Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-09-02

P'uNi"ithSN, IL NHidiu-
Another secondary cause for the CONT
nnai'0n OF the laws against usury, will be
found IN the opinion generally enteriaih-
ea, tha, The si,avers are all in favor f,lieir
repeal. Without further reasoning upon
the subject, many are content To array
themselves against The shavers-ihev are
men only iii favor of the laws, because
SiiaVers are against them. This is a bold
surrender ot ali their iacult tiles ofrcaSoning
10 The sliavers, which involves higher
compliment to the shayerS, anu an aduis-
sion @i more humility III themselves, Than
iheir feelings towards the shayerS in any
other condition would seem To warrant
II admits, that The sliavers must be- right
IN their deductions; and as what is right
with them, must be wrong viii every bo-
dy else, no further trouble is necessary,
than TO apply the rule of con,raries
Hence The laws must be right, because
The slavers think them wrong. Without
intending la interrupt the repose OF this
coniented class of gentemen, without en-
curing whether The suggestion about The
shavers be true or fake, might it not oc-
cur To any man OF the most ordinary re-
ileciion, that the shavers could not bu;
be pleased to he permitted 10 carry on
their business in the open market, aud in
led, as they now are, 10 conduct ii IN re-
tired chambers, by third person, and by
tricks and devices?
Is it not natural, that they should rather
have the aid of the law TO enforce their
contracts, i'll preference 10 being them
selves the objects denounced by the law
Tor making such Contracts Again, let it
be supposed, that tie shavers really cal
culate upon a golden harvest bv the repeal
OF the laws that the mark would open
at ten per cent, and that they would have
The aid of the law 10 enforce their con-
tracts how long would this stale of things
continue 1t is not believed, that this
superstition would be realized.-but if it
were, il could boi possibly continue longer
than ship could sail to London and re-
turn. So many would rush into tlie mar
ket to participate in the golden harvest,
that II would be very short and unpro-
duc;ivc ore. Tie English and Tie Dutch
are now lending millions of dollars to this
country, at less than six per cont but
their loans are made TO the public, and to
public institutions, not to Individuals
Why tbecause they know the laws in The
one case, not in the other. This is certainly
one reason, there probably are others !;
but is IT possible TO suppose that The En-
to public institutions at five per cent
and that they would not lend to individu-
ais at less than ten per cent, when they
were assured of the aid of the law to en-
force their contracts ! Such conclusion
would imply, that the money lenders did
not tore money; which II is believed every
borrower would swear 10 be impossible.
very recent occurrences will illustrate
this course OF reasoning. After the late
war, how dld II happen that so many Brit
ish goods were suddenly thrown into our
market 1t was because the prices of
goods were most unusually low in Great
Britain, and ordinarily high in this coun-
try-all merchants were eager TO partake
OF the golden harvest promised by this
state of things, hence goods were poured
In until by the usual operation of compe-
tltlon, they were sold in immense quanti-
ties here, for less than tile first cost In
London. So would ii be In the traffic OF
money-the only difference would be, thai
! 1t is easier TO trade i'll money than in any
other article, and consequently the com
| petition for the gains of such trade
would be greater tits therefore morally
| certain, that interest would, i'm short
time, be reduced lower than the actual
worth of the use of money.
Upon careful review, and full conside-
| ration OF all the circumstances connected
with the laws against usury, it is conf
DENLY concluded, that they are unworthy
| OF place in the statute book, and thai
| the sooner hey are stricken from the code,
| the more honorable will il be TO the legis,
lature, and the more beneficial to society.
|
| ERRATA:-In No.7, LIST column, for the ma
| tHrdt worth of the use of money" read {" actud
| AZ a he axn
No g. I'd column, for :" ardnous seyrice," read
arduous dufy."