Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1818-07-24

nos Ayres, our duty is plainly marked ont TO us
We ought TO recognize Buenos Ayres.
USURY.
To THE EDITOR OF THE ENQUIRER.
Dear Sir. ...Mr. Hamilton, the anthor OF AN
eXceilent work on the national debt OF Great
Britain, remarks, that IL is jHst as impossible
10 regulate, by fGW, the rate OF interest as il is
10 prevent, by iaW, the taking Ofinterest This
opinion, though entitled for obvious reason,
10 great consideration, is not quoted as autho-
rity. My object is merely to add one more
respectable name to the list already published
OF distinguished writers opposed to any iegis
lative regulation OF the interest of money.
You recoIiect 10 have seen the Rruort on
this subject, OF a committee of the Chamber Of
Commerce OF the city Of Glasgow. You will
recolect, that the Chamber of Commerce is
composed OF men, selected from the mercantile
class IN that opnient and ens htened city, and
that from the men thus chosen. this committee
has been selected. From this statement alone.
II might be inferred, that their report would
afford strong evidence OF ability aud iniorrna.
non. Inc inference is justified by the fact
The Report gives us a very distinct view of the
subject, and strenuousy contends that the
fate OF interest. like that of every oih,r com.
" modify, ought TO be left TO its own level"
Money Is generaiiy used as nn instrument of
exchange; and it is therefore forgotten by
some, that ii is also an article of traffic. 1.-The
precious metals are 10 be bought fora certain
" price, like all other commodities and as they
:. are The price or all other commodities, SD all
=" ether commodities are the price OF those me
" tails" SO speaks a dam Smith q. A26 y and
so speak the facts before eur eyes, In a for
mer Enquirer It was proved, by referring 10
the rate OF exchange, that money in foreign
country is an article oftraffic--a commodi;x NJ
tinctnating price. Ii is equally clear, that mo-
ney III this country is bought and sold as
matter or trade; commodity for expnrtntjon
a man who wants Spanish dollars for ship.
ment 10 India, sometimes pays for Them a nre
mum OF q per ceDtin gold.
In the report noticed above il is stated
+" thatI III Holland, Flanders, Switzerland. and
otber conntries, where there were no legal
:. restraints, money was always procuraSle al
more moderate return" This statement
supports the fact aiiedged in the discussion of
last winter, in relation 10 Holland, as well as
TIE Inference then contended for.
during The last session of the legislature of
New fork, the question as TO The repeaI of the
laws against usury, was referred TO select
committee. Their report recommended the
repeal. How the report was disposed OF,
have notye learned.
The Inc ticieRcy of the laws of this state. Cor
the prevention of usury, has been ALWAYS ad
united. Under the influence OF this belief a
Bill was brought i'll at the last session of the
General Assembly, for the purpose of giving to
these laws more extended operation, and en-
forcing them. with greater rigOr. This bill was
rejected by large majority From, This fact
IL 1t stood alone, the inference certainly would
he that the existing laws were losing ground
5ui tne TACT does not stand alone. The Dill of
l5lO-l7, tor the repeal of these laws ot}r red a
Substitute. by member from King q Queen
was rejected by a still larger majority.
ihisSasng ular state of public opinion. The
legislature seems TO think. that it is better to
bear those ills we have, titan fIy TO others that
We know not Of" This was The reasoning Of
f1amei, and by him, very properly applied ::
because u the experiment with The book in was
once made, the effect was irrevocabIe and etcr
nal. But if our usury law should receive their
nj frn n hat
:" whose bourne no traveller returns" They
can be recalled and terminated atthe pleasure
of The legislature.
Ii was properly observed in the discussion of
lSiG t7, that there had been great deal of use.
less legislation in the world This truth seems
to be at length distinctly admitted even by that
legislature whose POwcrextends to every Thing
not physically impossible. lives, even the
farlIainent OF Great Britain is Obliged silent
ly TO concede that it cannot regulate opini
Ons, or dress, or the expenses OF tho table
or the price of labor, or Of provisions. or The
Vd'ue OF money: nor prevent its expectation :
"oT can u prevent the purchase OF corn, by
iionopOIiSts, IA seasons Of scarcity. Upon ali
these topics, the old English code abouuds
with the most absurd and tyrauujcaI rcnuIa-
tons, repeated over and over again bnt most
OF them are now repealed, and the others are
obsolste. HE question whether the usury
laws shall be buried ia the tomb TO Which so
many laws Of the same character have already
bee been sent, IS yet pending 1 have 10 doubt Of
the result.
Adam Smith says that The British statute.
lowering the rate OfiniereSt generally followed
the market The IS Car 2. c. Is, affords di.
rect evidence of the fact. The rate of interest
Is reduced by this statute, from to 6 per ccnt
BAT The preamble expressly states, that per
cent had been established By late constant
practice. Here we see that interest fell one
fourth below the rate allowed by law. We
hRoh also, that il VW rise beyond the rate al.
lowed by iaw. The law then is dead: LEI il he
buried n SUBSCRIBER.
Jeiy 20, 1918.
Communicated.
AZ meeting Of the Jamestnv II fp,;,ce