The Morning herald., 1876-03-20
WILMINGTON, MARCH 20, 1875.
WOULD 1T DE WISE TO HAVE
MONEY FREE 4-USU1Y LAWS.

XONEY EAE6 S-ODV@A AM
We know of no. question Of more i'm
portance to every class in the community,
than that by which the rate Of interest on
money loaned is regulated. 70 We well
know it is d subject which is certain to
awaken prejudice, and rudely shake con-
servative feelings; but some one must
from necessity begin "a discussion, sure t.
accomplish the abolition Of the usnry laws
Of thisstate, if our citizens use their every
day common sense in marshalling the ar
suments pro and con, and fearlessly draw
ing honest conclusions 1t is not OR pur-
pose to play the role Of reformer, and de-
nounce those who differ from us in regard
to fixed rate Of interest for money; but
to show that usury laws, ike sumptuary
laws are unwise, and that in proportion
as money is free, it is cheap, and the
country prosperous. The interest Of the
manufacturing, trading, and agricultural
classes, demand, to our view, repeal Of
the usury laws, hence our purpose to fully,
freely, and fearlessly discuss the question.
The laws against usury seem to rest on
prejudice alone. The principle underly-
ing them is an unphilosophical exception
to the universal custom, of sufficiently pay
spg for the use Of any chattel lent to
another, for the pleasure or profit Of the
borrower.
The law against usury in this State has
heen entirely futile in preventing the
harshest kind of usurious contracts. The
earliest authentic instance of a law against
usury was that Of Moses. 1t is to be
found in Leviticus and Deuteronomy
"Unto thy brothers thou shalt not lend
upon usury, but unto stranger thou
mayest lend upon usury." This law is
strangely at variance with common right.
Commentators have attempted an expla-
nation Of such an infraction Of the COLDER
rule-of "doing unto others as you woule
have them do unto you" They say thai
the Jews were purely an agricultural com
munity in the time of Moses; that The
stranger was trader; hence the ability te
pay usance, existed with the stranger, who
was a trader, aud not with the Jew, who
was an agricu itura'ist, ond stock raiser.
To accept this explanation we must be-
lieve that Moses rever contemplated bis
people to advance beyond The quasi no
madic condition they were in while en-
camped in the desert, a presumption op'
posed 10 the promise of Caanan;-to The
entire spirit Of the Mosaic legislation, and
to the commercial interests Of the Hebrew
people. That the law Of Moses was futile
and powerless, as against the necessities Of
q trading nation, we have most re.
markab!e proof furnished US in the late,
history Of the Jews.
The custom Of taking usary, or hire fo1
money, became so general among the Jews
that according to Prideasx, in his admira
bic work upon, The Connection between Sa
cred and Profane History that Nehsmia.
at the building Of the second Temple afte'
the return of the Jews from their Babylo
nish captivity, in his religious zeal-de
termined to restore the observance Of tn
Mosaic law which had entirely fallen int
disuse. To effect this propose a genera
assembly Of the Jews was called, and i
was enacted that all should return Il
their brethern whatsoever had been exact
ed of them by usury. This law of Nehe
miah gave rise to such grave disorders il
the State, that it is doubtful, humanl
speaking, if it was not powerful cause
the ultimate destruction of the Jewish Ma
tion.
The fact however, stands prominent
that legal enactment, hacked by the obi
cation Of religion, was powerless agains
the necessities Of a trading people. If se
how vain is it to compel money to te sol
at a fixed rate, by legislative enactment.
The Koran following the Mosaic rult
forbade usance for money. The Mohan
medans as rule lived up to the law, ali
notwithstanding the brilliancy Of the
conquests, and that the scimetars of th
Saracen, Moo7, and Ottoman subdued tn
fairest portion Of Christendom, the
never achieved commercial or manufactu
ring prosperity-and are to-day the MOI
beggarly nation in the civilized worl'
Why? The capital of the Ottoman En-
nire haa been sterile for three hunlre