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

Dut HcW cau luis general mcoEVeni-
ence be estimated according To Black
stones theory? By going into the mar
ket, and asceriaining from merchants and
others. at What price money is commonly
obtained No, Sir: that course of pro
ceedng, however obvious. would not an
swer. Truth, which lies in the high road,
on the surface ofthe earth, is not worth
finding. We must search, explore, and
dig deep forit. Blackstone accordingly
searches, explores. and digs: and the re-
suit OF his iabors is a discovery, that the
| rate OF interest depends on tie quantity
OF inoneyin The country, (which a per
son, rel skilled in p,HticGf arithmetic.
might, perhaps, calculate as exactly as q
private banker can the demand forum
ning cas-, IA his shop" Twill not stop.
| Mr.. Chairman, 10 animatlvert OH the pal
pable absurdily ofereciing theory so i'm
portrait, ON foundations, ofwlich the
builder, will rot say perhaps, but GER
fanny, was somewhat doubtful; but will
remarkat once, that the amount of mo-
| ney III Il country cannot be accurately
estimated and lift could, that,the rate
! OF interest and the quantity of money
have no necessary connection with each
| other. IwoOf the most enlightened 20
li,ical economists in the world have ex
posed the fallacy of this idea. They shew
that the rate of interest depends on the
amount ot capital, and not on the quaint
| ~ OF money nacouniry. But we have
| no occasion to look abroad for evidence
on thus point. The quantity of money
| IN the United States has of late CREATE
encreased; but we all know that the rate
| OF interest has not diminished nor will
| 1T be diminished while the means of en-
| ploying capital III this new country con
tinue as abundant asthey are.
or, THIS restriction OF contracts for in
| terest, Is not consistent with the first
| principles of our government. We hold
II 10 be fundamental position, that the
| people have understanding enough TO
know their own interest, and TO take care
OF 1t. The legitimate object of all govern
ments and laws, therefore, is, TO protect
men from the force or fraud of others, 81
n0t 10 protect them against themselves.
! i his me law cannot do; and, wherever
IL assumes thus sort of guardianship over
! men, IL negrades and corrupts them with
out rendering service. How many laws
Would be eXpunged from our coIle. if the
| doctrine now advanced We're more re-
| sarded In the instance before us. the
folly of this guardianship is apparent. A
| man cannot borrow al z per cent per an
| mum, but he may sell for cash at a loss of
2Oper cent in an instant.
Inc effect OF repeating these laws, will
ne eventually to lower the rate ofinterest.
| ~ mas been already proved that u, nal pro
hibitIons increase it. If this be true. the
| removal of the penalties will reduce II 70
the point from which the penalties raised
IT. Another consideration, still more i'm
portant is, that every man, who can spare
money, will lend it. a vast proportion Of
the moned capital ofthe country, is now
kept out OF employment, because the le-
Sai rate OF interest is so far below tia; of
me market. Open then the market to all.
Let the business be done in the face of
| DAY, III The presence ofwitnesses, between
the real parties to the transaction. 81 moi
as now, IN secrecy, by third person, the
10 appear. Yes, Sir, open the market, &,
the competition will soon fix the standard
OF interest lower than we have ever vet
| seen IT,
he Inconvenience arising from this
| measure would be Temporary. Let us
| suppose, the law being repealed, that the
market opened at 20 per cent Such I
am persuaded would not be the fact; bnt
iet II he assumed as true-I am willing TO
| take any supposition-the consequence is
obvious. Every man, that had money.
would lend if, and others would be for
converting their capital into money. that
they, too, might share in the golden Iar-
yest;-ln little time the market would
eglutted-lenders would be looking ont
foEIhRrrowcrs, and the price of money
;come down as low as the demand
Fpital would permit it TO come. Mo
ney would pour into the country from e.
very quarter, and never cease TO flow, un-
liiihterest was reduced 70 it's proper level.
he assured, Sir, great profit never can be
maze for long time IL, any business, in
winch money, and money, only, is re-
| CURED.
BUTT will be said, shaIlwe give Up the
people prey to gIsurers and Ex;oriion-
ers l answer, No. Give them up TO
themselves. Let them alone. Let them
manage their own concerns in their own
| way. You have had your turn. You
| nave been trying for ages TO take care of
mem: Your experiment has uniformly
| Ialied: III is timenow 10 make different.
experiment. FIT fail, also, Won can en-.
SLY get back to the ground YOU left. M.
| harm can result from leaving. for short
l3tIme, at least, the path in which Won lave
jslavelied so long. without being nearer TO
tlie object, than when you sat out. IT is
{tume 10 abandon The pursuit. Are YOU
fnot complaining, al this very moment, of
Jsurv. of Shaving, of Extorlion And is
pot this fact independent of all other
fcircumstanccs. sufficient, of Itself, TO JUS
| NY suspicion, that your own laws are,
M a great degree, the cause of the mis-
chiefs you condemn 1t is wonderful,
says the author of the Police of London,
wiien we reflect on the various institute
ons, UNPARALLELED i'll point of extent and
inunIilceDce, for the relief of the poor of
me metropolis, that their miSe,Tes a,e mot
| nIIcrinfcI .,nd fI,nf q -