An Address on the Subject of the Usury Laws
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| Hersteller: | Forgotten Books (Gallatin, James) |
| Stand: | 2015-08-04 03:50:33 |
Produktbeschreibung
Excerpt from An Address on the Subject of the Usury Laws: An Answer to the Hon. John Whipple, of Rhode Island In the preface to an edition of Mr. Whipple´s pamphlet on the Usury Laws, published at Boston in 1857, will be found a letter of Hon. W. W. Wick, of Indiana, dated March 7, 1849. This letter states "That in Indiana, the Usury Laws were repealed twelve or fourteen years ago, (1835, ´36, ´37.) Many (persons) were sold out of house and home ere public attention was called to the subject. Had the Legislature not interfered and tied the hands of the spoiler, an immense amount of property would have changed hands in a few years." We all know that, stimulated by the example of New York, (without duly considering the difference of position,) Indiana undertook the construction of the Wabash and Erie Canal; it was necessary to borrow money for the purpose of building this canal, and the bonds of the State were issued. The land in the neighborhood of the canal rose immensely in value. The years 1835 and 1836 were years of the wildest speculation and over-trading. The State of Indiana plunged heedlessly into internal improvement speculations. The banks expanded the currency, and when the reaction came, and a contraction could not be avoided, some of these institutions, loaded down with fictitious paper and dishonored State bonds, were immediately swept out of existence. The bank of Mr. Biddle, styled the Bank of the United States, after a year or two of vain struggles, broke down into hopeless bankruptcy. Not only many of the citizens of Indiana who had speculated wildly in lands became insolvent, but the State itself could not pay the interest on its bonds, and had to resort to temporary expedients in order to pay the salaries of its officers. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.
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