The Bridgeport times and evening farmer., 1919-01-25


 languished and became disreputablc . and fell under the control of the worst elements in the community. | preparing the way for the calamitous events which preceded Rome's final | downfall.
 Later, in the time of Justinian, the | government undertook to control in- terest rates, which were fixed at one third of l per cent. a month, or per cent. per annum, though higher l rates were allowed to be taken by merchants, where a greater risk was involved. During most of the pe- rtods of Roman history and before it's decline and fall, usury was treat ed as an aggravated species of theft and punished with great severity. Whereas the punishment for theft was only a forfei-I Ire of double the value of the thing stolen, in usury the criminal was punished by con demnation and forfeiture of four times the value of the usury taken. This severe penalty, 1t is said, waa gror1ded on sound governmental reasons, for 1t was seen in those days that usury was one of the most frequent causes or S6OlliOn ana Q1S- cord among the people.
 McAdoo EmuIated Tiberius Caesar.
 Secretary McAdoo, in depositing as he did on several occasions, many millions of dollars in the banks to alleviate the strain and bring down heavy interest rates which were be- ing demanded In certain parts of the country, found a precedent for 50 do- ing in the acts of Tiberius Caesar, who, the ancient historian tells us. deposited a marvellous sum of money in the banks of Rome" the amount being estimated at 500 900 pounds sterling, or about two and half million dollars, for the purpose Of breaking rates charged by usurers in those days, and this money was offered freely to those debtors who were able to give bond and security to double the value of the money borrowed. Secretary McAdoo's terms were more liberal.
 The canker of usury," says Taci- tus, lis an old venomous foe and is the chief head of rebellion and va riance in countries, and it was there fore banished in the old times" | In England, as early as the reign l of Alfred the Great, laws were en- 1 acted against usury, usurers forfeited l to the king, their chattels, while 1 their land escheated to the lords of 1 the fee, and it was further provid- ed that usurers should not be buried l in the sanctuary. In the reign of
 Edward the Confessor, 150 years 1 later, the laws provided that the us
 urer should forfeit all his substance.
 be outlawed, and his heir disInherit-
 ed. Other punishments were adde l i by William the Conqueror, such as whipping, exposure on the pillory, 1 and perpetual punishment.
 In the Magma Charta, in 1915, at tempts were made to regulate or re- l strain usury the provision inserted
 showing clearly how general the evil
 was and how oppressive.
 These laws were modified and i changed from time to time. in the
 twelfth century. According to Clan vile, the usurer was not liable to be
 convicted during his lifetime, but for feited his goods and chattels after ] death.
 In 1S47 two acts were passed in
 England to restrain usury and to : meet the various devices which had become common. This law provided
 that offenders should be placed in i the pillory. put to open shame, be
 imprisonel aalf a year, and pay 20 pounds sterling.
 ! In the reign of Queen Elizabeth
 the legal rate was fixed at 10 per
 cent. This rate was reduced to
 per cent. under the reign of James
 All contracts for more than pe1
 cent were void, but the act con
 tained a clause that mo words 1T 7 this law shall be construed or ex- pounded to allow the practice of us,
 ury in point of religion or con , science" inserted in the l--, to sat.
 isfy the bishops, who would not pas: the bill without it.
 Usury Contributed to the Decline O Rome.
 In the reign of Charles II the le' . gal interest was further reduced to . per cent, which had then become , customary, and it is interesting tc l compare the conditions set forth 1T , the preamble of this act, whicf !
 vora)ble money rates, with the cor ruption and declining conditions 1T } Rome, when usury fourished most 1T the Eternal City. The preamble tt this act says:
 Forasmuch as the abatement of in . terest from 10 per cent. in former times has been found by notable ex perience beneficial to the advance ] ment of trade and the improvement l of lands by good husbandry, witt
 many other considerable advantage! , to this nation, especially the reduc ing of it to a nearer proportion witt foreign states with whom we trans
 act, and whereas in the fresh mem , ory like fall from to per cent by late constant practice hath thel 7 the like success to the general con
 tentment of this nation as is visible by several improvements, and where
 as 1t Is the endeavor of some at pres ) ent to reduce again in practice to the : allowance of the statute still in force to s per cent. to the great discour 7 agement oS ingenuity and industry il } the husbandry, trade and commerc l of this nation.
 The rate of interest in Englant : was reduced to per cent. in tn l reign of Queen Anne, the premabl
 of the law stating that
 0 It has become absolutely necessar n to reduce the high rate of interes
 of six per cent. to nearer propor