Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1818-09-18
roR THE ENQUIRER.


IL appears from "a iaic Enquirer, that The
legislature ot Alabama, following. the cxampi,
oi mississippi, have repealed the laws rcsuiat
ing interest on loans.
IL is well worthy Of remark that In the Al
la"tic states. nothing OF this sort has been eff.
| ierIed. he attempt made ia the legislature
OF Virginia IN The session cf iSi6-I7 failed
| lhefeport ofa committee 9th Legislature OF
| New York. proposing y repeal. was not a,lopt.
| Cd The recommendation OF this subject BIZ
| ihe2overnor OF South Carolina. TO the consid,.
! ration ct Tie legislature Ut that state itwouId
| seem Has produced 40 effect. In the other
S'ates,ii doesnotdppear,t that there has been any
movement Whatever. How * the prOmptitu,lt.
| OF these two infant states in adoptin. the mo-
dern i..ciples. an the subject Of interest. 10
he accounted iOri Ale we TO suppose that
Tue silly doctrine of No.un,us mutare, -
which rs nothing bHtan appeal To prejudice and
pride, las not had time 10 take root in "A coma
Try, OF such recent political orig IA coun.
try where The inhabitants but iatelyasscmbled
could speak the truth. without acknow lodging
that they had been in error, and repeai a bsr.
bafouS ana impOIitic law, without fixing "A sort
OF Stigma on their statute book. The solution
'oft the question III he admitted iy those who are
OF Up,hion, that there il atleaI as much intel.
nsch'e among the enieriiisipg settlers OF
these new countries, as there l. among AN eo,iai
number at the Stationary ani quie>cgnt in,a
btans Of the Atlantic States. u.id - this solu-
ton be admitted, the inference gives charlc
yer anu inpoiiai'e To tnt examples of ais>is
sii,pi and Alabama.
In Great Britain, the modern doctrine an.
pears lea be gaining. ground. y committee. an
pointed bv parliament tiis last sesSion ha. iti.
taken evidence ui such iaclA as they tiet.iurd
material have reported la favor of 4 ,-po al Of
the laws against u>Hiy. From The uitp i.at has
ALREADY trduspiled tiiro the ,ape,s. j'tcir can
be no doubt, thai thc report viii be most Ally
supported.
!her. are ih,ec facts stated in This rcport.
cHirob0raing sn ccmuicteiy the propositions
ana arguments heretofore, published in the
'gan 20 public Uuiicc. But for ,, c0i,ci-
dence, should not have inirudrd iuioNoUr co
iumns. ihc atst is. that The laws restraining
lBtcrcs have failed at their effect The second
That The excess OF the mark "a rate uf interest
OF late wears beyond the legal rate ia. been
agra, at"h tv The cuorni0ns charges attend
lns The mode ct EcgOCIatiOu adopted 10 evade
tie laws: the il'ir'l. that the market rate OF
interest is now bvicw the LEGAL rate
New, whether IlHs depression of the market
rate OF interest results from Il great accumG-
iatior OF capital since ih- peace, OF from a
diinlnuiion OF The means of empOyn. capital
advaniaseousiy, il inlmaier,ai. We are 10
look at the fact That ~ sufficient whatever
be tie cause and in tie year 1916 interest
was often from II To IL per cent. and is now
below five per cent. the statute pretending To
regulate interest does EGi tegulaie il, and af
lords no htnciit 10 any class at British subjects
except money dealers, who eVade The law
brokers who act for them, bat not at their ex
pence, ana The membCrs OF the bar, who are
retained IN litigaied cases.
The opinion OF the committee last mentioned
Is not introduced as having any authority or
even influence VII This question bui the facts
siateuDy them, Ill tie face ot The world, II true
are decisive.