The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1889-05-23
USURY AND USURERS.
A Reply to r. w. H. by w. r. Henry.

"What law restrains, what scruple shall
prevent,
The desperate man OH swift possession
hent.''
For not a vice that taints the human soul
More frequent points the sword, or drugs
! the bowl,
Than the dire lust of an untamad estate,
Since he toho corets ,cealth disdGins to ,cait''
EDITOR GOLD LEAF:-NOt long
since an article written by myself en-
titled Usury and Usurers appeared in
your valuable paper.
In that article l advanced and think
| sustained the following propositions:
That usury is iniquitous; that the
! reason why usurious contracts were
| forbidden against the Hebrews was
that they were an agricultural people;
that the people Of North Carolina are
an agricultural people and labor under
| the same conditions that surrounded
the Hebrews; that there are many
thousands of usuriOus contracts entered
into in North Carolina daily, and that
the people are to great extent being
crushed by having to pay from 8
to 40 per cent; that our law al
lowing a charge of e per cent. and 8
per cent. respectively ought to stand as
it is with this qualification, tO-wit {:
When one borrows money for the pur-
pose of procuring the necessaries and
comforts Of life, for the purpose of pay
ing his debts, or with which to relieve
the necessities of another, he should be
liable to charge of 6 and 8
per cent. respectively; but when one
borrows money for the purpose of i'll
vestment, the parties should be at lib
erty to contract as they please unfet-
tered by any statute of usury; that our
statute providing simple penalty, to
prevent such contracts is inadequate
that we ought to repeal said statute
and adopt the common law remedy as
it existed i'll North Carolina, prior to
the present law, and which has been
adopted in New York and several OF
the principal States of the Union, which
remedy is by indictment, fine and im
prisonment in the county Jail.
My views as above set forth were
written hoping they might appear
before the adjournment of our re-
cent Legislature. l had no thong h
nor desire to arouse a controversy, die
not anticipate, and cannot yet under
stand how any man i'll North Carolina
not an usurer, who has never been al
usurer, who is and has been in no wa.
connected with usury, could become 81
excited, could SO far forget himself a
to endeavor to persuade an intelligent
\ suffering people, that ''there are bu
. few if any usurers III our midst.'
St see, however, i'll your paper OF re
cent date an article signed r. w. II
which purports to be an answer to III
communication. My article havin
been written only for the purpose here
tofore mentioned, would not pause t
. answer the communication of m
friend, but for the fact, that his articl
seems somewhat personal, and exhibit
[ think. an undercurrent OF bitterness:
= which it seems to me is incOnslsteI
III with fair debate, high courtesy, or a
- entire freedom from all interest i'll tn
A matter. l do not in writing this art
; > Gle. propose or intend to make one unkin
Id OF discourteOus personal alluslon; VIII;
/ shall say shall be directed at an IL
iquitOus system and not at any OF
person or set OF persons.
am not surprised that my triel
did not sign his name to his recent pr
duction: he must have felt that no
vithstandiny few palliating sentence
5, the majority of intelligent men wOu
be apt to consider it a defense of usu
and usurers. and he must have know
that-thc-man who throws his lance
rest to defend such cause in til
We year of Grace 1889. with civilizati'
es, and christianity surrounding our la1
Der as with halo, would make mo
Ity picturesque spectacle of himself, tn;
did Old Don QuiXOte when he charg
those geese and wind mills some ce
I turies ago.
lo ost He does not like my suggestion th
red where money is borrowed for inve
ess ment the parties should be allowed
contract as they see fit. unfettered
nr any statute In his remarks upon Il
u point. his unfairness and fallacy &C
80. sists in dividing the investors and b.
nca rowerS at 8 per cent. into two class
rich and poor, and after dwelling
great length upon these conjured
, terms, rich and poor. he proceeds
Il assume that those borrowing money
investment would demand and Obt;
all the money in the market leavi
none to be borrowed at s per cent.
see no signs of any such vast q
constant investments in North Ca
lima Would to God there were SUI
&c I in such case. there would soon be
~ few borrowers. other than for inve
ments because of the prosperity of
silly people.
ears The provision that those borrow
you money for the necessaries of life sho
J. not pay more than per cent. wo
materially aid in preventing the p
G. pie from being preyed upon. The
. %. vision that ..mmey lenders" should
unfettered in cases where the none,
borrowed for purposes of investme
! would secure to them an inner
moral right. Has the money lende
right to share in the profits aris
from investments of money borro'
from them? If so they ought tt
- protected in the right by our law a.
from all incidental consideration; l
NO he has that right. We will now ST
| am correct.
81 The only reason why the takin
OS