The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1876-08-24

case the payment was postponed beyond
the time agreed upon. AS sample OF
bigotry of the dark ages. we will say that
in the year 1871 interest on money was
prohibited as being the bane OF COM
merce and again. in the year 1891 instr
Robert Cotton's Abridgment OF the Re.
cords of the Tower we learn that an at
tempt was made to suppress interest by
the House of Commons.
1906 was the first year 10 which inter-
est was legally fixed in Europe. It was
in the city OF Marseilles, and the rate
was fixed at ten per cent. BY an act
passed during the reign Of Henry VIII
I48S) it is directed .'that all unlawful
chevisance," i. e., loans Of money on
mortgages of land ETC., land usury shall
be extirpated. and all the brokers OF such
bargains shall be set on the plllory and
hut to open flames; and shall also be for
half a year imprisoned aud pay twenty
pounds"
We now come to the year 1916 when
interest was first settled by law in Eng
land. "Befcre this time" says Sir josiah
Child, "there was no law limiting the
rate of interest, there was then little
trade and as little money in the nation.
wherefore every man took sucn an inter-
est for what money he could pat out as
he could get, which is sundry instances
to be found in history here and there was
before this time generally higher than
ten per cent? 1t was fixed at ten per
cent In the year 1852 this law was re-
pealed, and the act undetermined all IN
terest taken for money to be unlawful"
In the last year OF Queen Mary, see
Stoves Chronicle page 632, "a prext
| Qoan) was granted to the Queen by the
citizens OF London OF twenty pounds,
which was levied Of the companies, for
which sum to be p,.id again the Queen
bound certain lands, and also allowed
tor interest OF the money twelve per
cent. every hundred Tor year." (l55o }
In 1860 the city Antwerp had attained
the zenith of prosperity. ard according
the Louis Guicciardini IN his description
OF the Netherlands, the rate OF interest
was twelve per c lit. ''tor 1t seems both
the Emperor Charles ". and his son
King Phillip II. in their wars etc., allow
cd SO high an interest to the merchants
here, which high interest brought the
nobility to lend their money secretly the
laws OF nobility torbidding that practice,
and made many lazy merchants likewise
deal in that way. through such high IN
terest was great grievance to the poor,
as we'll as great obstruction to com
merce,o
AS before mentioned, in the year 1862
,, during the reign Of Edward vi. the law
passed in the year 1906 establishing the
rate OF interest st ten per cent. | give
an extract from the act passed IN the
yearloo. speaking the same
No person, BY any means. shall LEM
any sum OF money tor any manner or IN
crease, to be received or hoped tor, abov'
: the sum LEM, upon pain to forfeit the sun
lent and the increase, with Imprisonment
. and fine al the Kings pleasure.
The above law was repealed in to
year 1911. About this time great quan
;, titles OF bullion. were shipped t. Europ
= from America, and but little silver wa
y sent to the East Indies, consequent
more money accumulated thtn KEEP
u pace with the advancing commerce an
= manufactures. Money came to be re
!, gard.d as much commodity rs othe
- things, and it seemed. therefore, reasos
y able that the possessor should lmprov
it. The rate was again fixed ut ten pc
= cent
o The first positive law liking the rat
. OF interest in Scotland was in the yea
J 1877. Kiae Henry the Fourth, OF Franc
: published IN eiict ia 1901 reducing Ia
d national interest in that Kingdom to 81
. aud onc-tourth per cent. Two reason
y Tor this reduction are given as follows
u /. Tha, high interest had ruined man
'c good and ancient houses.
: ?. That it had oostructed commerce
- ti.lage and manufacturers many pei
sons, through the facility ui their gain
: usvry. or interest on money. choo>in
q rather 10 live idly in good towns. G
/ their income arising iherelrom. than
: labur in the most painful employment
: liberal arts or iu husoandry.
g In 1924. Thomas Culpeper. >en!o
q then member OF the English Par j me
$ was mainly instrumental In causing
- reduction or interest IN England iro
=. ten 10 eight per cent. Concerning tn
a, reduction. Sir josiah Child. in his d!
- course on ira IL, says: "Iaat IN u
~ wear lo55. eleven years after the maklt
~ Of this law. there We're more mercnan
~ to found ON the Exchange in Lnndo
NJ worth on thousand pounds and upwar
~ than WAS uesore the YEAR 1000. to
% found worth hundred pounds each.
se tie act the word interest was the tir
- time used for the ioroearance Of none
in lis modern sense.
>, /, l653 interest ia Scotland "
, reduced from ten TO eight per cent.
=, The Runp Parliament. 10 the ye
i65l. taxing into consideration that t
r
er t'ts " iase - " ~
h;s some countries '.bsyoai The sea tn
.c, in England. reduced the interest frt
~ eight 10 six per cent. They concind
70. that hi III interest kept down the pr
.r of land aud was detrimental 20 co
lin merce-
Sir Thomas Culpeper. ia l6sl. sal
ur- That within half an age We have {
RE frrrIng to England seen many impru'
the meats o. land and = vast Increase OF ,
the ouls OF trad. oy the ata:ement Of ;nis