Alexandria gazette, commercial and political. [volume] (Alexandria [Va.]) 1812-1817, 1816-07-01

Z - - :
From III. Boston Daily Advertlser)
snrthsr Ersrasts from a Frsnsh ,pork on
Commerce, 1gricalltars, ana .han'yac-
stafes,
an the Regulation ofthe Rate OF Interest
- on Mony Loaned.
H. last we are pleased to- see one wri-
for ayow Openly the principles which
sa,d sense aid experience have long
,roved 10 bs.ccrrect that all laws limit,
ms the rate of interest are absurd ana
,.ss;ud;c;al to commerce & tosberrowers.
81 : are NOT usurers ourselves, nor dove
,s;sh "a become such. Usury can only
flourish highly under severe penal laws.
| # ws wish to be usures, we should beg;
| That the laws asaiastlit might be more
severe.
Ruf we have felt, and indeed we might
saw. know, that the laws against usary
are not only the most UNJUST, but the
most foolish ever devised to remedy
What is called an evil. If antiquity be
n,eaded in their favor, we Should answer
thew are not more ancient than human
slavery. which all the world is now unit
inc 10 abolish. They are not near so an
Gent as the Catholic principle. that the
IScriptures are TO be kept IN foreign and
unknown tongue, and not dispersed
among the people. Yet in our day We
Geo them translated into every tongue,
and dispersed as well BY Catholic as
Protestant.
These laws. in fine, against usury, are
not more supported by vulgar p ejudlce,
than the laws regulating the price OF the
first necessary Of life, called the asslze OF
Thread.
| Fer almost ore thousand years the last
menfiianed laws have been so Popular III
Great Britain, that minister would have
lost his head islio should have proposed
their repeal. Get strange to ,eil Though
men Of tolerasle s-nss haye long per,
ceived their absordity, i justice 4 met
|fciency) Parliament never 4sfea 20 NJ.
terfere til last wear, when an ao.s report
was made, proving to DEMONSTRATION 40,
only that the laws we're uninstand absurd
/ but that they had constantly Aggravated
the evil, thev were intended to restrain.
The committee concluded by recommend
ling to put bakers on the footing OF other
artifcers, trusting to the effects OF a Tree
competition.
Now if such changes of opinion on
three important questions, supported for
centuries by public clamor. have TAKEN
place within a few years, may we not in
.iulge this hope that the people will be-
lieve that usury is an evil which can never
be entirely cared, but which may be rem
dered much more violent by i2judicious
restraint, and more moderate by being
left to Itself Tie cupidity of un-
tprincipled men is only excited by the
risks Of the law, and tiey demand a
higher premium in consequence OF
these risks. The world are not yet
prepared to consider fairly the in
Justice and inequality Of such laws
| The unfairness Of subjecting one species
! of capital to restraints not imposed on
Others. Perhaps this prejudice may ne
yer be overcome; but the sound sense OF
! the French author from whom we have
! made previous extracts may make some
,roc,Ivtes and advance the period in
which our legislation on this SUBJ ect may
become more cnnsonant to justice and
sound policy.
1t would seem. according to this au.
thor, that both the minister Of finance and
| many members of theis lower house OF
assembly in France came out in opposi.
ton to the laws against usury and that
| these laws are not in tact enforced,
though, i; il existence IN France.
! This is his reasoa;ng;
s: Money is not only ameasure OF e1.
change by which the value or price OF all
other merchandise is regarded, but it IS
| in itself often an article of merchandise"
(lti is often such in our country, and bears
premium according to the demand
Translator.
The profits ola merchant OF silver
orgold, commonly called a capitalist may
therefore be likened to those Of any O.
Their merchant" I" The profits which
other merchants derive from their traffic
! are composed of several clements or
items. They include the advances tor
the purchase of the goods, for duties, for
Their rents aud all their other expenses !:
also for the delay Of payment, according
to the credit giyen to the purchasers
1,4l,o, <T fhoic NOR.