Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-05-16


secure the rate of interest scught, and
this insurance also is effected az the ex-
pence of tie borrower. In This way mo-
ney is now obtained in England al rate
calculated To he equal to from IL To 10
per cent. i.ow futile then 10 attempt TO
control the operations OF nfnney IL is
al once the most powerful and the most
subtle ofall agents. How inconsistent
10 lay downa r,iciro which an except
on is allowed, which renders the rule a
nudity (7)
1t may also with truth he said, that the
laws against usury have al immoral ten
dency.
The lenders are bribed to evade their
contracts the lax distinctly tells them
that ifthey can proveihe usury, when SUI
! ed, they shall gain all that they have bor-
rowed. The Judgment shall be i'm their
favor. But the same law tells them, that
II they cannot prove the fact, what If cs-
| tablisied, in their defence, would afford
them entire protection, they NAV 20 into
| chancery andal,hough tie same fact be
acknowledged by the lender, why then
the borrower is to pay the principal lent,
without any interest. Yet we regard all
| this as wise and moral and ann afraid
we should regard II III the same light If it
were ten times more Immoral and absurd.
Such, Sir, is the Influence of opinions.
which we find established at our entrance
Into The world, aud sanctioned by gen
aiacquiesceuce.
But much, Sir, as we, from habit, vene-
rate the law in the abstract, its practical
| operation has been always odious. Sir,
| | have seen borrowerTetire from the SUI
preme tribunal with q decision in his ia
vor. The instructive honor of the bye
ISLANDERS has opened lane for him to
pass, as If they feared contamination
from his touch.
SIR, these laws are calculated TO harden
the heart ofman. They offer him pre-
MUM tor unkindness. You cannot lend
your neighbor, however respectable. 100
dolls. at the rate of 6 10 per cent to save
nm from the loss and disgrace of an exc
cuiion. But youare Unidentified for this
prIvailon. The law whispers in your
ear, let this property be sold by the sher-
IN, and you may buy it for 80 per cent
| less than it is worth
Sir, what sort of a law is that, the vo-
| latIon OF which is an act of duty, of SEN
tlment, fvirtue and honor, and the OBJ
sservance ofwhich would be deemed in
famous byall mankind? Let me suppose.
SIR, that YOU are my friend-ihat YOU lend
| me money without interest, by the use of
which have grown ricl, and prosperous.
You have relied on my friendship and ho-
norto pay you when i'm need. The hour
OF need unexpectedly arrives. Your
house and all your property are consul
med by fire. | go oyou, surrounded by
Your sympatliising friends-I condole
win you-acknowledge your services
out regret that nave not been able to
raise any money for your relief, unless [
mad given more money than the law permit
| ted to be taken. Howwouidv Won feel !Wllat
would Won say Sir, Twill not utterhere
what you would be authorised TO say.
hasten from this view of the case. Let
US take another. carry with me all that
YOU lent, with full interest, though YOU
did not stipulate for interest. You know
my situation; you know that could not
command so much money. without sell
ing or borrowing. You kindly express
your fears that have made sacrifices TO
serve you. That is my concern, [ reply,
| not yours. You afterwards learn that |
have borrowed money at > ID per cent
month. need not ask you how Won
would feel, nor what YOU would say.
SIR, where is the difference between in
tercsf on money, IS interest i'll he shape
OF rent Upon house that cost me TO-
600, may get S 1900 rent but for s l0,-
4
NAV sell land, houses, horses, any thing,
for anyprice that can get, without re-
terence TO what have given. may buy
house ut auction, and sell it before
qnii the ground for 10, 49, or 20 per cent
profit, but NV money must part from at
a price regulated by law. Why? Because
people are more ready TO contract debts
than TO pay them: because borrowers are
more numerous than lenders, and being
generally poorer than lenders, arc the OBJ
jects ofas ympatly to which the latter can
not pretend. The whole force of the sta
tutes therefore is directed against the
lender; and the borrower is invited tode-
fraud him ~.
With respect TO the price 10 be paidfor
the use of house, of a slave, or any 9TH
er thing, the law does not undertake to
Judge. II cannot Judge. Nor can it:
dividuals. There are considerations re-
culiar TO each transaction, which no zen
| eral law can estimate. Atone time a man
having money, may have an Object. in
view, of more value TO him than any inte-
rest that could be paid or sof so much
importance, that no ordinary rate 1} mic
rest would induce him 10 part >yifi, if.--
Or these things, tile law knoWs nothing
HE borrower may want money for amin
mediate purpose, on which bis credit. as
| man of business, entirely depenfls He
may want money TO enable him % bfiffe
| sick son from a distant college. or to
carry the afflicted mother of his children.
| to place where health is expected TO be
| found. Ofthe value Of money to this
man, the law can form an estimate about
as accurately as it can of the ardor of his
colGngal love, or the force of his parental
affection. On the other hand, the lend