Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-04-08
ON USURY.-[No. II.
. IKE Editor of Me Enquirer.

SIR,
ltwouId appear, then, from what
has been adduced, that there are several
particulars, in which the suhsisiing eca.
provisions on the subject oi usury,
ought 10 he considered as violating lie
maxins of Il sound Jurisprudence Nor is
u any subject orwonderthat they should,
1t the time and circumstances oftieir or
is.u be considered. These considerati-
ons are derived 10 us from the ancient En-
gllsh laws upon the subject, which were
not only the offspring of am uninstructed
and barbarous age, but are said to have
owed Their adoption, in part at least, to
the IEt.usnceof conceptions, which even
iortlat gross and benighted period, ought
to he accounted the contamination of
barbarliy and ignorance. a sentiment
of Datpral and Just Indignation excited
bv tile freouert spectacle Of distress or
ruin, cccasioned by. The iniqliitous practi-
ces Of usurcrs, togetherwi,h the very mis-
taken conception, that it was in thecom
pctence OF law TO prevent the existence of
such practices, must at any time have
been the principal motive of the adoption,
rs they arc unguesfioDably of the present
retention oflcsal penalties against Usury.
An opinion prevailed, too, in early times,
which better examination has proved TO
be unioundsd, that Usury, (by which was
intended ATTENDING at interest, ) was pro-
iiblied by the MoSaical Law. This OPT
Mon, tCgetlor with the farther one. that
this practice (stiil mraning all lending al
INTEREST," WAS likewise an offence against
natural law. are said 10 have been the
grounds OF The early European laws in
relation 10 this subject. The reason as
signed, aSwe are told, IorthiS last opinion,
that lending al interest was an offence a.
aainst natural law, was this, that "moncy
being a thing in lis own nature barren, to
make ii breed money is prepostcrous, and
4 perversinn of the end of It's institution,
which WAS To serve the purposes of ex-
change, and moi ofincrease." Whatro
sons for enactments, to which the codes
Of ages enlightened, continue TO give 4
place How egregiouslv neglected, yet
how obviously important, Is the policy Of
subiecting TO frequent revisal, the history
and motives at civil and legal institutions,
Of which the origins are to be traced TO
periods of remoteness! How obstinately
and how stTang " prone have men shown
/. themselves nj all times, TO cherish any
spawn OF ignorance and barbarity, of SUI
perstition or despotism, as memorials of
wisdom and virtue departed, to which
homage
There is no opinion of which men find
IT more difficult to divest themselves, or
which has been the source of more album
dant error in The world, than that which
attributes 10 the operations of law, am nm
limited efiiciency IN The correction of mo-
raj abuses, or admits 10 hurtful tenden-
CIV from their Interference in cases where
their efficiency has been clearly establish
ed. The experience of every day furnish
cs proofs at once OF the faliacy and of the
influence of this opinion. In connection
witt, the legal provisions fmdcr discnssi-
on, a very striking instance cf this intlu-
ence NAV he traced. Though The fact OF
the extensive and unchecked prevalence
OFT the most enormous usury be notorious,
vet it is found Impossible 10 dismiss from
the mind, fheimpres$ion, of an undetect
ed latent efficiency in the operation oftgIc
Aaw, TO restrain lis mischiefs or at least
OF the innocence of IFS operation. from
any tendency 10 augment them. Upon
sucha subject, the prevail nee of iustero-
plnlons ought certainly 10 be expected, IN
period distinguished for is proficiency
in the maxirns Of sound Political Econo-
my. Interest is price paid for the use
of money" But who at This day is so abb
surd, as TO conceive, that price mo mat
tern relation TO what commodity is, any
more than the waves OF the ocean. the 1T
or practical subject of legal regulation Il
In an earlier period of the world, indeed.
laws and ordinances witt, this object, were
by no means uncommon. II was the suc-
cesslul encounter with the policy which
gave birth TO them, that constituted one
of tlle earliest triumphs which has mark
ed t'ie progress of rational science i'm the
world. One specimen OF these absurd re-
gulailons, we have remaining, in our law
for the regulation oftavern rates. Is there
any man who wants 10 be told Of its eff
fects The truth is, that law and price
are things irrecOucileably disjoined. aud
rendered incapable of CONDENSATION,
by diversity ofnature. Law is fixed i'm IFS
character. Price is something unhxed,
finciualIng, aud incapable Of iixation.-
The application, therefore. ofsuch stan
dard as lac. TO such subject, involves in
the mere abstract conception, an absurd.
~. Nor VIII it less he found 80 involve
fuiilitv ~ the practical attempt. Though
inadequate TO The direct object, however.
laws made TO regulate price may have an
incidental operation much beyond the
contemplation &C their authors. They
may operate IN some circumstances to en-
barrass, or even wholly 10 suspend traffic
IN the particular articles whose prices
they would subject 10 regulations Thus.
tie Jaw Tor the regulation If the rates Of
tavern accommodation, would be very
sufficient, Il enforced vigorously inifs pre-
sent form, TO produce al entire suDDrcs-
cict, az titsee t.iaraa cf .rce,., NJ, A.. e.,