Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-04-08

uuCeU, arc hiSts ttlli lNNSOt\tI 'tcutt
(by which lac meant the rnres!raiped lew
din. al interest, IN some respect liitarsfh
merchandising, Vet IN some other II adj
vancetll Il: Tor IL Is certain that The grca;
est part OF trade is driven by young uer-
chants. upon horrowingat interest so as
If the Usurer either call in orkeep back his
money, there will cnsue presently great
stand of trade. The second is, that were #
1t not for this easy borrowing OH interest,
MANY necessities would draw upon them
n most Sudden undoing. in that they would
he forced TO sell their means (be il lands
or goods FAR under foot, and SD whereas,
Usury doth but gnaw among them, bad
markets would swallow them quite Ups
And, little farther, lie observes, that
:" he remembered a cruel monied man, in
the country, that would say, the Devil
take this Usury, il keeps us from forfeit
ures of mortgages and bonds II was
in the opinion ofihis great man, "impos-
sihic ~ conceive the number of ihconvc-
niences that will ensue, II borrowing be
crampcd." His opinion was perfectly Just
Nor is il less impossible, by legal regu-
lations, tn produce any mitigation of the
mischiefS of Usury, TO grind its tooth
So that it bite not too mucI.' " SO as
that opinion, also, must be sent TO Tito
pia."
II was stated above. fiat Laws, though
inadequate III their operation to reduce the
interest eNacled Tor money, were adequate,
and did III fact, by the impe.limenis thew
oppose to open dealing in this traffic, opc-
rate la reduce the quantity of money dis
possible 10 the purposes OF lending But
must not the effect of this reduction be
10 raise The price ON interest paid for that
which is disposed ofin This manner, bv
rcaSci, of the competition for il whichwill
be induced! Again, interest, as long as
1t would be no greater IN lis amount than
what would be far compensation for
The use ol money, Is liable TO no rcasona-
BILE objection. But If there exist no com
pniSlon on any man 10 horrowata any high
or interest than what ,c coneeves money
10 be worth 10 him, What reason can exist
tor snrposing, that more than this will be
given for ii If The law. indeed. interfere
with prohibitions, 10 render lending. at Tie
rate of interest Which may lie agreed up
on between the parties, hazardous and o.
deus. unless iii cases where their CON
cepi'on at lis value in the particular in
stance, shall square wifI, lis own general
abstract provisions or the subject. then
The proprietor of money, mnst be driven
to resortto Some other method of obtain
ing Tor II. what he may conceive TO be lis
value, or 10 demand over and above the
compensation which he receives for that
value, supern,Imerary indemniiicaton
tor the hazard and odIum he must sustain,
i'y lending upon the terms, stignlatized
by the legal prohibition. Does not LEGAL
Iatervcnl, n, therefore, for the object OF
keeping down the rate of interest TO be
exacied on loans and depressing the mis-
chiefs of Usury, tend inevitably, and bv
a twoiold operation, to the enhancement
oil that rate, & the augmentation of those
mschlefs! Would this incontesfible eff.
feet OF #, be subject Of question, if the
discussion related 10 any other marketa-
bic commodity than money, or anv other
commercial or moral mischief than Usury.
which has been 80 long, and in its excess
rs solHstiy, the subject of our obIoouv
and indignation! One farther remark Is
material, cpnnexionwitb this part of the
discussion. Usury, asa form of moral a.
buse, Is the proper subject of none other
than moral cognisance. Nor can other
cognizancc short of court ofstar cham
Der, or inqnlsition, be as eifectuaI for IFS
repression. The effect OFFICIAL intcyven-
ton upon this subject, has not been 10
repress Csury, as tue fact evinces. To
hunt II TO The covert of ciandestine nepo-
t'ation, isal that tire operation ofthe law
has been able, in Tins respect, to accom-
pliSii. But this is the precise situation
Imposing no constraint apon It's appeti;e
exaction, in which il ought. If endned
with The sagacity which has been ascribed
10 i, 10 desire 10 be left. Ia t,le eve ut
public observation, there is wifher;uo
power, whose rebuke it is found unable r.
Sustain, and dares not 10 encounter. II
Is not IN the day light, but tie dead lfour
Of solitude and night, that the yampyre
makes ms repast on human blood. Are
wc never, alas ! TO learn, that 10 drive tne
trends of Usury and Gaming, with who's
81 obloquy aud rigor, into dens aud Gel
iars, is net TIC way to reclaim, but 10 sill
muaie their excuses ?,
II IS observable, tina; there is an inner
cnt aburdity III any legal fixation of the
rate oiinieresi, which it is impossible. in
any view of The subject, 10 overlook -
Ihe legal rate must, in fhe FIRST instance
be borrowed from, or be sometime near.
~ equivalent with the rate which the usc
OF moneyis really worth, or supposed TO
bewprih, at the fine and place of its 80.
ENLISTMENT. This rate cannot be suppo.
scd 10 be entirely arbitrary in IFS adopti.
or, and there Is no other principle orcon-
slderailon by which the adoption canpos-
Sil1is be conceived TO be Determined
{ lpe Jaw thus makes The price which, Tie
use OF money IS worth at one particular
per1oi an invariabie measure aud crite,i-
moi its value, at all other periods. tho'
tiiat value at different times is admitted
10 De various. What reason is there in