Middletown transcript., 1873-02-22
FIR nc Hidhaora ...Hseript.
Thoughts Oh the Mooted Question Of
Usury What is Usury7
No

TONS IN the price ot money. suppose
that. to-day. money is worth, in the or
binary operations Of business. ten per
cent. aud ii ia worth six PER cent in
loan. man will ns soon loan as employ
IL IN business, il he possess moSc than he
wishes 10 use There will then be fair
supply of money in the market But let
the profits Of capital rise. Sc that in the
ordinary operations of business, capital is
worth twenty per cent. If now. the ratio
Of interest rose with this increased rate Of
profit the same individuals would be az
willing 10 loan as before. AMI thus. the
supply following the demand. there
would arise no peculiar scircity The
high rate Of interest weull also attract
capitai f,'om aLroad aud ihas, in very
shor, time. it would, in this particular
place, he brought to the general level
But suppose ,ha, six per cent. was the
highes; rate Of interest, and that he who
loans at higher rate was liable to lose
both his principal and interest, and also
his mercantile character in this case, as
soon rs the profit Of capital in business
rpse to fifteen or twenty per cent. no one
who could thus employ it, would loan it
at six per cent Hence. as soon as it
thus rose, the supply would be immediate
Is diniuished; aud ihi. would, 81 course.
cause greater rise Of interest Those
. who. from honor or c1nscicuce. oheyei
the laws. r9aai '~iiidrue from m mar-
kef aud employ their capital il some 9th.
cr way: nul 10 one would loan hut those
who Here willju. to risk the consequence
| 49, 4 it4A. l.,4,.., 81 ,..p,,s
market IN N'rir o,~p h3ui. will e rontsc
chars f9r tie USE, m ! f,r the risk Il lr.
tcettou aul hence, Ii price III f'w
, lay May become l1uhli or ,rrhlel ;
aui, a, ,be sann 'imc although the real
yalu3 4 money may le dftaen ur twenty
3 ae I'll rt.u Is
il pr seut tiyr, j, ,inlu,em,ut- for
capital - come ~ tiom abr al ~ supply
the domanl ll.ncs, the change in tie
money market has ty reason r this law
10 ',ulsucy wAatees tlr eH'aA itself
II i, pr,,ume. needles. - all that
such laws can never ba iui r,- Ntn n
wan' II money. will pay Tat 'iay rclsr
Tor il All the VIII ch ray enough
for i, an generally haff The III !
rs the u>nry NV. I. I,.raly 10 lriy
: the hssi and most conscientious len l.
vrs out q the market. tr cl.c oiljse thcm
"a lrul hy IA aus i >gtar,iaaie ani l,ss
j .erupu II. n-en,s Far this agoury tho
borrower ngzt IS. nu hrns= III, aldi-
ttana rae nf interest T. til, il IS Oh.
ice'cl tia, money i M Ike aih5r things
IN a, much ~ i, j. usrr~sary of life "a
tia mrs Aau' anl therefore -aeie'y must
step in /, le!i.er lin fr7H ,l.5 ,iIrc.s o
ezrartiaus T. th. i may IL answered
a. follows
| l. IS maiiic.t that this intcfarenc.
\ Aars not render the merchant. condiri Il
!, the better, bai rather tbr wor,s Tbaucl
thu assistance, thr.i,rs Fa well intended
!. H. may y,ry w,ll iipa, will il
4 :. Ibe greater tHa necessity nl money
thr mare urgdnt i the necessity Of iNaying
il uulIs;nrb by legislative in,ericrtnr..
|; mase, ,mali difference to tie rommuni
i. whether the pficc ot itwelry be iNs.
by law n Mt Ba', serpo, that whet
i aaur wadll tfin. tn det'a-, a barrel. th
q government forbade it 10 ., sill f5r NOR
Y than >rsrn lal,Ar, wha III j nat SEA lha
+. tla .9at would he all driven away. an.
thc people starved: Tn same principle
e iar aashi | SEQ apnli., to tho rate q in
$ terr.t
i llrnse. believe All enactmen,s cslab
= fishiIe lcE1l rate of interest, are iaja
Is r.8u-, an unyisr Tn ou}4 cnaetmcu
: i ans vlne would b. one which ,hanl
) define ihe usua rate when neihin
q va. sail ou the .nliye' in the cln'ract
T The usa Of til, would b. To prevent lis
! rate- This i always an advantage t
q both plf,ies
| have quoted thi, from Professor Way
= llHl Tor several reasons H. has don
p the theme fuller justice, dian could hav
- done it IL has brought the whole sub
t' j#si d this specially in political ecennm
=, ato nutshell ile has utter / ffnism
ID aul axiom. that cannot he gaiusayrd
= and therefore, the wise legislator who
:; anxious for the prosperity " h. Staic au
'r county, should ponder stuliou.ly an
~ honestly AMI ceuscicneipu>ly and pray
rs rrfully. this question 4 finance. in il
TO bearing upon their progress or decline
~ Delaware. except IN some lotaliur'
u can never he prosperous state. till th
IN "obseletr ilJa' of six Per cont b. wipe
re ou, from her statute h1ok. anl uni
liberal legislation which shall protect bot
&c borrower and lender, shall be ahoptce
he Why should Delaware seek through ba
ct legislation 70 driva capital from her i,
n main. and thus pay premium to the sh,
re locks and extortiouers wha uow riot
re their cxorhi,ant gains. aud who wou
ct not have the present eisie law abolish'
1T for the world ? say sBeic, because il i
y to great extent. inopera'e aud worn GU
r. having been tried and found wanting
any element which is connected with De
avare's prosperity, as that law no
on stands fossil feiie, not even to be a
cd mired for its antiquity. Why should d,
~. aware remain in "stata quo. anfeJellupi
lc when her sister States are moving onwa
ST. in this march of reform In Virgin
,ur monev Ia loaned nj ID ner cent and /