The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1873-03-17
THE UsURY LAWS.
Their Effect On Trade ard Com
lnerce.

u 1nE OSOAS - - W ~
Their Effect On Trade ard Com.
uarrce.
From the New York World
The ninth of the University course of
free lectures was delivered at the Uui-
versity Chapel last evening by George
Marslaud, Ii B., NJ. D., on the 'U,u.
rv Laws, how they oppress borrowers
and injure trade" The following are
substantially the points made by DR..
Marsland:
The usury laws of thia State were
passed in the panic of 1887, and have
much enhansed the trouble OF every
financial panic we have since had
they impose the penalties OF fine and
Imprisonment, bes des confiscatlon Of
prin cipsl and interest. Their object ,s
well-known. 1t is to help our farmers
and Merchants to borrow money at 7
per cent. all the year round
With what success this attempt to
c,erce capital was attended is notorious
1t is sufficiently seen by the fact that
for six months past money has been
loanIng iu Wall street almost daily al
rates higher than ever prevailed since
our fathers peopled this continent. The
usury laws have caused these high rates
in various ways, and especially by pro-
duc,py a scarcity OF loanable funds
Hundreds OF millions OF capital has
been driven out OF the State to the
West, where it commands high rates o.
interest and is not suhjecl TO the daI ger
OF con6scatIon or to the other penalties
OF usury. These bsrbarous laws would
have been intoIersble had not custom
and necessity evaded them. But such
evasions are costly. They also lower
the tone OF commercial morality aud
weaken that respect Tor law which Is
one OF the chiet buIwarks OF free gov
erument Usury laws are often defend
ed by the argument that they are
sanctioned by the Bible. But this l.
an error. The New Testament speaks
no where of the prohibition OF usury
but our Saviour, 10 the parable OF the
talents, proves that the uoury prohibition
OF the Hebrew Code was in his day
derunct. Besides the Mosaic statute
against usury WAS not moral law di
rected against q NAHUM in Sc. 1t was
a munich pal ordinance against al inter
90, vbatever The Jewish people had
no commerce, no organized capital, no
need tor investments such a. are con
spicuous feature OF the industrial lite ol
modern nations 1t vas the purpose
OF Jehovah to keep them apart from
other nations. They were brethren
and their little loans to each other were
of such q nature IS to forbid interest
Moreover, in dealing with strangers
thew were allowed 10 charge usury. And
thus it is clear that the Bible, II 1t Is to
guide modern legislation At all in tn 8
matter, can DO go only by its general
spirit OF equity, which forbids all laws
that demorallze and work oppression,
and therefore the Bible lorbids usury
laws 10 far a. they do this How far
our usury laws really .oppress the very
borrowing class whom they mean to
protect Ia proved by the testimony OF
ali history. This week several thous-
snds of our principal merchants, who
borrow in the aggregate every year
hundreds OF millions OF dollars, have
signed q petition to the Legislature OF
this State, declaring that usury laws
are q costly burden to trade, injure
borrowing, check business, disturb the
money market. and enhance the rates
for money. In the interior Of the
State similar evidence was collected a
few years ago by our Chamber OF Com
merce Iu Massachusetts the Presi-
dent OF the Board OF Trsie shows that
the repeal OF the usury laws has given
stead less and ease to the money mar
ket. Everywhere on this continent ex-
cept, perhaps in Connecticut and Wis
cousin, the universal testimony is 10
tayor of tree trade in money. Some
few com plants are made in these two
States of the working of usury repeal,
but even there the suffering is rather
due to the general causes which have
produced OF late q stringency oil money
aud are felt everywhere. 1u the twenty
States which have no usury penalties
the general masses OF the people
are we'll satisfied With the free
trade in money and with the un.
restricted play OF supply and demand
which opens to them the masses o'
capital owned in older and more opulent
States. In England, a'ter thirty-slx
years agitation and experiment, the
usury laws were wholly repealed 10
1864 We have in this State ag'tated
usury reform for thirty-sIx years II
rests With tie Legislature to say whe'h
er they will stop the gigantic evils pre-.
cipitsted on our commerce and trade o'
the usury laws or whetaer they viii Do
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