The New Hampshire Gazette

NEW-YORK, Jan. 26.

We hear that a committee is appointed on that part of the Governor's speech which relates to usury. The Governor says, the law against usury is most grossly violated, and that it ought to be enforced or repealed. In this article we entirely agree with him.

An infinitely greater evil in this city, and one that injures and ruins ten families where usury does one, is the enormous house rent--it is a serious calamity, and were it possible to continue it for a series of years, New-York would be depopulated. The auctions of furniture in Wall-street, next May, will illustrate this idea to a conviction.

But what then ? Shall the Legislature interpose to lower house rent ? By no means. A wise and honest Legislature will go to the source of the evil--the enormous and unwarrantable peculations which have overwhelmed the commerce of our country. Yes, there is the source of the mischief. And the Legislature of this State, of other States, and of the United States, have directly, tho' we charitably hope not knowingly, created this source of mischief.

Wise and influential men need not be shocked at the charge. It is a solemn truth, that the great and extensive distress and wretchedness which is now felt in our country, is principally the natural consequence of selling the wild lands in this country. Public paper did great injury--the peculation in provisions have done much injury-- but peculations in land have created more insolvency and its consequent miseries, than both of the other causes united. Yes, Legislatures have, by their haste in disposing of wild lands, and the manner of doing it, created and encouraged those peculations, and have spread ruin over our country.--Here is the source of mischief--and the rulers of our land are the fathers of it. They have held out the bait that has decoyed and allured thousands into the snare. And here is the cause for the demand of the money--here is the source of the enormous usury in our country, which, springing from distress, bids defiance to law. Here is the source of high rents--the money of the country has been drawn from building and improvements into the gulf of peculation.

Legislators, away with your narrow views--mount to the source of evils--cease to combat an effect, while you cherish the cause. Be assured of this truth, that no regulations of interest or profit of men's private property can ever be carried into effect--you are combating the shadow while you lose the substance.