Delaware Republican. (Wilmington, Del.) 1843-1874, 1873-01-06

NR EDIroE AS the Legislature uf our
State Is shortly to convene, aud YOU invil. the
views Of citizens on The subject oil llsury, will
Yentare TO give mine. 1t involves the prospcri-
ty or distress OF very large number Of The
good and most useful class in the State, and If
the abollshing OF The usury laws was urged by
the borrowing class We might imagine some
good result from il but on the other haud none
but money lenders advocate the abolilo OF the
law, with the exception OF perhaps a few weak
heads who have been Induced by argument TO
believe that il makes money scarcer. But such
Is not the case. Money is somewhat like labor,
aud as general rule the laboring class ask no
more than living, and il thty can get that by
two or three days work Ia a week, they will
not work five or six. so with money: il the
lender can loan 4 thousand dollars innr or six
months, at two or ihiee per cent a month, AS
has been frequently done, have been told, he
will mol loan II foI year at six per cent. per
annum, OF course there will be no long loan
on bond and mortgage, or real estate, AS hereto
fore and al present; and il the money that is
now loaned on bond and mort gage, al six pei
cent per auni,nl, and which has been Tor sey-
eral years some OF IT, should be called in, hch
il undoubtedly will be, will cause more Sheriff
sales, more misery, distress and poverty, than
can he well imagined, for as sure as money is
borrowed al higher late OF interest than it
can be made TO pay, so sure the borrower must
fail; and the longer he struggles along with
his over-buriened load, the more sure and effect
tlIal the ruin. | could say I great deal more
why the rate Of interest should be reduced, and
II possible The usuIy laws made still more strin::
gent. give some reasons for low rate OF interest
Ii will stimulate the capitalist to enter Into busi-
ness II he eau make more money thereby than
by lnaning. 1t will enable the merchant 10 sell
Al smaller plohls aud come nearer the cash sys-
lem. 1t will enable the industrious mechanic
10 procure for himself and family 4 home, to
IL,
have the use OF the money borrowed so long
as he wishes.
beg 10 say a few words about scarcity oil
money, and | AIN done for the present. Sup
pose man 10 borrow twenty thousand dollars
for ona year on bond and mortgage. II will
readily find lis way into The hands al catpen-
ters, bricklaycrs and Ulastarcr> whceiWrights
blacEsmiths, laborers. &c, sc, II is all distrb-
ed in The above way. Now suppose a man to
loan twenty Thousand dollars, three, four or
six months, as is calculated 10 be done BY those
advocating the repeal OF the usury laws: there
Is no disgusting that that will represent Il large
| increase Of capital but 1t is really not so--it
| Is only changing The Course of the twenty
thousand dollars from flowing into the hands Of
those different mechanics and lab0rers TO the
broker and capitalist; and the man with his
millions Is getting richer at the expense and op-
| preston of the poor. | might say something
about the Western Railroad scheme and money
but refrain as | have written longer than | in
| tended. Once more, some one says New Jersey
and Maryland pay seven per cent. Money i
more scarce In both Of these States Today, thar
In Delaware and believe there has been more
foreign capital loaned in New Castle count,
alone, public improvements excepted. than in
either OF these States.
Encourage industry, and you will increase
prosperity and IL is impossible to do it by
/ Sitting enterprise!
! 4 FRIEND To ENrEgPEIsE.