The herald., 1895-01-26
PERSONAL GOSSIP.

Miss Esther Norton leaves next week for sa-
vannah to take charge OF a school.
Miss Jessie Moore leaves next week to take
charge OF her school in Santa Barbara.
Iskender Bey, of Constantinople the well
known dealer in Turkish rugs, has just arrived
in the city.
Major George H. Bonebrake made trip the
other day to Covina and repors that he never
saw the country looking better han at pres
ent. He predicts very prosperous year for
ranchcrs.
Dr. John l. Maher OF Philadel phia, who is
spoken of by horsemen as the greatest veteri-
nary surgeon i'll the country, and whose clients
are the owners of the costliest race horses, is
spending few weeks at the Hotel Arcadia,
Santa Anita "a
At the Westminster are registered Mrs.
George A. Fuller and party OF Chicago, who ex-
pect to remain here for & couple of months or
so. Mrs. Fuller is the wife OF one of the largest
builders in Chicago. In the party are Miss
Fuller, Mrs R. W. Patterson, John NJ. Evan
and Miss Kate Powers
Colonel Hez Purdon, whose entertaining re-
miniscences of early Los Angeles have been
read with interest in these columns, does not
live entirely in the past His errand to this
city was to purchase machinery for the Mont
tor mine in Arizona. The colon ell says he has
O. sure thing in this mine and does not want
outside capital in working it. The Monitor is
placer mine. Aside from his interest in this,
Colonel Hez has what he calls the finest quartz
specimens in the world, and some other quartz
less rich in metal. but that comes from local
ity where the supply is practically inexhausti-
BILE. Colonel Hez will remain at the Ramona
a few days and then return to Arizona
COMING BY SEA-
IT. Ia1 Doss
steamer Eureka for Los Angeles: F. S. Kersey,
S. Burgess, silas Burgess II. Crook, w. A. CLARK
and 10 steerage.
Orr & Patterson, funeral directors and en-.
bamers; fair prices, 6rst-class WORK. LAT
North Spring street. Telephone 60.
Usury Law.
Nearly all the states of this union have us
ury laws In New York, where a very large
share of the money capital of the nation is
concentrated, the rate of interest is fixed by
law at q per cent, and any rate above that sub
jects both principal and interest to forfeiture.
Such law in this state would do world of
good. Our banks are full of money, mostly on
deposit, awaiting chances to loan Mt an extor-
tionate rate of interest If we had proper
usury law most OF this money would seek in
vestment rather than be lying idle. 1t would
either be loaned on terms fair to both borrow
er and lender, or be used by its owners for the
improvement of the country, and in that case
1t would pay its fair share OF taxes. which now
it does not.
But the greatest benefit to how from a usury
law would be the solution OF the mortgage tax
question, which has so much vexed the good
people of this state. 1t would be impossible
for the money lender under such q law to put
the burden OF his taxes-the mortgage tax
upon the shoulders of the unfortunate debtor,
as is the universal Gu tom at present. AS the
law now stands, and as the practice is, the
money lender exacts from the mortgagor, in
the form OF additional interest, enough to
cover oil possible and imaginary assessments,
and the man of money thus escapes entirely
all taxation upon his own capital. The palpa-
bic and gross injustice of this cannot be exag-
gerated by any words in the English language;
but, unfortunately. so common is the practice
now that it is overlooked and even justified by
some of our statesmen. A proper usury law
would put stop to this evil, and then that
provision OF our constitution which requires
the levying of a mortgage tax would be carried
out as was intended by the trainers of that in
strumenL
usury law would, OF course, be opposed by
the roGey lenders or at least portion OF
them: but su,h would hardly number a thou
sandth part OF the population. law more
generally beneficial it would be difficult to
imagine than good usury law.
CORNELIUS COLE
Los Angeles. February 25th.
Or. Prices Cream Baking Powder
Awarded Gold Medal Afidwinter Fair. San Francisco.