New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-01-21
LETTERS FROM THE PEOPLE.
USURY LAWS CONDEMNED.
PLEA FOR SPEEDY ACTION OF THE GOVERNORS
SUGGESTION REGARDING THEM.

PLEA FOR SPEEDY ACTION On IiE "ONEi'O" o
SUGGESTION REGARDING THEM.
To me Editor Of The TribWHe.
SIR: If the Legislature intends to take any
action on Governor Cornes suggestion with reIereh'r
to the Usury laws is 10 too much to ask that radical
changes be made or even that all the legislation on ms
subject he swept of the statute bookl There are only
three other states IN Union whose Usury laws are as
severe as ours while eight do not restrict the rate OF IN
te1es at ALL Oar statute upon this subject Is m''''l
after an English law passed m the reign Of Anne over
hundred and ny years ago which. Units turn, wa based
upon totally erroneous views Of public policy twenty
five years ago England. after repeatedly narrowing lis
apucatiou repealed the whole % II. AHnc's statute
was passed solely the grounds of the advancement
o. trade aud transfer part ~ the heavy burden o.
the late long and expensive war" from The landowners
to the money lenders; neither Of which laudIoo pun
poses were OF coud be advanced by such measure
Al present the only offered for continuing III
this is The protection afforded 10 the weak
against the strong bat originally it was not designed
for this purpose BIT the contrary as MEMBER ol
Parliament said. "They were originally intended 10
benefit the landed interest exclusively" e. the power
ul ogainst the weak In the debates preceding lHe pa"
sage OF the Usury Laws Repeal BIZ. L'rl Bfo"5h"'h
said These Usury laws were not merely lat CON
merciay, hut also morally. and grounds both COM
mercia and moral nothing could he worse than those
lava" They led" said Lord Campbell, TO good
deal o. litigation and proved most disastrous and even
ruiuous to those whom they avOwedly intended 10
protect" What then sad IL equally true now, md
it notorious that litigation this subject IA very
frequent and Of such character that Justice ia seldom
done Countless evasions OF the law render II dlhcmt
to tell where there Is u,ury and where not, ana nanF
very delicate distinctions mast ne ri' TO the vrruc OF
the pruvcrOa.iy tluE-4tulcl lurvmun. II - certainly
all unhappy state OF HIS when the lender Las 10 rely
only IN public opinion and the honor of the borrower
enforce a contract which every honest man VIII acko"I
edge valid and stiHgns comment on our Jsuiy Laws
tuat. while other things, IN 'htlseNe, h5m'I .lp Ky
right or wrong, become wrong when the law pT"iI'I7
them th'~ st rom aims ght even 10 the most a7'IdouS
circumstances Probably many OF or citizens VIII Jt
surprised learn that the penalty Tor receiving u~lF
Ia th4 Sta;e i line not exceeding $1,000 OF iupE,oH-
mcnt moi exceeding slX months, or 30 & Yet 40 need
fIl are those Illegal rates Of interest that rrput'r
gentlemen every dag Ivy tncm-rv Dozen 20 t, penalty
and are guilty uf what the law calls ueucln.r Waite
the poor with ut'c security, who u.si nave H'-
tanned loan fora YcrCcu above what Is hu" ilr leg
arar (, e.. ben unable borrow at pl OF else S 'u'.
PEELED 10 pay still higher rate I'D order io r1up'u-ir
tue lender he addlt ouai ls which Dee du7 ul p'
IN his pTIutipii on the plea ol E-uIF
These lave were enacted WITH good Tt'ut, Dut n prlc
ticc have proved mi-r.loc failure d.I BE- np hI-
,ait vuilt standing il-l 3D. 'i' hiul' '.t-
ton OF Justice tnc-e an'1Hlt'd a" 7uoud p ger long
est uu i.- statute Daua- OF NrW-l OH. q. Z. NJ
htt- lOrL. Jan. Is, l--S