The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1876-03-25

n Woot SiEBtutu Il oTAneA O
Usury Law-Reply TO Judge Bran
non-Can eongrsss Pass a General
Usary Daw.
HARRISON COUNTY, March %.
Editors OF the Register:
In the very able letter of Judge Bran
non recently published in your columns
our distinguished citizen has, in single
sentence clearly pointed out one fthe
causes of SO mnch financial ruin, "for
. number of years, borrowed capital has
been emplo yed at ruipous rates Of inter-
at. and the great money centres have
absorbed the fruits of labor. Excessive
interest has left labor without profit, and
the inevitable consequence is realized to.
day In the existing fact that money is
abundant where capital exists, and es-
pecislly so in The money centres. The
direful consequences of continuation OF
this policy is only foreshadowed in the
almost ruined condition Of the great
gram growing West" Without quoting
further the language of the writer, the
force of which every intelligent observer
will concede, and every citizen who has
at heart the welfare of MS country, or
who has wish higher than selfish gain,
must gladly welcome the measure OF
relief "The country would soon be re-
lieved with q lowered rate OF interest
enforced by eifoctual laws alike IN all the
States" Can Congress pass general
usury Eaw7 Now, We do not presume to
csntrovert tue opinion of Judge
Brannon, nor even to review bis
argument; but we do say that
the power. of Congress to regulate the
rates of interest on money is nowhere
expressly delegated by the Constitution
and since the powers not delegated to the
United States by the Constitution, nor
prohibited by it to the States are reserF-
ed to the States respectively or TO the
people, am of opinion that strict
construction would forbid the exercise II
such power. "The Congress shall have
power to coin money, regulate the value
thereof and of foreign coin" Common
tators have not held $50 far as ] am in
formed) that the power of Congress, to
regulate the rates OF interest could be
clearly implied from this clause of the
Constitution. The power Of Congress in
this matter then, must be implied from
some other implied power, which may be
in itself Of doubtful import. 1t seems to
me that this is dangerous ground, and that
we had better go back to first principles.
The right of the State government to re-
3 -
within tteir respective limits has the
sanction Of nearly hundred years.
This right has been exercised by perhaps
every State in the Union, and their var
lous enactments have been sanctioned by
the highest courts Of law and equity.
This right is also conceded to the
states by late act OF Congress, regu
lating national banks, which act pro-
vides in substance that, these banks may
charge the rate Of interest allowed by
law in the States and Territories where
located. But the act goes further than
our state lav, and imposes penalty for
taking any higher rate Of interest Of
double the amount so taken. | have not
the act before me but write from mem.
ory.) But suppose we grant the power
to Congress. Is there any reason to
hope for relief from this source. The
Senate is not directly elective by the
people and cannot be changed for years
The money centres can very speedily
concentrate their forces at Washington
and by the weight of millions impose
such obstacles as would. at least delay
action until the far future, SO that by the
time that relief came, there would be
little to save from the wreck. On the
contrary, by State action the remedy is
at hand and may be speedily applied.
J If the people of West Virgins, the
sovereign power OF this land, desire to
fix lower rate of interest, lot them
at the October election, when the House
OF Delegates and half the Senators are
chosen, elect men who will represent
their wishes on this question as upon all
Others, and the object car thus be accom-
piished within one year. Let
other States act for Themselves
and, having imposed such penalties AS
will effectually prevent excessive rate.
of interest, if National banks do not COM
ply with the law, enforce the penalties
prescribed against them, IL these prove
Intellectual we may then, with more pro-
priety, call upon Congress for such modi'
fication of the National banking law rs
will compel them to obey our statutes.
Our Immediate section does not com
plain OF National banks Excessive
rates are more frequently paid to iodi'
viduals, and to corporations chartered
and protected By State lac. The Mer'
chants National Bank of Clarksburg ha.
never discounted at above eight per cent
and State banks at twelve per cent, s
difference of fifty per cent in The rate
Let US rot sit down and cry to Congress:
for help, but let us follow the advice o
the god to the teamster, put our OWE
shoulder to the wheel, and then call upor
Jupiter. HARRISON.