Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-04-05
ON UsuRY.-INo. ].
70 TIE Editor ef the Enquirer.

proposition was submitted 10
the last Legislature, for the repeal of she
prohibiory and penal provisions of,he
existing law, On the subject Of the regula.
ton offhe rate of interested money. This
propositionhas been rejected But as the
question presented is certainly an itnpor-
tant ore, has been heretofore little dis
cn.sed, rs involved IN some oEscurity and
difficulty from the effect Of prepossessiou
and may at future time be revived. /
have thought it might be an office notde
void ofutility, 10 make the character and
policy oil the legal provisions proposed To
be repealed, under some Of their more
considerable aspects, the subject ola brief
examination.
The first thing which occurs for obser-
walton, is, that these prohibitory proyisi-
ons require for their justification, the adj
mission OF 4 doctrine justly exploded
namely, that other aid than that which
their own discretion is competent TO sua
gest, is necessary to the guidance of men.
in the conduct of their personal concerns.
To what end are these provisions admit.
ted 10 place in onr code? Is il NOT for
the purpose of preventing injury which !,
is supposed will accrue tu such as borrow
at rate higher than the legal, or an ,s,:-
rious rate ofinterest Bntthis is an ipiu-
nv which no man can sustain, otherwise
than in consequence of his own assent
and concurrence. A loan is not some
thing ob,ruded and imposed, but is
sought, or acceded TO spontaneously,
from views Of advantage, liable. indeed
as all others are, to prove mistaken but
in no higher degree, that is perceived
than the determinations in relation to sDy
other department of conduct. adopted
with no greater portion of previous DELHI
GRAFTON, and involving a similar and equal
compiexity, and defect OF information, as
aspects the consequences 10 resrit.-
fNhere injury does IN the event result. IL
can only be considered (excludins from
view cases OF deceptioDs and fraudulent
representation or practice, which consti-
tu,c an exception, as proceeding from the
misconception of the party himself who
sustaius if, and is attributable 10 him as
his own act. But is this the dissertations
Otinlury which laws are wantedto rcpress2
Are the gravest fcrmalitie< of precautions.
sanctions of high and penal character, de-
manded In such circumstances Iffhey
be, what the obvious inference to which
the principle conducts no adequate
noreven plausible reason can be assigned
for discrimination, (where the issue equal
ly involves none other than personal iDte-
rests,) between one species of action or
mode ofconduct and another, as respects
the discretion TO be allowed of uursuinr
or forbearing them. IF, in relation to any
one OF these, legal precautions against
problemafic injury TO result, be required,
why is it not in relation to every other
which is liable 10 be attended with a sim
liar resultant is TO say, in relation 10
every species of action and department
OF conduct whatever The hazard is not
greater OF trusting men to the direction
OF their own unassisted discretion, as re-
spects negotiations for loans OF money
required by their occasions, real or sup
posed, than il is with respect 10 any other
form OF engagement or act of stipulation,
multIfarious and Infinite as they are. II
would even seem TO be less so in this than
III most instances, inasmuSI as a greater
| degree OF deliberation and forecast may
be expected TO be employed. than in re-.
| gard 10 many other even of their more Sc
rious acts and engagements What, ia
the common transactions oflfe, would be
| the estimation of an individual, who
should consider himself qualified to SUI
persede the discretion OF other men in re-
| Iation TO the conduct OF their personal
| concerns! Ought a similar cOnducf 10 lie
| esteemed less evidence representation in
the Legislator, who is farther removed than
| If he were in the situation of an ordinary
individual, from adequate means of in
| formation, and has his attention distract
| eddy. multiplicity of extraneous consi-
derations and concerns! Will not the adj
mission OF the propriety Of his interventi-
on IN such circumstances, equally involve
characteristic of ofhcious, ignorant in
reference, and equally lead to The recog-
milton ola principle, applicable TO the EN-.
tire subveTsion of personal independence
The legislator POUNDS his dcterminaiions
on reasonings of a general character, and
| bas to act by infiexible eDactments which
do not admit Of adapting the provision to
| the precise circumstances Of the case as
1t occurs. But, who shall be so hardy as
Ito undertake reducing 10 enumeration
and simplicity the peculiar occasions and
necessities, indefinite alike in completely
| and number, determinable by circumsfan-
ces fortultOus, fiuctuating and fugnivc,
which may render it 10 my advantage to
borrow money, AT Il rate Of interest diffe-
rent from that which the law has deterrnl-
ned twenty, II may be an hundred years
ago, upon state OF things bearing little
or perhaps no resemblance or affinity TO
that subslstiug at the present time , The
party hlmsefIs incapable Of deciding till
the occasion shall have arrived, on the
precise line of conduct, in this respect,
winch ms interest mayTequire him 10 pur-
sue; nor is that conduct uniformly the
same IN every conjuncturc; nor If il were
TO HIM, would II be SO TO others than him
self Bat, Notwithstanding, the laW APP
| plies one uniform infexiblc rule TO this