Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-05-16
POLITICAL.
Maze.
70 the Editor oftle Engni..ey-


SIR,
send you inclosed a rough
! sketch of my remarks, made hast Winter,
i'll the House of Delegatf $, i'll support OF
| The Bill commonly called the Usa,y Bill.
Your publication of this sketch, will be a
| performance of the promise contained in
my last Address To the Freeholders OF
| Renrico.
do not recollect that the Bill was ever
printed in the Enquirer but whether
| printed OF not, it may not be improper to
state the substance of lis principal provi-
SlOns
All the existing laws for the prevention
of Usury were repealed.
Loans at any rate of interest were au-
thorised, provided the contract was redu-
ced TO writing, subscribed by the party to
be charged Herewith, and aitested by two
witnesses, who should subscribe their
| names under the words, "having firstread
this contract"
Where there was no express stipulation
on the subject, interest was to be fixed at
the rate of ~ centum o. annum-at
which rate, interest was to be allowed
when assessed in the form of damages.
The Bill directed, that the settlement
| OF the accounts of executors, administra-
| tors, guardians, trustees, and committees
of lunatlcs, should be made on the prn-
ciples heretofore established.
All contracts made bv virtue of the law
| were declared 10 he subject 10 the control
OF courts of equity, on the same princi-
piles on which relief against other con-
tracts is afforded.
A penalty was denounced against those
who received, or stipulated TO receive,
higher interest than was expressed i'll the
contract.
These, believe, were the principal
proyisions-l speak from memory only,
having actually worn out the copy of the
BILL, which you were SO coed as to send
me.
Yours, respectfully,
GEO. HAY.
AShfeld, Nay 6, 1917.
MIR. HAYS SPEECH-M tie Committee
cttae Whole, on The Bill to repeai tie seq
erai Lars Of tie State Of Virginia, for tic
.f'erention g Oswy.
MIR. CHAIRMAN,
admit, without hesitation, that
the object OF the Bill before you, is the
subyersion of d system, which has existed
lunderditfcrent notifications for more
than tl.Tcel thousand years. This acknow-
{
ed TO the ii1putation of temeriiy, for hav-
ing broashf HAT Bill before tie House.
This inJpifalion would indeed be merited,
if the opinion, which gave rise TO it, had
been but4ecently adopted, or was contin-
ed TO myself alone. Sir, this opinion, i'm
bibed while | was merely a student, has
been confirmed by the observation and
experlence of succeeding years. But my
eonvlction on this subject, however strong,
HoIzid not have induced me 10 trespass on
the Tine 6ftiHs Assembly, if it had not
been pafffeii ated by others. Yes, Sir,
<yi1ateY 3fBltlemen may think, or whate-
sk>;f salfpf3se they may choose to manifest,
e IS q f4&b that the doctrine for which |
coilftbd has been supported by writer's
ocetpSin high and distinguished staff
ons in the literary and political world. ]
will lay before you, Sir, the opinions of
tew-not Us authority, for in political sci
cnce there is no authoriiy-but as ar ex-
cuse, an apology to the Committee, for
introducing subject, whose supposed
novelty has already attracted so much
notice
Sir, several years ago, read, and very
recently have aga.n peruSed, 4 little vO-
lume on tile subject now before us. 1t is
written with great perspicuity and force,
anu undertakes TO prove, ana does prove,
that all the laws that have ever been made,
or can be made, for the suppression Of
what IS called Usury, are not only useless
butlniurious. This little volume, written
by Bentham, has never been answered,
and aneniirely persuaded, never can be
rcfufed
Sir, in the sd No. Of ihe Edinburgh
Review, this book is mentioned in terms
OF appreciation, and the writer in the IAN
guage OF respect. But, Sir, tie Review
ers, who constitute the hi. hest literary
tribunal now known, or perhaps ever
known to tie worId-the Reviewers, as
much distinguished for their profound
speculatlons in political economy, as for
their knowledge ofIiferature and the sci
ences, not content with this notice Of
Beniham and his book, have gone on to
express their opinion upon the merits of
the very system, which it is the object of
my argument 20 expose, and of tic Bill
before you To- DESTROY IN speaking the
| disiresscs of Great Britain since the peace,
they do not hesitate to ascribe portion
ut them to tic operation of the laws a.
gainSt usury. They speak of the laws
| themselves IN the strongest terms of re