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Proceedings and Debates of the 1867 Constitutional Convention
Volume 74, Page 126   View pdf image (33K)
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126

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And as to the second proposition, they urge that it reflects
the sentiment of our entire commercial community which is
against such restrictions.
Usury and sumptuary laws, like bounty and colonial laws,
have had their day and generation; experience has long
since demonstrated their utter futility. Such laws, ostensibly
intended to protect the industrial classes, only serve to
oppress them, inasmuch as they are not the borrowers, bat,
in their savings banks, even to some extent, lenders.
The large borrowers ate the railway companies, manufac-
turing and other corporations. The small borrower does act
now get his money at six per cent., but often is obliged to
buy it in his building associations (of which there wre hun-
dreds) at the highest rate-which is bid for it at auction. The


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Proceedings and Debates of the 1867 Constitutional Convention
Volume 74, Page 126   View pdf image (33K)
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