The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-04-18
THE UsURY LAWS.

Important Prcscntmcnt by the Grand
Jury-A Committee Sent to Albany to
Recommend the Repeal Of the Usury
Laws. 5, III
Yesterday afternoon the Grand Jury of the
General Sessions came into Court and submitted
the following important presentment. 1t was not
read In Court: but late in the afternoon repre-
sentative Of the HERALD learned that something
important had TRANSFERRED and by the courtesy Of
the Clerk he was enabled to copy it,
The Grand Inquest, under the special charge Of
usury and the supposed locking up Of money in
this city, have carefully examined O large number
OF nankers brokers and parties engaged in financial
the present stringency in the money market to
so-called lookup OF money or to any special cause
utter impossibillty OF enforcing o compliance
with the usury laws IN this city during
ceedngs since we were called together The alb
surdity OF the law and its unpopuarity since it has
been abolished In the neighboring States Is SO
great that not man can be found who will aid
the authorities in discovering the inlractors OF It,
Nothing can be more demoraizing than to have
on the statute book OF the State laws which are
disregarded by men Of undoubted integrity and
standing in the community.
Any person acquainted with the practical effects
OF usury laws on the price OF money at monetary
centres cannot but see that the enormous rates
which have been so long paid in this city are due
almost entirely to the existence of such laws
In no other part of the world are such high rates
known, and nothing but the great prosperity OF
the country has enabled the financial community
to stand up so long under them.
The state has grantees special charters to several
corporations such as warehouse companies, &C.,
authorizing them to take commissions over and
above legal interest on their loans of money thus
legazing In special cases the very thing the usury
laws were intended TO prevent.
II Is perfectly Well understood that the enormous
rates paid by the stock spectators have had the
effect oil drawing the capital of the city from its
ordinary or legitimate channels thus shutting or
the merchant and trader from the possibility OF
obtaining money at moderate rates OF interest
such as an ordinary business can stand.
For these reasons and many others which MIGHT
city and the state this Grand Jury HEREBY recon-
mend TO the Legislature OF the state the immediate
repeal OF the usury laws, or such modification OF
thein so far as they relate to the city and county
OF New York. as will permit money to come here
rom other places and countries and be employed
legally equalizng the rate OF interest with OTHER
great monetary centres
Morris X. Jessup, Richard IT, Gather
Thomas Woodward, Joseph Wehre,
Samuel Wetmore Alfred NJ. Sparks
isaac ii. Reed, Charles Il. Cornell,
John Babcock, William Adams Jr
Evert A. Duyckinck william Kemp
James Taylor, Leander Buck
Alfred V. Leuman, Robert Campbel
w. ID. Waddngton,
WILLIAM HABIRSHAW, Foreman.
LUCIuS :. COMST0CK Secretary.
GRAND JURY ROOMS April II, 1873,
The following gentlemen were appointed com.
mlttee TO proceed to Albany and present the reporS
TO the Governor, and request him to send t TO the
Legislature and ask !ts enactment:--fsaac III, Reed
Morris X. Jessup and Lucus s. Comst3ck.