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Description and Holding Information
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1834, Petition and Report for the repeal of the usury laws
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SEE ALSO 52530, 52573 Senate No. 66 On March 14, 1834: Petition for the repeal of the usury laws. The petitioners thought the laws were "founded
on erroneous principles." The market price of anything was liable to change, even the price of money. It was an infringement on rights to not allow
more than 6%, and favored one class--borrowers--over others. Competition would take care of usurious behavior; the free market was best. The laws
encouraged evasive behavior, so leave the rate open to contract between parties. There were three pages of signatures in very small print. The Joint
Committee agreed to a partial repeal and submitted a bill: An Act concerning usury, 1834. Laws restraining interest charges higher than 6% were
repealed for bill of exchange and promissory notes, but were still in force for mortgages, demand notes, and bills payable on sight. (Digitized from a
microfilm copy of title originally held by the Massachusetts State Library).
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Title:
Petition for the repeal of the usury laws.
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OCLC Number:
1401990433
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Available Volumes
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| Name | Fiche Count | Online | Paper Backup |
| Vol. 1 | | Yes | No |
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