Middletown transcript., 1873-02-15
f5r ne Mhiyforn ! e. Anseript.
Thoughts OH the Mooted Question Of
Usury What is Usury7

No. .

the term IN article M. |, and referred 10
the fact that it had undergone very
marked change 10 its signiiica,ion aud
oncc common use let US see considering
1t "a Interest on money loaned. how
and when its rate became regulated by
statute Or law Before We do this, how
ever, II may be remarked that the old pro :
hibtion of Moses. ,h,t jew should not
take interest or u.ury FROM .Icw. has long
long since become n dead letter with the
descendants Of Israel Ilc is Just ns will
ling TO skin his circumci,cd brother, as he
is 10 perform that pleasant operation upon
the stranger who may require pccuniary
aid for consideration Aud We all know
how this race, TO Il very great extent, rule
in this very important element Of trade and
commerce, money. trnm the diugy lit
tie Office in the dirty alley. with its sign
Of the three golden balls up to the great
inancicrs OF Europe the Jcw-thc indie
iaiignblc, the toiling. the schcning.t he
avaricious Jcw--can be found bleeding
his victim, aud taking the advantage Of
the necessi,ous, compelling such to pay
runous tribute often as a premium for n
loan, or loans,
Shakespeare has drawn picture of the
nnlinnnl characteristic, in '''lhc Merchan,
of Venice" in the person of shylcck
With this brief episode. We pas, % the pc
Rod. in which statute or law commenced
formal interference in regulating the value
Of money which /. 10 more a moral rirh,
IN goyotnmcn,, ;han il !, t. say that
shall not scll my goods regulating sur'i
sales rs governed hy the memorable law,
Of supply and demand
By the oil RIuan lnw of the Twelve Ia
hl,s. 'he rate ,f int,r = allowed rs lrgi'i.
mitc wa> w. tsntC C.Hha'uas, which was
strictly on PR tnt m,tth. and hn,
been supposed IS some tn have amounted
u tw I've, by others 10 ton per ceut In.
trrrs, was also computed IN th, following
manner: t's'rn tnciEia being the low.
go term. one per cent or onc.,welfth rf
The mrt G.HfcsiUH tsaJa .Nsmis. hail
the crn;e>ima. >iN per cent ms gu1irag,
g,incaar, d'e, two-thirl pats NJ a quar-
ter, Il fifth OF the ccn'esimil eight, three.
two per cont The Eomau laws. say
one against excessive u.rry wtre fra.
luentiy renewed aud constantly eyalel z.
las -aeh laws ever will b. but the sam.
ptinsifis additionally sanctioned. hy mis-.
iakfn Religions opinion. pfr'al"d thu law.
of all countries in which the civil iufi,
prudence prevailed The amNunt ot lr.
gal interest has been dsel hy varians sta
,utcs in England In II reign of Henry
+ VIII. II Per cent b 2l,t o( James !
: por csnt BY 18th II Charles the 2ud
q per cunt By l. Qupn Ann, ) ptr
cent Ali contracts mt.r ilr tha p1y-
non' el any principal f. u ii All usury
above til, ratc, wrtn utterly void The
question II u>ury = whether con-
tract Is bpaa 6i, or a ealnr for a nsnrieu,
loan, W. rcrmine1 ty tn y rlitt Of a
jury Bur The u.nfA l~, il England
have lcsn relaxed 5 ,eyaal l,'aru,a> i I'll.
ia the la>t tlfiy yrl-s l., thy last :. anil
3 Victoria, chaf; r 22f9btis ol rsehanr
no, having uar, than I mouths 10 rpu.
AMI contracts l.r aHs u "rhaaritca q
moues at1Ee 60, ata ua lW. .r Affected
hy ,hlse law~ Bat J Fsr ccnt ramaias
the laEal in,fr.st recoverable ou all con-
tracts. ni,ios- otAeswiss specified
| might rel + 10 tn frar'i'.i helrinr ~
:
question ot capital and intr,,t il other
countries. but Will olrt much that might
be- pertinent, au.l can5en,e as well o. en-
is practical operation as S.cu fram tn
stan lp5idt Il one q Ia N u accom- Hf1ish /
writer. on Political economy ia the coun-
iry. | mean Francis Naylnnl y b
President It irown University, anl pro-
fcssor Of Moral Philosophy
In his = El.meuts II isi.'i,al Etane.
my. the doctor thu, i.cpsr,c, On TIN
subject a.of thc rate Il interest as Affected
hy the nse of money q quote tie arti
cle entire FIR ihr heulit i. lhn.e whn are
called ~ law makers. sui comm nj il 10
their consideration
When says Professor Watlani
the risk is.ihr same, W lind interest high
or in some countries than IN uihcrs. aud
higher in the saur country ~ one time
than another Thus. when the security
is equally good, interest /, higher in tins
country than in Great Britain; and. in
this country. il j. higher in the new than
in the alirr States Aud wc also hnl
,ha, It i. lower nov Gleiul IN Great Bfi-
tain ,lan formerly
This shows that there ml>, be causes
Of variation in interest. aside from that of
r,k. \ few Of ,aese remain 10 be censii,
cred
a III i,roee Ptodt ot Capiti =
Tho profit Of capital Is that annual value
which it yields TO the po,scssor, after he
has deducted the principal and paid the
expenses incidcn, to his actual operation
Thus. il. by The u af one thousand dol.
lars year, am. after replacing the prin-
cipal and all the cost Of my operation. one
hundred dollars richer. this one hundred
dollars ia the profit of my capital. New
the greater this is at any time the great
cr will be the sum which shall be willing
to pay for the use Of one thousand dollars
If, by the use Of capital, | can, after pay
ing all expenses. realize twenty per cent
| r1u nfTnrl a nav nturp far tho usp nf II