Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1870-01-27
Our local Finances.


MEs,Rs. EnIroRs i notice an article in the
RepaJhcdR OF 2Ulh inst. from "Ju,tice after re-
ierring 10 the opinions oil the Bankers and Bro
kers On money matters, which appeared few
weeks ago Ia your columns. lie says: But the
working men, the bone aud sinew OF the country.
the working farmer aud mechanic, know that it
Is the breiking of the Usury laws that make the
hard times" Now Suppose u man owes $1,000,
ard the holder of the mortgage should require
the payment of 1t unless the rate Oi interest was
raised W eight per cent, 10 certain degree the
character OF the borrower governs the rate. If he
is an industrious and honest man yOn would find
Ten capitalists who would be ready TO offer the
money to him nj seven or six per cent per an
mum There are no restrictions on produce and
merchandise except supply and demand, so should
it be with money.
In 1858 aud 80 some OF our entcrprlsing farmers
paid ms high MS tcr cent per mouth for money,
why did they do it they were not compelled,
for fear Of mortgages being forclosed, they could
see clearly the immense sums OF money that
could he made by fruit growing, to which our
soil is so well adapted; they ATTAINED money,
though at high rates, Improved their farms, BET
out NUT trees, the result was fortune In two or
three years. Hundreds OF men who settled early
| in the Western States, would have been penniless
| to day If they had been unable To borrow money
| AT high rates of interest to buy large tracts OF
| land 1T low rates The merchant eau at any time
buy goods from ten 10 fifteen per cent. cheaper
| with the cash. Must these opportunities be allow.
l
| All intelligent men believe that the usury laws
Increase and do not diminish the rate of interest.
Many capitalists in our own city, will not do any
thing to evadc the laws, hence they look for
other Investments. In the event OF the repeal Of
our usury laws, IL might be that comparative
high rate ut first would be obtained, but 1t would
gradually sink To u general level
II il is right to exact interest Mt all, law can
establish the rae, nc Legislature can remove tht
sin by liking the amount of usury To be taken
If we carefully notice the development Of the In
tcrcst OF the Anglo-saxon race, as II advances ~
a greater degree in those acts. sciences and laws
which have brought civilization peace, happi
ness, freedom aud perfect security to mankind
we iind that it Was by educ. aud commercial
Communication that mankind was released from
the claim of superstition aud ignorance nom tina
which brought him to consider the followers o
trade aud commerce, dishonurable and unworthy
OF respect on consideration, aud the money leu
der who claimed compensation for his loans MS
rohhGr although at this time, there are m0nl
among US who, through Ignorance OF the change
OF affairs, which have rendered those laws in ret
erence to usury unnecessary still cling to the oil
deuslon, that nsnry is u crime forbidden by di
vine law
II j.. q fact that cannot be denied that in ever,
community where the nsuty laws have beef
abolished, and men lett free 10 fix the premium
On their loans. according To the demand, i'm
provemcnis have gone on uninterrupted.
The repeal of our nsury law is mattel o
policy, not oil experiment We have lost thous
a,Gs OF dollars Of improvements already and will
continue to lose unless the restrictions are re
moved from money.
There is DO city 10 the country better adapte
TO manufacturing merchandising aud commerce
than ours, md we must do something TO Undue
capital here 10 improve these opportunities.
a. K WooLsToS.
WmNNoroN, January 2ist, 1870.