Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-02-01


Nr. Editor - The discussion Of the
various questions that now engage so
much of public thought should be fruitful
of much good TO our State. The many
sides from which the issues are seen, and
the many views expressed should lead us
very near to truth, if, rs we desire to
believe, the truth and right be deemed of
more importance than the personal or sec
tional interest to be gained or lost by
change. Any enactment that may lower
/ the standard Of personal honor of the citi-
/ zens Of State, either by inpntutlon Of
dishopor to u class, and by partial rulings
give oppressive powers TO another TO the
/ injury OF that class, as is the case under
| the attachment act, Or by paying pre-
MUM upon q most dishonurahle action, us
is the case under the present usury law,
should never find place upon statute
book among enlightened aud Christian
people.
The question to be settled now, in our
opinion, is rot - Is the rate of interest too
| high or 100 low 2" We think it should be
els the present law prOjudeial to public
good, or otherwise !"
We are not ready to place dollar and
cent value upon public morals, and Ia
thinking upon this question we have sought
to know what may BIZ the effect produced
upon them, under tnis usury law. Every
good citizen is presumed to obey the law
Of his State, but how far eau we suppose
this to be tue case in this matter Can
money be borrowed here for legal interest
Is il not perfectly well known that instead
Of being at legal rstes it Is more nearly
doubled Aud does not this violation OF
Il known statute fix upon those who dc
business involving transactions of this
nature a stigma Of dlshonor And if, Us
we arc led to believe, the violation Of the
law is the rule, and IL keeping the ex.
ception, the State is training men in the
art of evading her statutes, and the prin
ciple carried out would bring anarchy ant
ruin. The necessity of violating or evadinl
the law is only equalled in evil effect by
the means provided 10 prevent such eva
slons. Is the man who can sell his houol
for the amount Of his obligation ant
/ involve his fellow in lose, under plea o
usury, any more to be trusted as a gooC
, citizen than the man who risks violation
of law for gain We think not.
A fixed legal rate of interest acts not Il
prevent higher, but lower rate. TIT
p question is not who wants money at lega
! rates, but who will pay the highest pre-
MUM for a loan, and bonus is but
division of interest. Hence the bortowe
is not benefited. II his necessity force
him TO borrow at the market rates, fxei
/ by supply and demand added TO which /
the legal per cent, our State law set
. price upon his honor and templs cupid
D ity and avarice to the sale.
: such laws truly defeat themselves, the
a create lack of respect for all law, au
e the honor comes to be, not in the keeping
a but in the evasion, and gain in the escap
l. of penalties.
/. Those who are not ready to set dclla
i and cent value upon public honor an
y morals, wish our laws 10 be preventative
5, Of wrong doing, rather than incentive
Al to, and even worse powers to comp
: our people TO wrong, whose fruitage
D suffering to those who are most dependel
SC upon wise and liberal laws, and u hiu
r. standard Of public honor for prolectiC
ee and encouragement.
ct Brains, capacity, talent, Industry, ca
" II what you will, can overcome any N
every difficulty but those of oppression n
&C dishonor then let us have laws that
s. not Cypress, nor yet tempt TO dishonor.
Yours, ARTISAN