New-York tribune., 1873-03-14
TSURY LAWS TNPOLIIIC.
, ,rcTrnF ny DIR. MAEsuLAND.

4 LECTURE BY DIR. MAENllLAND.
DIR. George Marshland lectlued last evening
AT the chapel OF the University, WashingtOnplace on
the subject Of The Usury Laws; how they Cypress
Borrowers and Iniure Trade" lie began by referring to
the aim OF the Emperor Napoleon 20 compel the banks
of France TO keep their rate of interest on loans at five
ner cent The earnest efforts OF the merchants and
traders OF this country at the present day. were to Keep
the rapaoious lenders OF to the egalzed interest
OF seven per cent. The lecturer explained how the
present uSury laws abstracted the hfebloOd OF com
merce aud paralyzed the movement OF the products Of
the soil Commerce had fact, to tight against usury
its deadly enemy. Here he traced the first introduction
OF usury from the Egyptian system which was pracccd
more or less primitive trade. Christ condemned the
practice His time when speaking TO HIS chosen people,
the Jews, aud il strange that people 80 practical
and progressive rs the Americans should have tolerated
its existence from lie introduction IN lIsj. The demoIa
ization which it engendered was, perhapsithe worst
feature OF its existence usury implies eNtortiOn and
results in ruin TO many though 1t is effected under the
name OF nterc 81. The existing laws limited the lender
TO per interest aud the penalty iof eNiortng any
increase this 81 600 fine and six months mprison
ment IL the proceeded against within year;
but very few Of the victims OF eXtorion resort TO the
remedy within their reach TO correct their abuses. The
cause apparently, was that any borrower who should
venture do incurred the general dpeasure OF the
money lenders; Stigma created against him; his
credit wa. LOST and he could not become borrower any
more.
Then why do the present laws against u,ury exist
What is their force effect in operation They
enacted in 1851 and previous TO that time GOV. Marcy
like GOV DIX was no doubt most Jealous in the cause Of
reform. The dreadful pane Of that time immediately
followed and the usnry laws were hastily passed
Since then they been Intellectual IN their operation
The lecturer had taken the pains write a series Of
questions the President OF the Boston Board o Trade
In regard 10 the working OF the law passed by the Legs
fure of Massachusetts n March, 1851 against usury and
the answers lie had received were on the whole most
satisfactory. The merchants Of Boston who
classed "A1 codd. however, very easily obtain
money six per cent, and consequently thcy not
the class especially benefited But by the operation the
Massachusetts, law that class whose credit ranked much
lower could also obtain their loans al the same rate
Therefore. when spasnodc changes occurred this class
could not he materially Affected ana II was at such
critical times that usury dnd eNtOrtiOn most
destructive The class OF borrowers Who f0stefed the
practice Of usury most was eorporaiions They were
privileged above every other tiss OI nortoWers as 10
high Of interest they paid and Their acts OF in
corporation often empowered them 20 30 so They were
therefore, the great competitors dios 1olIo"cs Ihe
lecturer had been assured by OF the leading bankers
of this city that SOO0J00 OF the securities OF
corporated companies were now a10at among the banks
much higher rates OF interest than the egazed
per The present nsury Law was nappcabe In its
cnactment-, and still moro ~ ia Its administration u
Is legislators, their efforts TO secure reform, 10
remedy this evil which has 50 long existed, TO
the honor OF doing the Work TO Their sueeessors.
now MERCHANTS REGARD TsURY LAWS.
To me RAZOR Of 1he TribHHe.
SIR: A large and influential petition for
the repeal OF the usury law signed by about three
quarters Of the capital engaged In the wholesale trade
IN your city, VIII be presented 10 the Legislature
Friday. The petitions circulated by persons ln-
erested in relieving mercantile business from pres
sure money OceasIOncd by the existing laws with
their absurd penalties. The petition has the following
influential sgnatures aud II the Legislature regards
the views interests Of the commercial classes tho
prosperity NewYorL this petition ought to relieve
them:
Produce Exchange, 295i signatures; Cotton Exchange
325; H. b. Ciahn Goa :. Il Chiltcndeu Il C0 aud other
dry goods brms, 2J2: W. II. AsDinWall, Theodore W
Dwight and others 29J +; Jackson =. Schultz, ID. ID. f.
Marshall, and others 80; August BeluOnt and Others.
I26; Wholesale drug and paint trade 81 Wholesale
yrOcers. 81; produce hrms, li5. o. H.. b.
Albany March II, 1913.