This has always been true. If a poor persons bike is stolen, it's a misdemeanor. If a rich person's bike is stolen it's a felony. It's disgusting.
I understand that the historical lesson was that the Bloody Code (almost any property crime, even minor ones, were punished by hanging) but it seems extremely counter intuitive that harsh penalties carried openly wouldn't have a deterrence effect. I won't advocate hanging for a simple crime like this, but wouldn't a mandatory minimum of 10 years have some similar effect?