Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1810-01-23


Sufficiently exam nd, b fore il shall be
condemned. My proposition will not on
ly aEord matter for inuch serious, aud IN.
gen.ous reelection. boi il carried into ef-
fect. will have consider able Influence up
on all The Social relations oil this com
mon"eakh. The attention, pa. fence, and
candor OF the reader is solicited whilst he
shall be devoted to the following expla.
na,ion.
THERE are two descriptions OF men
who occupy active statioas In life, and are
necessary TO each Other. These are, the
Borrowers and lcr,deis of money. Trans
actions Of this SORT are impor ant to The
general interests of society, and they
therefore, deserve public cOuDtenance.
3'ks ra.s ofiDterest, or price OF lending mo.
ney, L, now fixed by law. at 6 per cent per
ah,Sum, though the market price is much
higher, bu. many money holders IL IS
believed. would be satisfied with that hire
If they could be sure to receive their in :"
,eres, with punctuaiity, OF have the means
OF epforcieg il by a speedy remedy. If
such means existed it is likely that every
man, deserving credit, would always he a.
Die 10 hire the money which he wan'ed,
1t The legal interest, & sorn=times al a law
~ .s,e; but unfortunately sucf, means do
r.oi xist, Ind this is written 10 suggest
remedies.
When 8 SUN Of money is 'ent for
M he parties s,,Yrid make two ar.
taner,aenis: The FIST, 10 secure and
repay The principal AT future period, the
econd to pay he ints;es, at particular
TINES. Buih ought e. BE- secuted by necesl
say provisions. III The borrower cannos,
" WI no; comply with the bargain in
paying the interest, the leud = as the law
now is, is obliged to p osecuse his acton
for he whole debt and then. foil wing the
necessary forms Of law, he viii be com
, Deiled 10 ex'ort by the power Of an exc
cuticn money which he does NO; wan, end
watch he would again le, to another of
more pnnGtualiiy asi upon the same terms.
But if 'h- law had permitted him to en-.
| farce the payment OF his in,eres', by a
I summary procedure, the psiac. pal would
not have beer d.. urhe,, and pc haps me
ruin 6f the debtor nigh. be az iled; as !
remedy, The f,ilowicg ,nsoya ions are sus
! gested.
All 6eb's which may become due
| for money len, upnn interest, shall be re-
| sistered in ,he Offices re The Clerks of
he resneet VI County Ours, or in some
Other pubic manner. in books to be KEEP;
( fir lisi purpose, wherein, the rate OF inle.
est, OF exceeding sig DER cent, shall be
stated and IL he interest be not puHcte.
F! ely paid To the lender. or lodged With the
+, Clerk of the court within three DAYS after
: j. hatI b,c lie, H..
! eprly TO the clerk for a summons for
ths same. which may be enforced IN the
mos' summary name.
| Il is believed, if ihs mode OF Sc
curing debts for money ien, ard for reco
.ering he interest, should be adop:sd
that general brn, fits would be derived by
al! parties; and that mpoey-hnlie;s would
be glad To lend upon these resms, when
,hey could be sure Of receiving heir irie-
resijn quarterly ins,aImc nis, or al other ST a.
ted times or it punctnal.ty wa; not obser
we'd 10 inforce immediate payment.
I tx oE one per cent upon all d; BIS
reg sieted IN this n,snIer, should b. IN
posse, TO be pid ~h-p recotSed, TO he
Clerk, and he also should, within three
uor;ha or q shorter line % compelled TO
aY nc same inic The p,,blic Treasury.
1t is reasonable, that al persons who are
benef,ted by government should pay some
thing Cor thetbenef,. The money TENDERS,
MS things now are, are opt of the reach Of
the l4w, but this proboslsion, VIII bring
them within It's reach Ot cause, their midi
vidual interests win induce them 10 become
parties.
L=t il be supposed that one million of
pounds by different contracts, should be
lenr the public at one per cent would re :
ceive C 10 900 year, and the parties
would have no cause ofcomplaint, because
jthey would have full knowledge Of. and be
equally benefited bv the law Il nigh; too,
1e privately settled between themselves,
which should pay the tax, aud this would
be generally determined by the quantity Of
money in the market.
BY such means the tax upon income
would operate, either ss a diminu,ion
Of interest, or as an increase on the price
Of hiring money. At the same time the
security, and he certainty winch the len.
der would oJtaip, would render 1t more
beneficial to him TO receive his interest, by
QUE rterly instalmens or by other arrange
nents, though the tax, should reduce his
interest even TO S per cent, ,han 10 be de-
prived Of the means of receivmgi IL IN a sum-
nary way, though by contr set he should be
entitled to 8 per cent; and the borrower,