Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-07-11
RICHMOND, JGLY II.
FOR THE ENQUIRER.
NO ".
a CRITIOIIE

the policy Of the laws for the prevention
OF Ustiry, drawn from the reason and ma
ture of things. in The following words:
&c But LET il be supposed, for moment. in
defiance or what experience so loug aud so
general has TOLD us, that law could be devils
ed. sufficiently comprehensive to take in not
ONLY all loans bur all those cases which human
Ingenuity has substituted for them, and suiii
cientiy penal In prevent usurv and shaving i'm
every possible shape Let this be supposed.
and what would be tie rcsult7 | say, (evcn
leavisg commerce out of view mischief in
calculably greater. As long as accident. mis-.
fortune or folly continues in the world there
will be men who will want, who will have in.
deed, whc must have money. Tn the event
supposed how cauld it be obtained Only b.
n sale OF property. For this properiv the CAPT.
talist would give only SD much as would assiiys
him Of the rctrrn Of his money ~ another
sale, with the expected profit. This assurance
would probably cost the seller at once 80 per
cent. In fact so much property would he
respectfully AT market thai d general depreci.
alton and ruin would be the consequence. But
1, is needless to pursue this idea. The suppo-
sition whick has been made. is abSurd-Ii ne
YER could be reaiised-Bntif it could. expert
ence would soon demonstrate, that when mo-
ney must be had, il is cheaper to raise ii bv
purchasing cash articles, for sa,e than by sell
ing property, which is no; cash article, and
stu cheaper to raise it BY direct negotiation
for loan, where this can he effected i'm conse-
quence of the character of the borrower; and
that this negotiation could be effected on the
terms on which it ogght 10 be Effected taking
all the circumstances OF each ease into view,
which the parties can do If the laws which
cannot, would condescend to admit their in
competency. These truths appear TO me to be
selt-evident."
These observations are perspicuous:
and tia conclusions drawn from themiust
and o;r'ous. Perhaps they might have
been rendered more impressive, by call.
ing the mind 10 recoiect, and to reflect
upon tie state of things which recently
existed i'll Richmond, in consequence Of
the curiaiimenis OF the banks. Very
large sums of money were UNEXPECTEDLY
required 10 pay these curtalments, al We
nv short intervals. A great proportion
OF these sums was raised, by giving AN
interest for the loan ofmoney beyond the
legal limit If this expedient had moi
been resOrted 10, an immense quantity OF
property must have been thrown into the
market al the same time, for the purpos,
ut satisfying these Indispensable de
mands. What would have been the pYo
bable, nav, the certain effects, of greatly
overstocklng the market with the proper
~, the sale of which must of necessity
be made at the same moment? Does not
every man of common sense know. thai
ti'S p'iNN VI tHN liOtStiiN III those WHO
had not money enough 10 answer these
unavoidable demands, must have been
nj tile mercy Of those who had more mo-
ney than sufficient Tor that purpose q
Would not property have been necessari-
ly deprecated so low, as, in nany instan-
ces, to convert wealth and happiness into
poverty and Indebtedness nuhat wav
has this calamity been avoided? By dis
respecting aud evading the laws against
Usury. Strange laws when The indivi-
dual, for whose protection they are inten-
ded, can only find safety in their evasion.
MIR. Ii. proceeds with LAYING down a
proposition, as universally true, and ma
king certain deductions from ii in tie fol-
lowing words:
" Sir lay il down as proposition uniyer
sally true, that the law ought never To attempt
TO regulate the price of any thru This r,iie
is indeed generally observed 1t is founded on
the most obvous policy. IF the price is fixed
in conformity to the decision Of the market
the interpOsition is useless (: if il be not il is
diTegarded. The regulation of tolls al brdg.
es, mills and turnpikes forms no exceD.
tiOn.-These are built by legislative permis
sion, and the government NAV prescribe the
terms on which the permission is granted
" The only prices in this country which the
law undertakes to regulate, are those O bak ers
bread, tavern rates, LAWYERS fees. and money.
They are all equally dsregarded as in fact
they are all equally absurd. As TO fees. what
can be more ridiculous than the ATTEMPT to re-
gulate by the same standard the price to be
paid for the Iabors of BaOtian dizziness and
the efforts of AtheDian learning genius and
elOquence? What can be more inconsistent
and capricious, than the provision which re
quires me to pay 80 per cent. more to one man
than to another. though both in giyinr AN
opinion have performed precisely the same
service. Well has it been said that individu
ais profit little by experience, associations
Of men still less, and governments least of nj, .
1t is thought, that Mr. II. is less hap
pv i'll The selection, as well as in the Illus
tration of this proposition, than he is in
any other part of his speech Although,
the correctness Of the proposition. as a
general rule, may be admitted, it cannot
be admitted, that it is rule without ex-
ccption. 1t is not believed that govern
ment ought never to regulate the price of
any thing and IT is believed, that Tie re-
gulation oftolls at bridges, turnpikcs and
mills, forms plain aud proper execution
TO the general rule, founded on n ,,rjDci-
pie which will always furnish lust ex
ccption, whenever il shall occur Mr.
II. places his denial of these exceptions
70 the general rule, upon The ground ihat
bridges, turnpiles and mills. are built bv
public permission and infere, that qo-
vernmeni may Of course prescribe The
terms upon which the permission is gran
ted.
This exposition NAV he so Ear true. IF
is, however, not only incomplete in itself
but il By no means iusiilies the concur
sion, that Tie cases described do NOT
form proper exceptions to the general
rule The right of The government to re-
gulate the prices of tolls at bridges and
tnrnpikcs. is founded upon the right of
property The public has in all highways.
and navigable waters within the limits Of
the Commonwealth, and TN" policy orin-
tcrfering 10 make such regulations, rests
its support upon the principle Of mono
nnlv. which. from fhp nafnra Of Ire enh-