The more things change, the more they stay the same: "It appears that the practice of loaning money at exorbitant rates of interest, has already been opened as a field for discussion; so I suppose I may enter upon it without claiming the honor, or risking the danger, which may await its first explorer. It seems as though we are never to have an end to this baneful and corroding system, acting almost as prejudiced to the general interests of the community as a direct tax of several thousand dollars annually laid on each county, for the benefit of a few individuals only, unless there be a law made setting a limit to the rates of usury. A law for this purpose, I am of opinion, may be made without materially injuring any class of people. In cases of extreme necessity there could always be means found to cheat the law, while in all other cases it would have its intended effect. I would not favor the passage of a law upon this subject, which might be very easily evaded. Let it be such that the labor and difficulty of evading it, could only be justified in cases of the greatest necessity." A. Lincoln - March 9, 1832
Posted on: Mon, 19 Aug 2013 02:23:38 +0000
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