The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1889-04-04
Usury.
Speciot Correspondence Of the Gold LIE

Spsctol Correspondence Of the Gotd Leaf.
In the GOLD LEAF of March the 7th ap-
pears an article over the signature Of W.
r. Henry. lie seems to have a poetical
turn OF mind and sets out with quotation
that represents the usurer as sitter OF
conscience and a defer Of law. lie grows
eloquent under the inspiring theme and
ia lks about "Usurers, blood thirsty as
Shylock. plunging without scraple or re-
morse into the most serpeEtine Iahyrinths
of fraud and inquity." In his imagina-
ton he sees bleeding victims writing
under the merciless grasp of the c1tortinn-
or. and homeless, oppressed widows, with
their hungry, ragged children Ivy their side,
pleading in vain for mercy and forbear-
ance, and asks, "What woman's tear or Or
phan's cry can send one human thrill
through their (the uSuers) stony hearth"
UsurerS are so hateful in his sight he thinks
before the legislature adjourns they should
do something to arrest the ruinous course
of those who like the devOnring lOcuStS IF
Egy pit are sweeping everyth: ng before them,
lie says "they are becoming as thick in
| North Carolina as they were in Athens
when Solon the wise lawgivey, had to eX-
! tricate the people from their devouring
| Jaws l know of no usurious viOlators of
law in our midst, nor do believe we have
many among us. Nor do | believe Mr..
| Henry can put his hand upon one and say
| Thou art the man. He wants the New
in force here which makes the offender in
dictable in courts of Justice. While he
wants the New York Statue in force here
he don't want it to apply to every class of
citizens He wants one law for the rich
and one for the poor. While money lend
the poorer class he thinks they should be
''unfettered" in their dealings with rich
| investors. What would he the effect of
such discriminating law: Would it en-
able the poor man to borrow money at a
restricted rate of interest to buy him a
| home, or would it induce money lenders
to prefer dealing with the richer class with
whom they could operate "unfettered"
by law as to rates? What money lender,
| il his aim was to make the most he could
on his money, would lend to poor man at
the risk of being prosecuted in court as a
viOlatOr of law when he would lend to the
rich investor in real estate at higher rate,
totally ''aiatcttsred?' Many poor men can
| now borrow money at eight per cent. and
hold the house that shelters their wives
and their little ones until remedied by a
good crop. But give richer ''uhtetteres"
class the preference in the money market,
how long would it be before many farms
would he gobbled up under the sheriff.
hammer by the al.tettered class? Mr..
Henry says our law against usury "signal-
| ly fails i'll its purpose" What law OF the
land effectually prevents the commission
1 "
against theft, murder, arson. and other
crimes, but the State docket sometimes
crowds out the civil docket in our courts.
Mr.. Henry quotes the law of brotherly
kindness among the Jews. If brother had
"waxen poor it was the duty of his richer
if naked clothe him-if sick minister to
his wants. 1t is incumbent on us as we'll
as the Jews. But that does not settle the
question as to mans moral right to have
interest on his money and how much.
Moses comedies the right to take interest
from strangers to some extent but does
not say beyond what amount crminality
attaches. Ii the moral right exists to re-
ceive increase for the use of money would
like for some legal mind to work out the
line between guilt and innocelse in the
matter. In the parable of the "talants ,
the man that failed to put his ''monay into
the bank" and get interest Oil it was ca lied
a wicked and slOthful servant I admit
it is wrong to Cypress brother. But some
men making investments that bring in
three hundred per cent. profit can pay fifty
per cent. easier than others can pay six
per cent. Eight per cent. is enough for
most any business man to pay and succeed.
Though sometimes lend money [ never
yet got the consent of my mind to take more
than legal rates of interest, though often
| urged to do so by persons eager to borrow.
But with "Puffindorf" can see no good
ICdSou WHY IL d HIdH DuNS d GIdCt ol Ianu
for thousand dollars. worth two tl,ousa nd
and pays for it with my money, l should
not share in the profits with him. In con-
clusion. l will say that there is too great a
disposition among our people to regard
honest money lenders as destitute of all
feelings Of brOtharly kindness. They are a
useful class of citizens. Many poor farm.
ers would never own land without their
aid. Nor should men who never assist
others in time Of need brand them as ''Shy-
locks" Make the penalty for taking ex
cessive rates of interest double the amount
of the money lent, instead OF double the
amount of interest and we would have all
the protection desired E III W