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

Suictiplt on the rate OF Interest In truth
II was not restriction, but AN indulgence
IL was III indirect sanction of the usag,
81 the country to a certain extent, sane
ton called for by the business and in
creasuig commerce aud transactions OF
lie world but a me was drawn in de
ference To old laws ecclesiastical and civil.
old habits, old pre,udices. The lcgisla
ton on the subiec; was. therefore, mani
tcs'ly. compromise, and the demarca-
ton of a limit was not the result of any
profound, or even superficial, specu-
iations concerning the relation between
the rate OF interest and the capital stock
OF me country, por IN lih from any con-
alteration of policy whatever.
BUi /, has been or may be remarked
that other nations, not Christians, had
laws against usurv. This is true as To the.
EDhaus, probably ,Tue as;o many ether
people. The first Roman law OH the sub
j NJ however is ascribcd BY Taciius to the
Decemvrs IN thc 3o2d year after the fouu-
da'ion of lie Commonwealth. Iatcrest
was by the twelve tables fixed ut one per
cent. Montesquleu IL of opinion thar
l"cltus vas mistaken, aud that The tri-
Dunes hroug'I; forward this measure near
~ 100 years afterwards. Gihbon indeed
sneers ut MOntesuuieu for his prcsump-
forrcasons, winch Ia nv mind are conclu-
>ioe. Bat whether the first law restrain
'ng interest was made iii the year 302 or
::'S y. y. &. ne argument is afforded in
favor al the policy OF the reSiriction.-
The II tables constituted Il barharous
code. Parents had right To kin or sell
their children, and creditors were author
s,sed TO put their debtor to death, and TO
divide his lands among them. II may
further be remarked, that the meu who
~" .arcd that code were cunspirinar a
gainst the liberties of their fellow citizens.
aud might reasonably calculai. on pleas
ING one party by severity against debtors,
and tie other by reducing SO low, the rate
% 'lieres. for money.
II, OF the other hand, the first PROPOSE
iion 70 restrain interest came from the
trlbunos, IFS origin was not on that account
Inc more respectable. These men, in or
der t. ingratuate themselves with the peo.
pie, frequently proposed not only the re-
ductlon, but tie extinction OF interest
tie abolition of debts, and the equal di-
vision oflands. In all these propositions,
t'ey were seeking popularity at the ex-
renee OF the public good. Secli was and
snchto for ever will be The characterof seek
els, OF popularity. Deccmvirs and tri-
bmnes combined, afford but a slender
sanction to any proposition whatever 10
this. more.
BIT, SIR, whatever may have been the
origin of the system prescribing a gene
raj rule in contracts tvr intercst-a rate
beyond which lenders could i:ot 90, the
Limitation itself is Intellectual, and injur-
ous. say, Sir, that the laws of al. coun-
fries against usury have been both inef-
ca,ise The sn,nn.,d oil I'm oo,,,;,,',
in;,r;,ns bacausa tyi. n,;i ,",s ;,'o,,aoi
i, ,r,,,.t;o,, t,> tho 80
It ,vas o,,rSnad trho So. I;, W''icl
about tn st.,te u;l, ;,lYe,.~',, ~ -..,,
,i,e nrnnr linn ""''' P"'' VI
Tho .,,,i,nr;t, IN ,I;cl. an
fer l. NIn,fa.n,,;o,, -, I'''s" 80 ,,'e.
I onota linn ne art,,or;t,, tcr e., az, '"",
for on;u;ons VIII H. o,,:,;ons ~ . .n'
sent { Have M coucern ,,,J I,ar, aI,J ~
Il corfcss tb,t do not e. C. H."
that ,rn,,0d resrnct ,,I;ci, : ,,a,,n1sii,
nrofssscd hut i, his vc,,c;t,, ha,,a
.-rcat conG'ience IN arcor1;n,, ~ ITO e.
ran he tolls ne and so 10 H. Ill in
ferast ;s rc,-sydo,l ne .,e,r, .,nJ c'uI,;J
den This ;s uot mcrnIv :, l,,. ~ Ni,I,n-
retap co,,nt,;oe but =, ,,,..l,o,t of,.oI;,,;,,,,
Tho Government in tbose count,;cI we
know IN he absolute and nnn;sj,nn,t ;s
as severe as il is SUMMARY Tie mower
of an absolute Goyernmcnt and the IN
f,uenco ola RELIGION fo which The neonIe
are eutbus;asticalIv dnvoted com!,;ne IN
prevent the offence of takine Interest for
money. BIZ, interest is taken and is a,g-
menteti. saws Monioso,iem in nronor,;on
TO the SEVERITY of tbe nrohib;t;an
have hctnrc remarked that some of
fnr Roman maciy trates endravor"d fo
rain The favor ortbe people. bv nronosiny
laws concerning thc reduction and cx,