Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1816-12-17


pointing inspectors Of manufactured to-
hacco-Also in favor of incorporates. a
company to manage the concerns of the
new bridge at fredericksburg.
On motion of Mr.. Mercer (of IL the
House came 10 the following Resolution
ReSo'ced, that the Executive be request
ed to communicate 10 this iEouSr, aState-
ment OF the total amount o. the unsaiisied
clam Of The Commonwealth OF Virginia
upon the Government OF the u. 5. for mi
litary eXpences, incurred by the Common
wealth during the late wac, in defence IF
tue territory thereof, orof any of the adj
Iacent states; embracing and distinguish
ing the amount ofsuch sums as have been
paid ont of the public treasury on this ac-
count III the last fiscal year, and all sunis
which have beenpaid out of Tie same In IA
ny past year, in satisfaction ofthe interes
accruing upon the several loans rendered
necessary by such military eXpences F, to-
gcther with the respective amounts aud
dates of payment of such Sums as have
been reimbursed the COMMONWEALTH by
the Government of the l.. Sand that
the Executive be also requested 10 lay be-
tore THIS House an estimate ofthe amount,
II any. oftle dissatisfied balances Yet due
from this Commonwealth TO lis own Ctr
zens, or other persons, Oh account OF the
military operations of the late war.
Mr.. Hay asked leave to bring in a bill
".to repeal the act against Usury. MIR.
ii. remarked, that he had been long of o.
piDiou tliat these laws We're unavailing TO.
effect their own protested object; that in
England, whence these laws had been CO.
pied, no formal proposition had been
made for their repeal; though the most
| intelligent writers i'll England had lately
IN
CIV; that the facts, the law is a dead let
| ter; IN the whole course Of his practice,
| he had Witnessed only one or two cases Of
prosecution, and yet tie law is repeatedly
violated; this fact was not only establish
| ed by our own experience, but OF the whole
world: IN Turkey, IN France, &c. ,rsury
| laws existed; that in the last No. of the
| Edinburgh Review, to which lie referred,
| and which had affirmed the usury law to
| be the growth of the dark ages, ii is stat
| ed, the rate of interest is fixed at ) per
| cent whereas, the current rate is at least
| IL per cent. that these laws, so far from
| curing, aggravate the evii that in Tur-
| key, where the laws are the severest, the
usury Is the most exorbltant: that the Pc
nalty only serves to increase the rate of IN
| terest, to pay for the risk and odium the
| borrower sustains that iii this country,
uiduN iutil MiiO nave inOitSN 10 Il2hS
| IT matter of conscence not IN lend ii for
more than 9 per cent. but " il! not accept
of that rate, d will therefore hold up their
money 10 bay land, or make some other
| lucrative disposition of it; that the alb
clifton of these laws will bring great
deal of unemployed capitalinto the mar
ket and in England, the Edinburgh Re-
view even proposes that abolition as re-
| llefto the distresses OF that country that
| if men were permitted to get what they
could here for their money, interest would
| fall from 60 to or 10 per cent; that If
Virginia began this experiment, it might
have the etfectot Introducing great deal
of capital from other states and countries
into this statc.-Mr. II. hoped flat leave
would be granted, that gentlemen might
have time To consider, andan opportunity
10 discuss The measure, Leave was graz
ted, and a COMMITTEE appointed OF MesSrs.
Hay. Robertson (of P Baker. Mercer (Of
L. Garnett, Newsunl, Mallory, Banks,
Chamberlayne, Grymes, Belfieid and At
kinsOn.
The Committee OF Schools and Collie
ges reported in favour OF augmenting the
Literary Fund TO s 2,O00,o0O, i'll the node
recommended by the President and Di-
rectors thereof.