The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-01-08

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the people and to protect the interests
OF their constituents, and be compelled to have re-
course TO their private means to meet their per-
sonal expenses. Superfuous offices should be
promptly and unhestatingly abolished; but all
who give their time and talents to the state
should receive compensation for their services
proportoned to the Importance OF their duties and
TO the expenditures which they must necessarily
incur In performing them.
ALIENS.
In more than half the States Of the Union aliens
are allowed to take, hold and convey real estate
In New Jersey this privilege has been accorded to
them with the natural result OF attracting foreign
capital for investment. In this State the ancient
disability is continued and with the opposite effect
OF excluding such Investments. II foreigners are
willing to come among US with their capital to i'm
prove our real estate, stimulate our productive
industry and aid US In bearing our burdens Of taxa
tlOn Is II not unwise to repel them1 The spirit OF
the age Is adverse to the continuance of all iberal
fully submitted for your consideration whether
these disabilities should not be removed. In Eng
land, france and other European countries our
citizens are placed In this respect the same foot
ing as their own citizens and subjects; and apart
from the Injurious influence OF these personal
restrictions upon our material interests, 1t is
hardly In consonance with the liberal spirit Of
institutions to adhere TO ancient prejudices which
nave been renounced elsewhere as unworthy Of
peltlcal systems less advanced than our own.
THE USURY LAWS.
A.. suggest Tor your consideration whether the
Time mas not arrived to repeal the usury laws leav
ing the established rate ofinterest to apply to cases
IN which no contract or agreement has been made
1t Is believed that their continuance at the present
advanced stage OF civilization and In state so
highly commercial as ours cannot be defended on
any logical grounds. 1t has been feared that their
repeal might in agricultural districts, subject Dor.
rowers to the extortion Of greedy lenders but
this apprehension has in other commune
ties proved unfounded. In ruder conditions
OF society, when the laboring classes were
to great extent dependent on capitalists, there
was plausible argument in favor OF limiting the
rate OF interest. But at the present day. when the
eagerness to lend Is quite as prevalent as the de-
sire to borrow and when labor has become inde-
pendent and powerful, IL needs no protection,
direct or indirect, against capital in competing
with 1t for the profits OF production In most OF
the neghborIng States restrictions on traffic in
money have been removed, and believe there Is
good authority for saying that no practical in
convenience has ensued. IL Is quite clear that in
the city OF New York, but Tor scruples on the one
hand and fears on the other, by which conscien-
tious and tmid capitalists are restrained from
lending at prohibited rates. the enormous interest
paid, under the pressure OF extraordinary de-
mands, for the use OF money could not be main
tanned for single day. II IL only by establishing
an arbitrary and nxed standard of value for IL,
when such value WILL In spite OF all legal limita-
lions, conform TO the fluctuations OF commerce,
that borrowers are me " suffer through the