Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-07-15
FOR THE ENQUIRER.
NO. v:
a CRITIOUE
RICHMOND. JULY Is.

Upon Mr.. Hays Speech, delivered in the
House ofDeiegateS, an .fauor Of PROPOSE
tion for repeating all eriSting ia,os for
the prevention of Uswy.
Mr.. II. proceeds with the following lust
and conclusive observations
Sir, where is the difference between inter
est on money, and interest in the shape of rent.
Upon house that cost me $4,000, | may get
Si2OO rent; but for $4,000 in cash, can pro-
cure $500 only. / may sell land, houses, hor-
ses, any thing, for any price that j can get,
without reference to what l have given. /
may buy horse at auction, and sell il before
quit the ground for 10, Is or 20 per cent pro-
fit, hut my money must part from at price
regulated by law. Why! Because people are
more ready to contract debts than to pay them:
because borrowers are mere numerous than
lenders, and being generally poorer than lem
ders, are the objects of a sympathy to which
the latter cannot pretend. The whole force
of the statutes therefore is directed against the
lender and the borrower is invited to defraud
him.
With respect to the price to be paid for the
use of a house, for "a slave, or any other thing
the law does not undertake to Judge 1t can.
not judge. Nor can il Judge of the rate of in
terest between individuals. There are consi-
deratlOns peculiar to each transaction, which
no general law can estimate. A one time a
man having money, may have an object in
view, of more value to him than any interest
that could he paid or of so much importance,
that no ordinary rate of interest would induce
him to part with il. Of these things the law
knows nothing. The borrower may want mo
ney for an Immediate purpose, on which his
credit, as man of business, entirely depends
lie may want moneyto enable him to bring a
sick son from distant college, or 10 carry the
afflicted mother of his children, to place
where health is expected to he found. Of the
value of money to this man, the law can form
an estimate about accurately as it can of the
ard0r of his cOnjugai love, or the force of his
parental affection. On the other hand, the
lender may, in some instances be Influenced
by the risk of delay from the law, aud in others,
OF hnal loss from the situation carac ter Of the
borrower, or the nature of the security. OfaII
these things. the law cannot Judge. Black
stone himself admits this position. But then
lie says, that the general inconvenience of part.
ing with money may be estimated by law
And, on this ground, lie rests his viudicatiOn
OF the statutes against uSuryl The law, can
make general estimate of the Inconvenience
of parting with money, hut to make particu-
lar estimate, it is admitted to be incompetent
But this estimate according to Blackstone.
himself, would he insufficient. because the rate
of interest does not depend, he says. on incon-
vonlence alone, but also on the hazard Of the
transaction. TO estimate one. therefore with
out being able to estimate the other, is going
but half way in showing that a legal standard
ought to be established. This defect, howe.
yer, is mere trife. Black stOne las great
name. Ills book is quoted as authority, and
we learn, when young, to regard his opinions
with a reverence, which often preciude5 all ex-
animation of their prOpriety.
But, how can this general incOnvenien &C
be estimated according to Blackstone's theory
BY going into the market, aud ascertaiuing
from merchants and others, at what price mo-
ney is commonly obtained No, Sir: that
course Of proceeding. however obvious. would
not answer. Truth. which lies in the high road,
on the surface of the earth is not worth finding.
We must search, explore and dig deep for 10.
Blackstone accordingly searches, explores and
digs and the result ofins labOrs lisa discovery,
that the rate of interest depends on the guam
tty OfmOucy in the country, which person
,reH skilled IN p0liticri arithmetic might perhaps
calculate as exactly as private barker can,
the demand for running cash IN his shop viii
not stop, Mr. Chairman, 20 auimadver ri on the
palpable abSurdity Ofsrectng theory so impor-
tant, on foundation Ofwhicl the builder, = viii
not say perhaps. hut certainly, was somewhat
doubtful; but viii remark at once, that tie a.