The Cecil Whig., 1873-11-15
THE USURY LAWS.

Locke, wrote his treatise on Money, in
which he opposed the system of laws re-.
stricting the interest on money. There are
principles of finance and currency whose
truth is as undsputed by all persons COM
petent to pass judgment as the truths of
mathematics. To the ordinary mind, how
ever, the task of constructing system of
geometry or writing an algebra would be
impossible. has required the concurrent
iabors Of many men of the greatest genius
to produce the ordinary text books of
algebra and geometry used in our schools
Political economy is certainly more COM
plex and difficult science than algebra, vet
| almost every man in business assumes to he
able to solve its problems without, in most
cases, ever having devoted week to the
study of its principles. Men of little
more speculative turn of mind than ordi-
nary mortals, though totally ignorant, and
even boasting of their ignorance, of the
labors of the great intellects who have
earned worldwide regulations for their
services in the cause of this science, get
some obsolete idea into their heads, and
forthwith rush to the nearest news. paper
with their cobweb theories. So-calle6
practical men bend the innumerable falla-
cles and delusions of these false prophets
OF finance to their own interests. Hence
the vast array of schemes for various kinds
OF paper money which are now being set
afoat from end to end of this country.
John Locke was not man of the kind
we have described. A close observer of
men and things, as we'll as a profound
thinker, he established on firm founda-
ton many of those principles of currency
which have been accepted by all subsequent
writers OF any reputation. Among these
principles is this: that no Government can
control the price which men may exact or
pay for the use of money. If Government
attempts this, it will breed a plentiful
swarm of perjurers, and do harm in more
ways than one. In all the great commerce.
al nations of Europe, the principles of
Locke have been accepted and acted on.
Is there an Increased demand for money in
London? The Bank of England raises
the price which it charges for the use of
its notes and coin. Within the last five
weeks it has advanced its rate of interest
from three per cent to eight. The Bank
OF France has also advanced its rate from
five per cent to six. The Banks of Amster
dam, Berlin, Franfort, and other cities of
the Continent have done likewise. The
very idea of usury law has become obso-
lete among the moneyed men of Europe.
Now look at the picture in New York.
The usury laws are systematically violat-
ed, even by the banks. But still the law
compels the banks to pay it an outward
respect. The paper of the best merchants.
when it can be sold at all, commands one
per cent month and upward vet the
banks cannot announce that after such a
date their rate of discount will be ten per
cent. Borrowers in the United States give
nearly double the average rate of interest
paid by borrowers in England. Can the
advocates of the usury law show that the
statute has had any effect whatever to make
interest lower in this countryo Can they
show that the non existence of a usury law
has made the rate of interest higher in
England? If they can do neither the one
thing nor the other, what has the usury
law to stand on? Surely the methods of
borrowing and lending here, the subter-
fuges and shifts resorted to to avoid the
law, the perjuries committed when differ
ences come before the courts for settlement,
and the chaotic state which is almost the
normal condition of the New ork money
market, are no recommendations in favor
of the laws under which such monstrous
evils have grown up. We say to the next
Legislature:-Away with the usury laws!
Give US in the varying rate of discount of
the banks a financial barometer such as no
great city of Europe would think of doing
without. Let men and banks be free to
borrow and lend on such terms as the
parties interested may agree upon. They
are of sound mind and capable of acting
for themselves. The trade in butter aud
meat is carried on smoothly enough with
out any maximum" Why, they, attempt
what is infinitely more difficult, by legisla-
tive enactment maximum charge for
the use of money ?-T.tbune.
THE BIRD OF PARADIsE-Probably the
most beautiful tenants of the air belong 70
the genus Paradiseide. They are so beau
tiful and fairylike that they were believed
by the ancients to pass their whole exist
ence sailing in the air-the dew of heaven
being their only food !! They have been
aptly designated "the children of the sum-"
Their plumage is so flocculent and downy,
that they are incapable of flying otherwise
than against the wind; for were they to fly
with tie mind, their plumage would become
so dsordered, that they would he unable
to control their movements. When we look
upon their beautiful plumage, we are cap
tivated by it's richness, but seldom think
those fairy like feathers are instrumental
in directing the birds to where their food
may be found. New Guinea, and the ad-
jacent islands, form the habitations of
these birds, and they migrate from the
larger ones to the smaller ones. These
islands are subject to alterations Of rain
and drought, though not SO violent nor SO
long continuance as the tropical regions.
When one island, in which they have made
their haunts, becomes parched, and food
and drink fails them, they rise ON the wing
and seek another. From whichever side
there happens to be place more humid
and abounding in those creatures upon
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