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

81. Enabling the Stakeholder 10 eait,
Tins interest by the mere operation of
law, without personal attention, or labor.
4tli. Giving tie Bank qualified con
trout over the circulating medium.
!t - the second Of these principles
which las the most immediate influence
upon the enquiry, and for the present
shall alone be considered. The provision
IN every law establishing bank, which
authorizes such bank TO issue more notes.
ihaB The amount OF the money capital. OF
The corporation 50 far authorizes il 10
take an interest upon its credit, beyond
lis money capitol. The common mode
oil eiiectiDg Tins object, is by an exchange
Its notes OF bills ofcrcdit, for the notes
or bills of credit of individuals or other
corporations, and 10 discount in its favor
from such notes or bills, at tie rate Of
Gper cent. Tor every sixty days. All the
bills o. credit, therefore, issued bV the
bank, beyond the amount ~ IT'S monev
capital, produces them an interest al
The rate OF per cent. for siXtY days; and
HIS interest accrues not from loan OF
Sloney, but loan ofcTedit. This credit
too, IS OF a very peculiar character. Ii
is not The credit of the individual stock
holder, but the credit OF The corporation.
This corporation is created by law and
otcourse the credit. The credit transfer
red by the mere operation Of law 10 the
corporation. This credit may be, and is.
loaned without material Inconvenience.
For such Is lis magical Influence, that iie
more ii Is used within the provision of the
law; the greaIerwlil be The confidence
mt: and OF course, the better the credit
From these facts the following deductions
seem 10 be inevitable. That there is the
most manifest inconsistency in the
moral principles of those, who contend
that 1t Is immoral TO take any price for
The loan of money, when il is admitted
that there is an Inconvenience in parting
with 1t. And that it is not immoral 10
take price for the loan Of credit when
Tue capital Is not parted with; and even
The loaE Is not attended With any material
Inconvenience. For il would appear To
he an undeniablc conclusion that If il be
immoral 10 take price for the loan Of
money when an inconvenience is produ-
ced by parting with il: foriiori it must
not only be immoral, but very sinful in
deed, 10 take price for Tie loan of Gre
dlt, when no material Inconvenience is
produced by parting with ii, or rather
when il is not parted with al all. MOI SO
reasons the Jigotted priest and none o.
Their Is intended to be included within the
scope OF these observations, for he de
nounces 1t, as amongst the most pernici-
Gus OF SINS to take any price for the loan
OF money; and dooms the individual who
does so 10 the eternal wrath of heaven
whist he views with competency and e.
ven appreciation, the corporations which
shall take very high price for the loan
OF lis credit This strange inconsistency
can scarcely be accounted for, unless il
be upon the ground, that the corporation
which gains and takes his interest, being
mere artificial person, POSSESSES neither
soul nor conscience, and OF course cannot
commit any immoral act whilst The in
dlvlduai stakeholder being a real person.
who has both soul and conscience, does
not commit the act but merely enjoys the
fruits OF il. The benefit therefore be TO
the stakeholder, says the Priest, and the
sln 10 The corporation. BY this Obhging
distribution ofthe commission of the act,
and the fruits of it, will the stockhoid-
erreceive the blessings both OF this world
and the neTt, without hazarG;n- in
the smallest degree, Inc future fate of
his precious and immortal soul whilst
the corporation must, and can bear the
SIN III defiance OF tue wrath of heaven.
Nor Will this solution lose any portion
- 40 i'aObNCb'tNJ WHICH ~ IL ItCOliGClGU
that almost all monies devoted TO Dious
uses under the direction of the priests
are placed in Bank or some other gain
ful siock-Not so reasons the wiiv poli.i-
clan !; Tor whilst he admits the morality
o! taking the price for the loan of money
which he sets upon 1t; he denounces ii
as crime to take one cent beyond his
criterion, and AT the same time authoriz-
es by law the bank corporation to take
three times lis limit for the loan of lis
credit, provided if he done secundum
artem. Hence follows This deduction;
That the politician who advocates ihe
laws Tor the prevention of Usury; and
at The same time the laws for creating
banking corporations, must, foTthe sOiuti-
on OF his inconsistency, yield 10 that ap-
p.ied TO Tie priest; or admit, that The
offence OF Usury is merely and strictly
malum-prohJltum;& & partak, nothing of
The nahum in Sc and thus must aban-
don the whole doctrine Of It's immorsliiv.
For 1t would be absurd to fix one limit
of immortality in the commission OF the
same act. for an individual, and another
Tor corporation. lie can then justify
the laws against Usury only upon the
score of policy. Whether upon that
ground, they stand justified or not, will
appear from the further examination of
MIR. Hays Speech.
Bank credit consists Of the Impressions
upon paper, of promises to pay certain sums of
money, made at the will Of The corporatiou
within the limit Of the law; and the confidence
placed IN the truth Of such promises nv others
These Impressions are maie with great facility.
and at little eXpence; and of course many NAV
be issued without any material Inconvenience
Money can be obtained bv individusis ouly In,