N first prin- :
ciple, which mas always eeen admitted. and
patent 70 every once common sense A law
mat fails 10 subserye the purposes for which ~
was enacted 10 not only an incumbrance ppon
the statute books, but as Tar As IL has any force
Il positively injurious. The usury lave are
dead and buried beneath the clod Of public
sentiment but their ghost still stalks abroad to
friehten the umld and haunt the minds OF those
who reverence the powers that have even a
legal existence. ssCfod made man uprient M,
ne nas sought out many Inventions" Tne s.in =
veLuons" man seeks out In evading usury laws
certainly detract from his .uprightness"
IL must be apparent from these statpmen.s
the accuracy OF winch cannot be dIsproyed, ina:
the usury laws IN this District are productive
are only evil and that continually WILL nos
our distinguished friend from Kentucky in
terest himself IN the m0rdli,y OF our city.
Action by Congress relative 70 tue usury
laws of the District Is also demanded becsu~.
the people wish IL That the will OF the p.o-
pie should be- the law OF the land rs a proui-
nent dogma IN the creeds OF all political par
ues The professed guardian OF the interests OF
THIS Distinct recently made a very earnest
speech in the Senate IN advocacy of this very
proposition. IL ls the opinion OF those who
nave felt the public pulse on the subject ina
ninety-nine one sundredths Of the people OF
TINS Disinct are in favor OF the bill lately re-
ported by Senator Harlan. One gentleman
VINO Obtained ffty sgners 10 the petition for
the passage Of such a bill, was refused The sig
nature OF no one. and was surprised AZ the
unanlmliy and earnestness OF feeling ON ne
part OF those TO whom he presented az. Mos:
OF the signers Of that petition are borroy.rs
and are convinced that the actual rate of m
terest would be diminished b. the passage az
the bill proposed. The Washington Board OF
Trade and Common COuncil OF feorge,oyn
have appointed a committee 10 urge the nas-
sage Of Mr. Harlan's bill. The numerous .sub-
hcauons IN the papers IN favor OF this bill, o.
similar one, have elected no reply. No re-
monsiranee against the passage OF such biil
has been made by the people. although the sun
lect has been sgitated for a long time. Has no.
m l.h nf Fh. A. -.
and plainly enough Will not our friends IN
Congress listen 10 our request
Action by Congress an relation 70 the usury
laws OF TINS District rs demanded, because
these laws conflict with mans natural rirhts
In thls assertion the fact is not forgotten ma.
law As not license, and that all law ls a com
promise an which minor interests are sacr,ficed
ior the sake Of greater ones, and in which every
man Is required ID surrender some priytlere.
Tor the sake OF the public good. Bot at tna
,niI'eshs ue ~ Is ASSERTED that no legislation
lusuEable That abrIdges the liberty Of a man.
unless u ooes actually conduce 10 the good OF
tne public, and the test question 10 be- applied
IN All leeisiauon rs whether the benefits 70 re-
sut from % 10 those for whom it is Intended
Will exceed the evils. Now suppose a man mas
q lot OF land, and part money enough 10 buiId
rent and 10 .SSox ofuer nc 70 Avoid Psyins enoess,e
70 call bs own, ne feels thai ne can well az
iord TO pay fifteen per cent per amman for the
al Sn ne Leeds 70 erect house, and desires
ana as iuily competent 70 negotiate a loan
as 10 bargain tor a lot The law alloVad
MN 10 pay as much as he cnose for the
lot ano permitted the seller TO obtain tylce IA
value, but now when the SUBJECT OF borrowing
ana lending comes mp, the law SAYS TO the nor,
rover, however shrewd a man ne nav De- that
ne can pay only so much, and n he exceeds The
limit he Is law breaker, but AZ the same time
insults his conviction Of Justice by telling nm
tnat ne may 90 free with a reward obtained
irom any otner party whom he may induce ID
neceme an equal partner an his guilt Is law
mat tnns aorIdges liberty ana offers a bonus
for villalny productive OF greater good The
plea Is that the borrower must De pro,ected
from extortion. A common illustration Is m.
s ,oheWhg: a. holds q note against B. secured
oy oeed OF trust On his property. The tune
expires Is. has not the money A saws, Give
me so much or i will sell you ont AMI
IN The absence OF usury laws n is compelled 20
submit TO extortion. Now, Is AZ certain thai in
thls case A. would have agaIu loaned tha
money TO h Al The legal rate n usury laws
existed would not u. have the privilege q.
hiring OF some one else In either case Is
AZ not possible thar Il. would pe Obliged 20
sell his property at a great sacrifice on
account or the existence OF usury lawse Is
not mans duty 10 AVOID placing himself IN
suen situationf Are not most Instances OF
the kind occasIoned by some fault or failing OF
the individual for winch no Legislation oueht
10 De maoei And are not such cases 90 very
Few IN comparison with ehose in which usury
Jaws result disadvantageously as 20 jusufy
non -interference with the Law OF supply and
demand. However this may be. it must oe ad-
mltfed tnat the present usury laws do not keen
me rate OF interest down 20 the legal standard:
hey throw the borrower into che hands OF nm
.crupulous men, while they present 20 Mn in
ducements to dishonesty, and thaI the peo.le
demand tneir repeal.
Mr.. Yickers, r may be said that n name no
oigner Tate than six per cent, and therefore
does not directly TEND to encourage or eetaslisn
T. N. @.