The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1889-03-07

pose Of procuring the necessarIes ana
comforts OF life, for the purpose OF pay
ing his debts, or with which to relieve
the necessities of another, he should be
liable only to charge Of interest as
provided in said section.
But, when one borrows money for
the purpose of investment, the parties
, should be at liberty to contract as
they please, utterly anffhe,e1, and
unprotected by any statute of Usury.
Section 1896 above, should be abol-
ished, and different means of pre-
venting Usurious contracts adopted /;
for it s,gnally fails in its purpose, and
for many reasons. The fact that it
does fail, is abundantly shown by the
hundreds ofthousands Of Usurious con,
traces in our State.
Usurers are becoming as thick in
| North Carolina as they were in Athens
| when she was involved in such troubles
by means of Usury, that they could
| not be remedied otherwise than by
Solons law which was termed, "Shak-
ing off the burthens." Usurers, blood
thirsty as Shylock, who follow with de-
light the maxim OF the Roman satirist,
"Money at any rate" who rather than
fail of their object will plunge without
scruple or remorse into the most ser
pentine labrynths Of fraud and lniqui-
| ty. What woman's tear or Orphan S
cry, can send one human thrill through
their stony hearts?
''You may as we'll go stand or the beach.
And bid the main food bate his usual
height;
| You may as we'll use question with the
| Wolf,
Why he hath made the eve bleat for the
| lamb;
You may as we'll forbid the mountain
70 wag their high tops, and to make no
noise
When they are fretted with the gusts of
| You may as we'll do anything most hard. =
AS seek to soften that, than which what's
harder?
The Usurers heart
! have said section 1896 ought to be
| abolished because inadequate. What
then shall be the remedy? AT COM
mon law Usury when exorbi;ant was
indictable. Russ. CT. L. 400.
An eminent barrister in England
in 1874 advised that in case of clear
Usury the party might be indicted at
common law. 2 Chit CT. L. $40,
note.
| The common law did not make the
taking of interest indictable where the
rate was not exorbitant, but when it
was, it did. BisA. CT. L. 68I.
From whence it would appear that
Usury is indictable in North Carolina
under the common law, were it not
for the principle that, "Where a mode
of proceeding is attached to specific
offence, the common law remedy is
abrogated. I Wharf. 26. Note. Hav-
ing in our State an action for a penal
ty in such cases, tt seems that the REM
edy by indictment no longer exists.
The proceeding by action for penalty
being a farce, the proceeding by in
aictment ought to be adopted.
Many of the principal States Of the
Union, have statutes making the taking
of Usury indictable.
| We ought, at once, to adopt the
New York statute, which is as follows ::
Il person aeho directly or ind;,fftLy
receives any interest, discount, or Gen.
sheraton upon the lean or forbea,-
anee Of money, goods or things tn ac-
tfoa, greater than is allouyea by stat
ute is guilty Of a misdemeHnor.-.. r.
S. 1164. Sec. 2. Lars 1879.
Change Our law as suggested, and it
will have ere long salutary effect
upon the prosperity of our people.
| Respectfully submitted,
w. R. HENRY.