, 1869-08-13
TIE USURY LAWS.
IIrokers nnd Bankers In Court
Two Capitalists Sentenced tn the
CITY PFiAonH-Ntnc Persons Fined.

CITY Prison.-Ntnc Persons Fined.
From The ye1c Turk EreniHy f"rt, An9Hst 10.
An interesting and important event occurred to-
dny III the Supreme Court, before Judge Caruozo.
Notice had been pre-, lousy given that this morn.
iug sentence Would f,e passet! IN the case Of the
brokers who hail pleaded guilty to having charged
higher rate or interest man tne avs 81 LIS ~
fuct that it alleged That the action OF the az.
cu=ed hat! made the money market "uSat, and
Tie care was cnlled precisely at II O'Clock, but
long before That hour the courtroom was crowd
ed win hnxlous spsctat9s, amonS Wtom 1an were VET,
The case WIS opened py ME. Potter, one Of the
counsel Tor the accused. lie was followed by Mr.
John Graham, also for the defence, who made An
eloquent and learned arg gsmenI ou behali Of his
clients. S!r. G1nhaul, In his defence, quoted 81
large itom " BlacEstone's Compe1taries.' 9s y
to ta Rofs ne c fat Sas s nad esy pesa 5 e
Of technical error. They had merely
charged higher rate Of interest to compensate
get1lhp back the money lent. lie also referred
to past cases in which, exhorb!tAnL Interest had
been taken; and claimed that the laws on the
The last thtEty years been entirely obsolete. u
1850, he said, The Legislature iasscd an oct per-
hitting corporat!Gus to hire money ut whatever
rates they pleased, and also legallzlng such con-
tracts. MT. Graiium tneD asked: I. corporations
can he thur, liberated from tae requirements
Of .ns law ef 4,e in,g5es Why eannGs
could see no Moral difference between the two
transactions and felt confident that II tht matter
ture, The law would bt 50 amended as 10 ALLOW in
niyiduals to charge whatever percentage extreme
Aazarli or the exigencies Of the loan might re-
Qu.re. The indictments did not say on their face
that tue alleged criminal transactions Oh the part
or the brokers were prefaced by usurtous agree
meuts. The faGt Of great rate Of Interest hav-
Ing hecn given for the loan OF money, moJ IN one
gii1 TO the person who lends The. funds.
TN the other hand, the money thus lieut. does not
aud thry do not get tho entire benefit: they are
simply agents In the matter and commit no crime !;
1t Ii The principals rulher who are the guilty ones
n aoi1o@er % and the ienler. lie, therefore, culel
upon tle t'Unrt to exercise Its humanity IN these
cases; and prayed, II sentence should oe agreed
npon, thai It 1t made peeunIary and light one.
The court was not asked to disregard the laws,
but to look u}on this offence US not involving crime
OF iauoTalit but one resulting om M IL, ecnne 3nd
to disgrace the defendants; and he concluded by
ugan praying that the judgment accorded would
be but tight nn pccur1hry only.
M. North. the 7en ainliig counsul, here rose auh
read m nf1llay1t from George PAlpra, one OF the
ACCUSED. statng that be had repaid tue extra rate
eUu had been lent at the regular rate Of inter
est hy the defendant on the day he vas said 10
have asked III extrem. percenIaRe; and tnat nnt
one tSansactiun q! $50, ,0uu hnd been made by h!m
ut III unusual rste.
The case here closed for the defence.
The DlstTtc! Attorney then rose f0t the rroSecu-
t,u1, lie ruil: ii is not the custom for the Dis
rIct Attorney to cntcr u.o any 1oug discussion OH
occasions Ike the present. The 'avs, a. they
stand, are on the statute books OF the Safe, aad
should be oteyed, 1t IL not fo1 me TO suggest the
punishment II Is stated In the Law, but wide
range Ii given to the Judgment Of the court, l
tps,et however that all c!tlzehs should be made
to otley the laws until they shall be repealed,
The District Attorney, through the grand Jury,
haB ouiy been Instructed TO bring thus ease INTO
nv a fine he Ia AT liberty 10 10 Ii