Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1816-07-06
GNUMBER so.

absurdity, injustice and inefIiciency) Par
lament never dared 10 interfere till last
year, when an able report was made, Prov
ing to demonstration, not only that the
laws were unjust and absurd, but that they
had constantly aggravated the evil, they
were, attended to restrain. The committee
concluded ny recommending to put bakers
m the footing of other artiicers. trusting
10 the elects of free competition.
Now 1t such changes in opinion OF three
important questions, supported for centu-
r'es oy public Glamour, nave taken place
WITHIN few years, may we not indulge
tine hone that the people will believe, that
iusory is an evil which can neuer be entire.
iy cureii, but which may be rendered much
more violently iniudicinus restraint, and
nore moderate by being left to itself
me cupldity of unprincipled men is only
2Scited by the risks Of the law, and thev
demand a higher premium in conse-
quence OF these risks, The world are mob
yet prepared TO consider fairly the iDius-
nee and inequality of such Iaws-the I'M
FAIRNESS OF sublectins one species of capital
70 reasaiuts not imposed CD others. Per.
haps this prejudice may never be over.
come: but the sound sense of the French
aE-hor from whom we have made prev;ous
extracts may make some DroseIvtes and
advance the period in which our legislation
hthis subject may become more conso-
nsnt to justice and sound policy.
&c would seem. according to fins author
mat Doth the minister of finance and many
members OF their lower house of assemhIx
IN france came out in oDposit;on IN .tb,.
laws against usury, and that these u,
are not in fact enforced, though in ew;st,
enes, in France. eN'''
This is his reasoning.
Money Is not only measure of c,.
cnnahse ny which the value or price Of ali
other merchandise is regulated, but # ;s in
rseii often an article Of mercdaadis,e -
I!e Is eiten such in our country. and bears
premium according to the demand.
49, Translator.
me profits ola merchant of silver or
Soiu, commonly called capitalist. NAV
therefore be likeRed to those of any ofbs,
merchant" "The profits which o,bar
merchants derive from their traffic are com.
posed OF several etsments or items. They
include the aduGRces for the purchase e
tne goods, lor duties, for their rents. and
all their other expenses also for tbe Ja.
lay OF payment. according to the ere lii g.,
ven to the purchasers: the risks tbay mn
either OF their merchandise BEING suIIec+ ~
leakage, or damage, as well as oe sbs -
vency of their debtors. In fine an;nd SUI
MY Tor their time and pains. These
charges amount, according to the nature o.
'he business, to 10, Is, or 90 per cent.
Inc elements or items which com.
pose the profits ofa monied capitalist. are
nearly the same. -"
=" ihey are governed by the gogitieoI
SITUATION OF the country, whether it be in
within. VI ''SHq"'t
"UPon the good u,ss and stability orbe
laws anu administration ofiustice.
Upon the magnitude of the SIM, ho-
rowed and the length of time for which tbe
loan is made. ""''i NE
:" upon the profession or OCCUPATION re
the borrower, his probable success. -
81, !" Upon his probity, conduct and SILVA
lhese things are so different, admit ~
so many notifications, that no two cases
Can ever be alike. N"'eS
ou cannot therefore regulate (proper.
iy) the rate OF interest any more dian vn,,
~
can the value OF merchandise. ~
IN VAIN BohaDarte attempted II bvso
we're laws. ithad no effect either in the ri.
ties or IN the country. 1t only served to NJ.
m'ni@ Tie number offenders, and to enabIe
and induce and justify those WIN did IanS
In violation of the law, to ask a mare ~ on,
orb'tant rate Ofinterest than thew ,youI5
have done, in consequence Of the dancer.
to whlSh they were exposed. 6. The IN
perlai government fBouaparte',) was
obliged to suspend the execution, oF n1a
usury law because its own wants vera
great and the only effect was, that bv tbsss
rigorous measures the rate of interest yys,
higher than 90 ore.o ""s
$ iteason aud experience seem IN die.
tate thai the Legislature ought to leave Az
rate OF interest unlimited tube settled bv tbe
lender and borrower. This freedom or,
'sted IN france FIR many years, and not.
wlthstanding the great use for nancy
which the government had. no inconreni.
eHce was sustained by this license. II ten.
ded rather to make loans mare modergtr
and profitable to borvouers."
" 1t IS only necessary for government IN
say that when recourse is had to the iudici.
airy, aod no special agreement has been
made between borrower and lender. tine
interest shall be five per cent"
fhis IS sound sense. and excellent noI;-
tIC0-uacnunnicaI RI w.,