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


price the holder may choose To lake.
This is now tie form which pecuniary me-
gotiatlons must frequently assume. OF
what avail then, | repeat, Is your law a
ga;ust usury 1t has done no good-tt
never can do 9ood-lt aSgravates The
evil-it forces business OFT y! lis natural
channel--it keeps every nonied man, ell
Their scrupulous or tin,ii out of the mar
kct-lt tixcs Il stigma OH those concern
ed III IT, and ALWAYS presents To their
minds the idea of litigation and reproach.
For all this, the man who wants money
must make compensation.
But LET it be supposed, for a moment,
IN defiance Ofwnat experience so ion",
and so general has told MS, that a law
could be devised, sufficiently comprehen-
siye TO take in not Oni, all loans but all
those cases which human ingenuity has
substituted for them, and sufficiently Pc
nal TO prevent usury and siayingin every
possible shape. Let this be supposed,
and what would be the result say,
(cven leaving commerce out ofview, mis-
chief intellectually greater. As long as
accident, misfortune or folly continues in
the world, there will be men who will
want, who will have, indeed. who must
have money. IN Tie event supposed, how
property. For this property the capital
ssre him OF the return ofhis money by
another sale, with,lle expected profit
This assurane would probably cost the
seller at once 80 per cent. In fact, so
much property would be pcrpetually at
market, thata genera! depreciation& ruin
wonid bethe consequence. Butitisneed-
less TO pursue this IDEA. The superstition
which has been made, is ahsurd--It ne
yer could be rcalised-Rut lift could, ex-
perlence would soon demonstrate, that
when money must be had, it is cheaper TO
raise it by purchasing cash articles, for
sale, ilian bv selling property, which is
not a cash article, and still cheaper to
raise II bv direct negotiation for u loan,
where this can beeifected i'm consequence
OF the character ofthe borrower and
that this negotiation could he effected, on
ieterms on which it onghtto he effected,
taking all the circumstances OF each case
INTO view. which the parties can do, if the
laws, walcb cannot, would condescend To
admit their incompetency. These truths
appear 10 me TO be self evident.
Sir, | lay il down as proposition IN
versaiiy true, that the law ought never to
attempt 10 regulate the price ofany thing.
ms rule is indeed generally observed
II is founded on the most obvious policy.
Ifthe price is fixed, in conformity to the
decision of the market, the inierposifion
is useless: if ii be not, it is disregarded
The regulation of tolls at bridges, mills
and turnpikes, forms no exception.-
These are built by legislative permission
and the government may prescribe
the terms on which the permission is
granted. co.
he only prices i'll this country, which
the law undertakes TO regulate, are those
OF bakers bread, tavern rates, LAWYERS
fees, and money. They are all equally
dIsregardcd, as in fact thew are all equal
ly absurd. As To fees, what can be more
ridiculous than the attempt 10 regulate
by the same standard the price TO be paid
for the labors of B@otian dullness, and
the efforts of Athenian learning. genius
and eloquence? What can be more in
consistent and capricious, than the pro
vision which requires me to paw so Der
cent more TO one man than TO another.
though both III giving an opinion have
performed precisely the same service
We'll has 1t been said tina individuals pro-
III little by experience, associations of
men still less, and governments least of
all.
willsubmit another remark. is, that
all laws regulating the value Of money.
without reference TO the market standard.
and all laws restraining tie exportation
OF money, have been proved bv exoeri-
ence, like the laws regulating The price
of money, to be unavailing. In ancient
Rome and III modern Europe, repeated
experiments have been made TO raise the
value OF money, by giving new denomi-
nation to The existing pieces, or by coin
ing them over again with additional ALLOW.
This act of fraud and tyranny has ruined
creditors, public and private but the
standard value has always been regulated
III the market by public opinion.
Upon the same principles, efforts have
been made TO keep the paper issued by
governments at its nomiHa! value. These
laws have been entirely fruiiess. All our
tender laws, and all our revolutionary pa
trlotism could not prevent paper money
from sinking 10 nothing. The French
experiment with assignats, aided by fe-
rOcious mob and a remorseless guillofine.
terminated in the same way. In Great
Britain during the late war, coin was a
matter OF tiaiiic, and not of currency. A
guinea was sold for ~ or 2Ss. in bank pa
per. Such sales were made indictabe
offences. The guneas were then clint
and sold, or melted and sold, at the mar
ket rate OF exchange. The statute could
do nothing. But mark the result Peace
came. The expectation ofspecic for the
armies abroad i'll great measure ceased
and il came from all quarters to buy
the manufactures Of Great Britain. In a
short time, paper was preferred to specie,
and bore premium. Things took their
own course. The tide cbbed and retur-
ned again, as little affected in its passage
by the laws Of England, as the waves of
the ocean by the command of Canute.