Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-07-01

was immoral TO fake any price Tor the
Dan OF money. 1t coald hardly have
been thought necessary in these snhght-
eneu Gays, 10 employ 80 much time, and
50 many observations, 10 dispSovc SO a5-
Surh proposition and 10 prove It's con
verse 81, II Is be'ieved, such i the VA
lure ali eject of prejudice, that not one
of the MANY facts, and observations en-
plHled on TINS part of the subject. can be
deemed sUperiiIOus or Unav2iliny The
historical facts referred 10, give a. COM
prehenSVe view of the original causes,
ana the subsequent effects OF this extra
ordinary prejudice; and tend very much
~ dic me mnd IN accounting for It's long
hurdiion, against all the results OF Uniform
experience. TINS part Of the argument
WIN be deemed mere essential when IL is
recoilected that the only tiircult poin, IN
TIE whole discussion, arises from the
wonderful fact. that lac Jaws against L.
sury Should have continued in so MANY
countries, and for So long time whist
M experience Oi the people ST all those
countries, a.d during ail that time, has
not only demonstrated their injurious Ell
iScts upon society bat the .mpOSsibility
oi executing them, even under the most
Uespouc governments, when administer
ed 10y tic most stern, active and bi:-otted
princes. Any thing, therefore. that
Wcn!d give a,d TO the mind IN solving tins
extraordinary proposition, or even afford
II satisfaction ~ It's own convictions Mp-
Tie subject, could not BE deemed uniin-
porlant. This view Of the subject was
Therefore introduced with great propriety
ana effect aud the conclusion from il, is
so uDGeRiabic, ihatnOt tue ves,ige OF
dOubt can remain on any mind, well or
ganlzed, OF the truth OF the position that
II IS not immoral TO take 4 Commensu-
rate price for lac loan o. money. Bat.
might not Mr.. Hay have pushed this rea-
sonlng further; and with irresistible
force, reverted the proposition upon his
antagonists, by asserting and proving,
that Ii is Immoral, on the part of The Dor
rover, moi to pay Just price 10 the len
der Tor the use OF his money The truth
OF tins proposition seems TO be as seit-ev-
ldent, as the falseliood Of the other. Itis
universally admitted, that the lender suf-
iers some Inconvenience i'll parting with
i;ls money. He certainly loses thereby
the use of it himself; and the profit deri-
Vabie from such use. The borrower en-
Joys all the advantages Of usins it, instead
OF the lender. Would ii not be immoral
then, III the borrower, TO withhold all
compensation from the lender, not only
Tor Tie Inconvenience which the lender
snslalns, III parting with his money, but
tor the profit The borrower himself actual
iy gains by the use Of it! 1t would seem
that the proposition is so plain, that all
mankind must yield their assent TO 1t. I'll
so, II must then unquesiionablv appear,
that instead OF IFS being immoral 10 take
a tair and Just price for the loan of mo-
ney, II is immoral TO withhold such fair
and iust price.
MIR. H., IN another part Of this speech,
demonstrates the Inconsistency of the
laws against Usury. Re has not, how e.
yer, placed that view OF the subject i'm the
order Of the speech next after that one
now nnder examination although from
the intimate connection between them.
and the light they reciprocaiIy reflect on
each other, the speech would not have
sustained any INJURY by such ali arrange
ment.
In the course Of the following remarks,
1T is intended 10 make very tree Cuotati-
Cns from this speech, generally as we'll
because ii is believed that some Of the
arguments merit The most attentive read
ing and profound consideration the re-
petition oil which must lie acceptabIe 10
all intelligent readers as because MIR.
ii. VIII then speak for himself; and thus
any Misrepresentation which might un-
Intentionally be made, may readily be
corrected. in this particular case, the
whole argument is contained in lile follow
ing words:
" But, SIR, the laws against usury are not
consistent with lhemseIves There i no In,i
tati0n as 10 maritime interest A tnanmav lend
money at 30 per cent Tor three months to an
lnl.V!dGal, who engages in maritime specu-
iation. ihe reason assigned is that the priu-
clpGi is pat ~ hazard. < h,s i mere dclusiOn
n
voyage Is enSured-and tile insurance is effect.
Ell al the eNpenCe Ofthe borrower.
ne same inconsistency is observable in
tending upon AN annuity for life or ives
The moned man may obtain an annuity of 2OGi
per GiiEum, by advancing only IO5l The lives
are insured so as to secure the rate Of interest
so"ght, anu tins insurance also is effected at
the eApence Of The borrower. In this way mo-
ney Is now oDtaiued in England at a rate cal
cndted to he equal 10 from II to IL percent.-
ItOw futile then 10 attempt to control the one
rauons OF money, 1t is at once the most pow
efini aud the most subtitle of all agents Ioy
inconsistent to lay down rule from which an
exception is allowed, which renders the rule a
nullityw
These reflections and conclusion are
certainly clear and correct bl.t MIR. RI
has thought proper to support them by
another example, cited in note i'm Tie
following words:
Themost papable inconsistency is seen IN
relation to he banks; they lend, II is true at
pei, cent, but they divide FROM TO IS or2Oper
cent"
] he Inconsistency Of the mere princi-
pie Ollie laws against Usury, is rendered
obvious by the example quoted, even in
tine slight way IN which il is introduced :;
but ii is thought that the example has too
many important bearings upon this part
OF the subject, TO be passed over without
giving il "A more prominent place in the
discussion. If Mr.. ii. had thoroughly
examined the principle of the law, which
aMthnrl.ed LAuLs 10 tnko IL or 90 ~ ~