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

bly, indebted for the first indirect sane
fioD OF interest on loans. In the reign of
his father henry 9Th it had been express
" prescribed, and in the reign of his son
Edward 9Th the prescription was reviv-
ed. This prescription was continued un-
hl the 18th year OF the reign of Elizabeth,
when interest over per cent. was, as i'm
the reign Of Henry sth alone, prohibited.
! In the reign OF James LIST her immediate
successor, interest beyond eight per cent.
was prohibited. There is a proviso in
this statute, which merits attention. The
! pro'is0 Is that =" the statute shall not be
construed or expounded to allow the
practice oil usury inpoini of religion or
conscience" Snch was the influence OF
prejudice sanctioned by lime. Thus
| even III The l7ili century, the parliament
| OF Great Britain, and lis monarch,
| though long separated from the demins
ION OF tie Pope, doubted whether in
terest was not against conscience.--
| they therefore allow If indirectly only
by prohibiting all beyond eight per cent.
leaving the question whether au; ought
| TO he taken, to the conscience of the
leader. Now, sir, mark the progress 81
OPINION, Slow indeed, but easily dis
cerned. In the year 1916, when the
first statute i'll England, in the reign Of
Henry Sth, was passed on the subject
OF interest, the taxing OF iniefest is de-
ciared by the preamble ia be immoral
and criminal. Still though criminal, ii
was tolerated. Rather more than half
acenlnry passed away, and then twas
viewed us a doubtful question, the de-
| cision of which was referred to the con-
science of the individual
On The continent, prejudices were still
stronger, at least OF greater Duration In
the year 100, the assembly of the clergy
OF France and the theological faculty of
Paris, In conformity to decision Of In
nocent llth, condemned interest as en-
tirely unlawful.
Even as late as the year f770, decree
off the French king in the case of certain
bankers of Angouleme, speaks of France
as having no positive law, authorizing
stipulation for interest. Such, Sir, was
the influence on the minds of the legisla-
tors ofthe two most enlightened nations
OF Europe, Of this absurd and fanaticaI
perversiOn OF the scriptures.
The effect was equally visible and e.
quaily pernicious even on the minds of
writers, who thought themselves Qualified
to instruct mankind by the publication
OF their opinions. A few instances will
be sufficient. Grotius, whose mind was
al least one century III advance of that of
his contemporaries, though at the same
lime greatly infected by the pedantry of
the age. was SO much influenced By the
existing opiaion of the world, that he ex-
pressiy deHounces interest, not as immo-
ri, but as contrary 10 religion. This o.
pinion he retained until afterthe publica-
lion OF his book De iure be!li ct pacis;
but he abandoned it afterwards, as we are
informed in mole by his commentator 10
The original work, and supported that
which now generally prevails.
Domat. who published the first volume
of his :. Civil Laws" forts years after The
death of Grotius, and who received pen
sion from Louis liti, as the reward oi'i,is
great abilities, enters into long disser-
iaion 10 prove the immortality of inter
est. He concludes with these words; 'all
these proofs which shew that usury is not
only unlawful, but that ii is crime, do
likewise sufficiently e,nce, ',at there is
no case wherein il is lawful and hat every
covenant or commerce, wkereby interest
Is taken fora loan, whatever preteS; is
made use OF 10 color it, is criminal usr,-
ry most plously condemned by the law of
god, and that OF t!le church, and most
justly punished by the ordinances"
To refute this opinion, as pernicious as
absurd, an opinion which even the most
ignorant OF our cOuntrymeH would treat
with dcrision, volumes have been writ
ten. Even as late as the middle Of the
lSth century, the enlightened and seicns-
fic Editors of the Dictionaire Raisonnee
ID France have employed no less than (
columns TO prove that interest NAV law
fully be taken. The volume, which fur
nis'Ied me with the opinion of Turoot
already quoted was written for the same
purpose. as late as tie yea-FT779 or 80.
have stated these cir, instances, Mr..
Chairman, 10 which many OF The same
character might be added, tor The pur-
pose OF shelving, how deeply this preiu-
dice against interest had in the lapse &C
ayes, ages of ignorance and baTbarisiH,
taken root in the human heart. The
Canon law proclaimed it 10 be immoral.
and repugnant to religion, the Civil law
denounced it as crime, and writers of
tie highest character for morals and ta-
Tents gave their sanction TO the error
What then could the legislator do. when
eXpe nee had convinced him that tto
business of borrowing and lending was
Indlspensnbly necessary ia human affairs,
aud that IT was IN fact perpetualIy carried
on III defiance OF law, religion, and TIE
preludices OF education. | saw. what
could legislator do? What course would
you expect him to- pursue Pass Il law
auth0rlSing, what was declared to be inn
moral and irreligious advance straight
up 10 the truth, trampling as he went n
long OF the opinions and pYejudices os
ages? Sir, it could not be expected -
Such is not The march Of the human mind
ltsprogress towards truth is slow. O0in-
ions and prCiudices imbibed il our ;os,;h
are. abandoned, when abandoned al all,