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The Daily Dispatch: December 9, 1865., [Electronic resource], Report of the Secretary of the. (search)
The usury laws. Governor Pierpont, in his annual message, recommends the repeal of the laws against usury. If at any time the wisdom of putting a restriction upon the rate of interest upon money were doubtful, certainly at the present time, it should be generally conceded as entirely impolitic and productive of little else than injury to the interests of commerce and the general business of the country. Our people are striving to "reconstruct" their trade and rebuild their city; and one of the most serious obstacles in their way is the difficulty of obtaining money for their enterprises. They have the best securities; but capitalists will not lend money at the legal rate of interest when they can readily get from seven to ten per cent.; and they are unwilling to loan it at higher rates than the legal interest to persons residing here, where heavy penalties are prescribed for exacting more. This State cannot isolate itself financially and commercially by ignoring the circumst