The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-08-16

tfott ths hOVtGlEneo Journal .-..
1tbaetns that Il IL q crime In New
York, for which q man Is liable 10 81
indicted and punished, to lend money
A. a higher interest than seven per cs n
That city, TO he sure, has always been
the home OF every kind OF unscru On.
lOuS financial operation, and Very llt-
tie money has probably Of late bEsu
lent 80 low rs the legal rate, The
whole bus ness world has been indif
ferRnt TO the law, and has seldom had
occasion even TO think OF liz existence,
But there II stands upon the statute
book, and whenever q man has bor,
roWed anOLher's money In accorda nee
WIN q special contract 10 pay any
!hlnR more than seven per cent, he bias
hAd II Ia his power not only 10 void the
contract and keep the money, but also
TO htve the lender indicted and punish
Cd With doe and pris0nm0nt, This
has not often been done, It 10 true, but
Il ID the liability under which the whole
buSlness OF borrowing and lending has
been carried on In the great emporium
Of American commerce..
PuOlIc attention has lately been
called, rather lmpresslvely, 10 this fact,
by the trial and punishment OF SIX
Wall street brokers, who were indicted
for taking usurlous interest. They
were all members OF well known and
leading firms, and on being brought 10
trial, they pleaded guilty and submit
Ted to the sentence Of the Judge. He
Imposed fines, varying from $3.50 to
500, on the whole six, and In the case
OF Two OF them he superRdded Impris-
onment-one for I've days and the other
tor ten days, Ia the ely prison. The
two who were sentenced 10 double pun.
iShment gave the officers some trouble
In serving the process for their arrest,
and thus provoked the wrath Of the
Judge. One Of those who were sen.
fenced to Imprisonment Is Mr.. Russell
Sage, we'll known M q public man In
New York, and iurmerly member Of
congress from the Rensselaer, district.
This is the law In New York, and we
do not see that the Judge Is 10 be blam-
ed Tor putting II In execution. Indeed,
1t IL best that It be executed, and that,
too, as literally % possible. This Is the
only way 10 test It's wisdom and justice.
The business community OF New York,
however, are fully conscious that these
men are not offenders above most 9TH
ers, The law has one rule, and the
whole world OF trade has another. Il
Is scarcely possible 10 make them Iden.
ttCal. The rate Of Interest In every
mart OF trade In the world varies from
week 10 week, and almost from day 10
day. II cannot be made permanent by
any law that can be enacted, ILS varls.
ton IL necessity In human affairs,
and though laws against usury have
always existed, they have always been
comparatively nugatory. Legislators
formerly attempted 10 regulate In like
manner the price OF food, and OF fuel
and other articles Of prime necessity,
In most countries, however, they have
now abandoned such attempts, though
they still persist 10 the other attempt,
which Ia equally vain, to d. the rate OF
Interest on money.
AS has been demonstrated by uni.
versal experience, the thing cannot be
done. Men cannot be made to feel that
1t Is morally wrong to lend money at
more than six per cent. In one STATE or
at more than seven per cent. In another.
They have an instructive conVlclion
that they have as good right to let
others use their money at q stipulated
price as they have 10 let them use their
horse or their land. II the law fotbids
1t ind imposes q penalty, the law Will
inevitably be evaded, and will sooner
or later become dead letter. Untll
lately we had such laws In every State
10 the Union, fixing rate OF Interest,
varying In different States, from six
per cent, as 1t was In New England, 10
fifteen or twenty per cent, as II was at
one time In California. But whatever
might be the legal rate, II proved wholly
insufficient 10 regulate the transactions
OF business. at one time money would
be lent on special contract at a lower
rate, and at another 1t would be lent at
higher rate; and so It must and will
be, either In form or substance, In spite
OF any law that eau be enacted or any
punishment that can be Inflicted.
In Rhode Island we got rid Of such
laws Two years ago, and nobody wants
to see them back again. New York
will soon be compelled to do the same
thing. The day for fixing price for
money is fast passing away. The won
der IL that 1t did not end.long ago.