Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-11-07
on USURY.
AUDI ALTEl;ESI PARrE:I.
fErn " The Irrorn


DIR. Edtor-I scarcely know what to make
of your correspondent Jonathan SWift: he ap-
pears to handle usury as his predecessor of the
same name handled Hoods iqLfpe,ce, in sort
OF mixed style ofjest and earnest some times
very solemn aud convincing, at others very 10
cose and lroIical, 50 that the Jest looks Ike
earnest, and his earnest like joke.
L suspect, however, he has hit the nail on the
head, and though he appears to treat JeTeuly
Benthdnt with gravity, he seems to laugh in his
sleeve at his amiable absurdites and niscOn.
ceptions.
will not initiate your correspondent Joaa-.
than, bnt shall endeayor TO treat seriously that
which he seems TO think only deserving TO be
played with. think, however, that Jonathan
has perceived the source of Mr.. Bantham's err.
rors, III his not payiHg due regard to tine
meaning OF Do'uS; for example, he alleges that
the man strength ofthe argument against isstry
is in the SOUND Of the ,cOrd. a person who
could write SO loosely, OH a subject which re-
quires the utmost precision, i'll order TO avoid
mistake or Misrepresentation may be very well
excused for not understanding the subject in its
proper sense. It's not cavii OrhvpercrIticism
j am at, but the fair and clear comprehension
of i subject, which appears 10 me so iuterwo.
ven with the constitution .. society, ana To o.
Verturn which, would, in my judgment, shake
the foundations of property, and Introduce an
anarchy which would be fatal to social conf
dence aod national prosperity.
Experience has proved, that whenever as,Ty
has been touched by daring and iuconDetent
hands, il has been as fatal 10 society as terri.
BILE war and wherever the Interest OF money
has been regulated aud fixed, within such
bounds as shall accord with exchanges ofcom,.
modltles, by definite principles il has confirm.
ed the security of property, enriched society,
augmented the value of landed estates, given
LIE, yisor. and extension TO commerce and
rescued the hand of productive labor from the
grasp of consuming oppression.
L think Ii lit 10 express my opinion i'm adj
vance, on the Importance which attach TO the
existence and duration of the laws which limit
the interest Of money to a known sum.
! he term uS1y originally sisnjted the same
as interest that is what is now termed legal in.
teyest, or interest determined by law but
when the wisdom of Legislation had disco yered
the effects OF excessive interest, and deter
mined that III order TO give stability to the va.
lne OF property land certainty to values in ex-
change, it was necessary to limit The variable
eXactIon, to hHed rate, for the month or year
then IL was that any sum demanded for the
use OF money, beyond what the law deteTmin-
ed, was deemed more than fair payment tor
the use, aud il was called RSary.
] refer 10 10 particular history for this Illus
traiion il will be found TO agree with the
Grecian, Roman, Jewish, and British, but it is
of much higher antiquity than either, and is
one of those remaius of ancient tvisdeHt, which
like the properties of numbers, will be foand
eternaly true.
The principle l consider as having very
different foundation from any thing that Mr..
Bentbam suggests ON the subject--nOHeV is the
actions of exchange; after tits issued, il still
carries the guarantee Of the state for its demo-
mnation of value but az individual contrives
to obtain 50 much of it as to produce demand
for common circulation; the holder says, -"
will not lend unless you pay me large sum for
the use of it," lie is answered." Society did
not issue il for that purpose, but as a medium
ofexchange for what is necessary 70 society
it has regulated the value by the universal va.
lue Of the material and he who attempts to
alter ttat c0iUs, usurps the sovereign power,
and is an enemy ofsociety it is the interest
of society to possess - known standard of va
lue, and ia order that il should have certain
valuable use, it has determined that The rate
ofusc shall he always less than the rate of pro.
fit which can be'made ny ordinary exchanges
of goods. For as society is essentially per-
petual course of commercial exchanges, il re-
quires that society should gudfd its standard,
for which end it has provided tbs agent or MO-
NEY, and ~ reasonable price for the use,
that il shall not be preferred 40 a trade to what
is socially beneficial"
To thsMr Eentham may cay, the money is
the absolute property OF the POssessor and he
has perfect tight to dc with IL rs with any y
therartlcle of his property.
This Is true as 10 the DaiRs 81 PROPERTY, but II
is not trife as to any right OF exchanging or as
signing TO it value beyond It's denomination.
TIE society sends il 10th rs an iusitnmcnt Of
exchange, and no individual has night 10 vaFy
the power OF tie instrument. Ifii we're riEht
AT ali to leave The money value indeiinitc, tie
so9srs,.sty might wili a better right demand