Middletown transcript., 1873-02-01
For the .Diddidowa i,.nseript.
Thoughts on the Mooted Question Of
Usury-What is Usury7

Ma. EpIToa The author Of this little
treatise 10 not moncyed man. and there.
fore not an usurcr. In bis earlier days he
read little hw. but most Of his books on
that and collateral subjects. have nys,eri.
ously left his library. and like the - de.
parted joys" Of the poet, ''gone. never to
return" | look over my shelves, and
half angry. and much disappointed. ex-
claim. Where 10 my 'Pufendorf. my
'Ruthcrforih's Institute Of Natural Law
my Smiths Wealth Of Nations. my
Blackstone, indeed my every book,
bearing upon the subject have taken 10
hand My "Cal,nct" is, however, left.
and 50 is my "Palcy.' and with my rec.
objections Of the old readings Of twenty.
five years gone by, | think. uhough !
may be mistaken). that am in some de-
gree qualified to give an opinion upon
1.-The mooted question rs any other gen.
tlcman in Delaware. although in this.
may have miscalcula,sd my strength. If
so. know that Delawarean.. whether
Democrats or Republicans. will acquit me
Of dictation or arrogance.
The first. or primary question. which
arises is this: What is Usury: The term
is Aippan,ly and fooli-bly used by impro-
vdept men. who spending the greater
part Of their time in rum holes and other
kinds Of saloons and yet who are farming
upon small means. or little retailers Of
small wares, who, from taking from them
inadequate profits are compelled to borrow
money from thr more thrifty friends a,
an interes, above 4 per cent, This. these
people call - Usury.' Now, this is no,
the original meaning Of the word, and
these very small potato individuals ongh,
to know this, bu, they don't 60 back.
not to the root Of tho word. but to the old
Jewish law and idea But before | do
this, let me quote from the best English
writer's and photographer. in regard to
il Spencer says that usury i. . money
paid for the use of money Lord Bacon
says il is the practice Of taking interest
do no, think that any man short Of
fool or = luua,ic can except to these def
uiiions. Very COOL, 50 far. Boyd. in
his E Eclectic Moral Philosophy" says
lit is not more manifest that promise is
obligatory than iha, in me- scn" in which
the promiser knew. at the time the prom.
Use received il The expectation excited
by the promise, is nothing more than the
promiscr was aware of. and. TO this ex.
tent he is clenriy bonnd 10 fmM his rori
lie has rolaAtnrag and knomingig rour,y-
,a TO another person a right to its per-
formance And. says this author With
great force and propriety, promises are
binding III the plain and natural meaning
of the terms in which they are conveyed .
This il all right in the moral view Of the
question The psalmi,t says. The
righteous man swcarc,h to his own hurt,
aud changc,h not.
suppose. as Christian man. some
what too as studen, Of morali,y. and an
observer Of the inevitable aud almost in
cxorablc laws of wha, tho frec-,hinkcr
might think +" Destiny" bu, which |
choose to call Providence that the moral
the physical and to a very great extent
the spiritual order Of Divine Providence
must be observed land, therefore, that no
arbitrary or legislative enactment can have
any hold, properly so speaking. upon the
common sense or common morality Of
so called Christian community for one
will not submit any farther than my Chris
,ian obligation eompcls me.
Now, eoma back to the question,
What is G,uryt" Look TO the very hr.t
instance in which the mcauing Of this
question is defined for the meaning, ss
good lawyers know. i~ the definition Of
the letter Very good Now, wha, was
il? Words. as We know, have, in the
lapse of u few centuries. been wrenched
from the original sgnfca,ion, and nov
,ncan, at lcas, in our language, quito the
opposite from their root, and original
usage Take. for instance, the word
prevent Il is derived from two Latin
words from pro before and renio . to
go" Now, how is this word used after
its legitimate use two hundred years ago
by the grandcst English writers who have
ever fourishcd: Why, quite in an oppo-
site sense II meant, in the language Of
Sir Matthew Hale. and the Judicious
Hooker, TO 90 brforc onc, to open the way
for him, aud assist him in his struggle or
pilgrimage. as the case might be- but now
it means, don't lc, him GO keep him back
and watch him SO that he may not get
away So. the word It sury" has under.
me some material changes. that | com.
mend TO the attention OF our Solons q,
Dover
Now. whcre the first instance recorded
in which the term is used. is in the Bible
and it certainly does not refer to the tax :.
ing more than the usual rate as prescribed
by the law OF the land. Calmet says it
means "a premium received for the loan
Of sum Of money. over and sbove the
principal (See Calmct, page 200 Hcnd
aud Buck say. in reference TO the Scrip
turc use Of the word, that Usury is not
unlawful and that ''it seems a. lawful for
a man to receive interest for money, which
another takes pains with. improves. bu,
runs the hazard Of in trade. - il is TO re.
ccicc rent for our land, which another
takes pains with. improves, bu, runs the
hazard Of in husbandry.'
"Usury." says Braudc. Is the taking