Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1817-09-02

Il
misserating worldl Surely not--The en-
terprize, the saiIl, aud the incompatible
industry oi such people, IL leil 10 their
own direction, would necessarily afford
them every comfort and every enjoyment,
! and thus place them on the pinnacle
OF .iiappincSs, of greatness, and of pow
er. Let Then these giitiermg schemes
! OF ACKNOWLEDGEMENT and Improvement
be disirusied-Lct the imialibiiity o!
! government be doubted-and let soci-
| ETY. be leif more To Its own energies for
us own Improvement and happiness
! 1t then II should appear tat the people
IN all countries have habltually borne
al The injurious measures inflicted by
government, until they produce The de-
strnclion OF society itself; is II wonder
iu!, that they should in like manner have
borne The laws for the prevention of u.
sury For although they are certainly
Injurious in their effects; vet they are not
injurious 10 destruction. Society can sus-
| tam all their injuries, andiive. Here then
is seen another secondary cause tending
! toproioDg the duration OF these laws.
> Bui there is a Singiilariy attending the
laws for the prevention OF uSury, co-ope-
| rating with other secondary causes IN
producIn. that effect. 1t consists III the
facility with which they are evaied. Yes,
The evaSions OF these laws are amongst The
| secondary causes of their continuance
| In consequence of continual evasions, the
whole evils of the laws are not felt; and
II Is believed that if they could be risor-
ouSly executed, their existence would be
OF short duration. If, when the market
raie OF interest Is above six per cent, no
man could be accommodated with money
but by the sacrifice OF property, the rain
al iii
! rated for a long time and the limit upon
the loan of money would necessarily be
taken away. ii is surely a poor, but the
only just compliment to those Jaws 10 say,
that their sole merit consists, not in their
| execution, but III their evasion.-Snce
| The Introduction and extension of credit,
both public and private, and particularly
| since lhe institution of banks, and the is
suing of vast quantities of scrips, under
various notifications, as evidences of
both public and private credit, facilities
have been afforded for the evasion of these
laws, beyond the powers of the laws to
prevent or conirol-and thus some of It's
evils are avoided. This circumstance has
the effect OF enabling the advocates of the
laws to indulge their prejudices i'll favor
of their abstract principle, whilst they are
relieved from some OF their mischievous
tfansactmg business by credit, now per-
vading great portion of contracts i'm So
cicty, has brought about an entire change
IN the intercourse of society, from THAT
which existed al the time of the first con
ceptlon of the silly notion of usury and
however may then have applied 10 their
ilmlied modes OF bargaining aud of com
merce, 1t certainly cannot apply 10 them
under their present enlarged modifica-
tons /; and IL Is wonderful, that the COM
mercial world at present should continue
subject to notion, which had its origin
IN barbarISm and ignorance, and antece-
dent To all Just notions of commerce, and
OF contracts. For the mode of transact
ing the business of society then, resem-
Lies HE mode OF transactlng business
now, about as much as the petty traffic,
earn Il on by the aborigines of thus coun-
try, in their whisky, their blankets and
their trlnkeis, compared with the extern
sIve commercial scenes presented IN the
most commercials cities at the present day ;
and II would he about as wise TO apply TO
The aboriglnes for rules in conducting
commerce, as 10 the inventors of the no
Ton OF usury BESIDES, since the intro
duction OF banks, the essence of the orr
Sinal nollonOt usury has been DESTROYED /;
That consisted III not lending money for
gam whereas the banks are instituted
principally and expressly for the purpose
OF lending money, and credit too, for
gam so also, the laws authorizing the
ioah OF money al SIX per cent are in direct
hostility with the original notions Of usu-
ry; yet after our necessities and conven-
fences ave driven US from its essential
principle, our preiudices have compelled
Us TO stick TO It's miserable remnants.
Another secon larry cause for the contin-
uatlon OF The laws against usury arises
from the circumstance, that there are more
borrowers than lenders and as all the
penalties OF these laws are denounced d
ganst the lenders only, the borrowers
conceive that they are the favorites ofthe
laws, and being the majority, are unwil-
ling TO reiinquish their supposed adyan-
lases. But this disposition has evidently
been produced by superficial and mis-
taken view OF the subject. II appears to
nave been altogether overlooked by the
borrowers, that although the penalties are
nomInally denounced against the lend
ers, the borrowers are iii fact made TO nav
Them. This results from the circumstance
That borrowers are obliged to have mo-
ney that the lenders lend at pleasure
they therefore dictate the terms of the
loan, and never fail TO include more than
a snillcient compensation for all the dis.
couragements and hazards of The laws
Hence 1t is, that in general the borrower
IS made to pay more than the penalties
denounced against The lender. The few
exceptions in which the borrower avaiIs
himself of the pariialities of The law, by
plunderng the lender Of the whole loan
III violation of his contract, will bear NO
proportion III value, TO the amount paid
~ INC ordinary coufse fpccuniary trans
actions still less docs tile borrow r seem