The Morning herald., 1876-03-20

law, "a the average rate m ip fest
was not more than 8 or 10 per cent per
annum.
We could cite a page Of exaYpfi from
the history of The middle ages, to- show
| THAT two things State never could do;
enforce = sasptuafy law, por : lsw regu
lating the interest upon money.
Lord Bacon whose far-seeing world,
wisdom i, not to be doubted, declared
that The suppression of ssury is impossible.
and only fit to be attempted in Utopian
government. The continuance Of laws
against usury, is one Of the many instances
Of the existence Of prejudice not founded
upon reason, but relating back to cause
no longer existing. Were one to trace the
history of this prejudice backward, its ori-
eia would be found in the canons Of the
early church, which recommended no
usance to he taken for money. The rec
ommendation, WAS one founded in charity
and love Of ones neighbour and as tar as it
was, and is operative, it is wise and'good; but
its operation cannot, never was, nor never
will be secured by usury laws. Every think
| ing man not daft, as the Scotch say upon
some specially, will admit that sumptuary
laws are unwisc, and always increase the
evils they were intended to remedy. Stump.
tuary and nsury laws, are violated because
such laws, are at war with sound social
philosophy. That man should receive
compensation fora thing, Which, he lends
to another, for use which is Lenelicial to
the latter, and inconvenient to the lender,
seems to staud upon the first principles Of
justice. 'y'
ia lets his horse to B for journey for
B's pleasure or profit, no one doubts the
propriety of AS asking, and receiving, a
compensation for the hire Of the horse.
Granted every one will say, that is fair ane'
lust. Why then should not A be equally
entitled to- compensation if he loaned
money to B for the profit and pleasure Of
the latter? If the compensation asked be
a reasonable recompense, only for the in
convenience 10 which A is put, or for the
hazard he runs of not recovering back the
thing lent; there il no difference in prime
pie whether the loan be Of the horse. or Of
money. fit be exorbitant, the impropli.
ETY. and injustice equally apply to eacl
case.-That the usance should be regula.
lated by law, to the extent of declaring by
20 general rule, what interest shall be al.
lowed when parties have made no con
tract-and what shall be allowed wher
there has been a!wilful delay Of payment
after the maturity of the contract--woult
seem to be proposition fair and just, and
susceptible of no question wha ever. Bu
beyond this we think it is unwise fer th'
Legislative power Of any state to go; as tn.
inevitable consequence is to make mona,
dea', in proportion as we increase the risk
or penalty for evading the law.
Capital under our present system instead
of being attracted here goes elsewhere
except when per cent. is taken for it,
they who are disposed to comply with tn
law, or afraid to incur the penalty of thei
breach, send their money out Of the Stat
where they can legally obtain per cent
per annum. Any one of our citizens vel
know that the usury laws, are dead lette
in both town and country. w..
We have been told Of cases, where mon
ey would have been loaned on mortgages
at or 9 per cent. per annurn; If such cor
tracts were lawful, and in these very case
farmers were obliged to be borrowers b.
the bonus system, at much higher rate
or were driven to ruin by Sheriff Sale
We ask any thinking farmer to say if thi
is not true, and withal-the opposition t
a repeal Of the usury laws, come from 10
calities, where for want Of capital the field
are overgrown with briars and sedg
grass. We have passed through swan
land in our State, that capital, borrowe
to drain and cultivate it, would yield
certain profit 10 the lender and the bo,
rover. Think over this talk about it not a
opponents Of our views, but as men VII
!, are anxious to do the best for themselve
and their State.
Among other arguments in favor {
leaving borrowers, and lenders free,
make such contracts as they may chooses
il is urged that there is no standard b