Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-07-15

sarily cease; or the legal rate must be
rendered subject TO the same principle
with the market rate in which case, both
would be subject to perpetual fluctuati-
ons, IN consequence of being impelled |
by the same fiuctuating causes. Hence
it is evident, that The distinction taken |
by Smith, between following the market
rate of interest, and not regulating it, is Il !
distinction without difference; or, at |
least, the market rate of interest can re-
gulate the legal rate, only until the first |
change I'm the market shall take place al |
Ter the passage of the laws. Then the
market rate must form one standard, and
the legal rate being Interchangeable with
out new legal provisions, must form diff
terent one; and ofcourse, the law can 10
longer follow The market.
Those who form then opinions accor-
ding Ia u graduation of names, placing
complete coniidencein the highest upon
he rolls Of fame, then gradually iapering
down 10 the lowest; and not according 10
the merit ofthe argument, will probably
ask, how il is possible, that two of the
most celebrated political economists can
be mistaken III principles SO plain and
obvious II is first replied, that one of
these great political economists must ne
cessarly be wrong because they differ
respective principles, which are in state
ofdirect hostility with each other And,
| secondly, ii is believed, 1,'at they are both
mistaken: and that the errors OF both are
| attributable 10 the same causes to their
| OWN preludiceS, aud the pre- udICes Of The
! British nation IN favor OF the laws against
| Usury. They wanted the moral courage
| to conquer their own prcjudicVs, and to
defy those of the nation. '.Gjey endea-
vourcd and succeeded, in suhjeciiRgther
own understandings 10 the dominion of
! their own preiudices. Unfortunate tri-
I nmph demonstrating the weakness of
| the strongest judgments, when conflict
| ing with tIe omnipotence ofha bitual pre-
| JUDGES The struggle of these great
men, 10 iHUeR! princij,iey TO Justify the IRA
titication of their prejudlces, is clearly
| dlsccrnible amidst their errors : as well
as the Impotcncy OF such struggle when
| directed against the uuorring and eternal
| principles of truth. What can ile eXpecir
| ed from ordinary minds, when we see
! minds like these, PROSTATE victims TO tri-
umphant and unrelentlng prejudices Ii
surely must give confidence TO those who
deny The policy of The laws against Usu-
ry, TO tind the weakness with which they
are defended by the most renowned adj
vOcatcS.
lis thought there is nothing more ho-
norable 10 Mr. III. than his independence
displayed i'll questioning the infaIlibility
of Adam Smith and Sir W. Blackstone
whilst lie renders just homage to their
| superior talents, he is unwilling 10 sacri-
flee the convictions of his own Judgment
| upon the splendid affairs of the political
fame OF the one, and the forensic talents
| of the Other. He does not hesitate 10
bring their opinions to the test of truth
| and boldly rejects them, when they can
not pass that in!allele ordeal. Perhaps
there is nothing more Injurious 10 the IN
veStlgatlon of truth, nor more detrimental
10 the acquisition of knowledge, than q
blind confidence III great names. Such
names ought always 10 be approach Il
| with respect, and even Vcneralion but
their opinions ought never to be received
| without due examination, accompanied
with the convictions ofthe Judgment
| No man can estimate the mischiefs done
| in the world, by the idolatry Of names :;
and some apprehensionS at this moment
| exist, that the Nrginlan Commonwealth
| is not altogether exempt from Injurious
! influences, flowing from that idolafrv,
Every reader ought TO reflect and conSi-
| der, as well as read. He should read res
pectfully, but dOubtingiy J.; and his opinions
| should never rest upon the dictums of his
author but upon the results of his own
| convictions. No man ever vet possessed
great mind, WHICH permitted il TO rest
for It's support upon the minds of others.
| To be great and useful, it must exert and
| rely upon lis own energies. These OBJ
servations are particularly recommended
TO young readers, whose minds are vet TO
form for future greatness, and for future
usefulness; and TO them, it ought to be
subject ofthc most pleasing reflection 10
know, that their lot is happily cast lin
| land, which holds out every inducement
that can excite their emulation, and slim
ulate their pride TO qualify themselves
! eminently for rendering honorable servi-
| ces 10 their highly favored Country.
From Pe,namJuco.-A letter receiv-
ed from Pernambuco, May 25th states,
that on the Goth the Patriot army evacua-
ted the town, marching i'll northerly di-
rectlOn, andthe town was taken possessi-
| OH of by the Portuguese sailors. On the
22d the Portuguese army marched into
town IN divisions, one of which went
i'll pursuit of the Patriot army.
One day later-The Ann has arrived
III New Y DIRK with London prints TO the
Both May. A paper of that date, saws,
" 1t was reported on Change yesterday
morning, that government had given or
ders for the immediate equipment of six
sail of the line and twelve frigates, des-
tined for South America. 1T is also
said that Lord Berresford is about TO
quit the Portuguese Government in dis
| ust.
n The news VIC present in this paper isuncommonly
interesting-M ~ possession Of Amelia Island
q nuri