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

g man of sound understanding can NOW
g lac found hardy enough Ia support. =
In The same strong tone OF disapprobatl-
on and contempt, they express hope,
that the British. Parliament VIII disiin-
i" guish this age, by era,iicaiiu@ one of The
" most pernicious errors, which the dark
" ness of early ares, und the bind defer
. ence To autliesigeo i more civilized tiniss,
: has ever p!anlcd III society"
Have nGi said enough. MIR. Chairman,
TO rescue myself from the imputation of
temerity !--irOn the sarcasm, as irregu-
lar as ,hproyoked, thrown out in debate
Il few days ago. upon another topic, inti-
mating that this was the age Of diScove-
ries, and that the Member from Henrico
had made the notable discovery" that
the laws against usliry were impoliiic =
" No, (wllibc The auswer,) "you have not
said enough. This Mr.. Bentham and
these Reviewers are people of whom we
Snow nothing. They may he men of mere
theory and speculation men without that
practical knowledge of human affairs,
which, alone can entitle their opinions to
respect" ,e
How fer this may be true as to Benillam,
know not: that ii is not true as TO the
Reviewers, have good reason TO believe.
Several OF them are men, who have held
high stations in the government of Great
Britain; while others actually engaged in
Parliament, are as much distinguished for
their practical knowledge as for their
great literary attachments. But let this
pass. will occupy our time fora mo-
ment longer on this point, by Introducing
one more witness TO complete my apollo
sy:
Turgot was unquesiionably a practical
man. Distinguished III France more by
his virtues and abilities than by birth or
connections, he was called by LOUIS 10th
to tile office of Comptroller General of the
Finances, of that great aud opulent en-
pre-. Ills administration, it is true, was
not OF long continuance. He could not
resist the influence and the cabals of those
who rioted on the oppression of The peo-
pie; bat he carried with him into his re-
tirement the affection and confidence Of
all the wise and the virtuous and dying,
left character, which the pen eff Condor
Get has employed Itself 10 preserve and
perpetuate.
HE opinions of this statesman, on the
question before us, are expressed in the
strongest terms -" | will dare to speak
out. Will you pause for u moment, MIR.
Chairman, to observe the expression, dare
TO speak out! Sir, that word, :" dare" is
worthy of notice. Turgot felt that lie was
treadin9 on ground consecrated by the
prSjudiees of more than thousand years,
and ii required an effort of his moral cou-
rage TO speak the truth TO the ears of
preiudiced and deluded people. Sir,
feel he force OF thai word. know, iSee,
what prejudice Is, and feel that he, who
questions an opinion which has passed
from generation 10 generation, without
examination, does dare, when he asserts
has own, even i'll this free and ell
ilghtened country.
will dare to speak out" says Turgot.
HE laws recognized i'll our tribunals,
sc on The subject of HE interest of money,
" are pernlclous. Our legislation is salt
ed to the strict prejudices concerning
usnry, introduced images OF ignorance,
J" 6y AeotogianS, aoh0 understood the sense Of
" tie Scripture no more tia. The principles
F." Of hattIH iGw. ~ The rigorous obser-
" walton of these laws V ould be the de-
" siruciIon of all commerce and they
are not vigorously observe cd. They in
terdIct every stipulation for interest
" without an alienation OF the capital
" they forbid us unlawful all interest be-
" You'd the rate fixed by the ordinances
" OF the Prince and 1t is d thing nOtori-
Gus, that there Is not on the face of the
whole earth place OF trade, where the
greatest part of the business does not
depend on money borrowed without an
alienation OF capital, and where inter-
est Is not regulated by agreement"
VIII not, MIR. ChaIrnan, occupy more
OF yonr time In preliminary remarks. |
say, l hare proved, that the Bill before YOU
constitutes subject OF fair and Iegitj
mate discussion. If further proof were
necessary, 1t is at hand. Mr.. Locke
whose name alone reminds us of all thai
Is great III intellect, or pure in morals. has
long ago demonstrated, that the market
idte OF interest cannot be regulated by
law. ~
Walvins all benefit from the opinions
here quoted, except tliat ofjustifying the
proposed inquiry, proceed at once TO
NE several propositions, upon the truth
OF which depends, conceive, the policy
OF the measure now under consideration.
l aln wen aware, that the discussion will
De tedious, but the Importance and The
novelty, legislative novelty, of the sub
.l'ct induces meto hope, that the Commit
Tee VIII favour me with their attention.
Inc fIfsf proposition is, that by The law
OF natore-slliat is, bv the principles of
reason, Justice, morality, independent of
municipal law, interest may be required,
as a compensation for the loan Of money.
In this point. all ethical writers now agree.
1T would be waste of time 10 refer TO
them. In this point, all Legislators
now agree. In every part of Europe.
Turkey perhaps excepted, some interest
may be taken. III every State in the L.
mon, Interest. higher or lower, is allowed.
In this State, interest was originally set
tied at D, and WAS then increased TO ~
cent. Ii may therefore be assumed
as a position unquestionably true, that