Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1819-05-14
uSuRY LAWS.

which The Aurora has emplayed. II is
like The man--deSti,nie of all iIbcralliy
as an adversary, all manners as u gentle
man; and as politician, we know him
10 be a Ihersites, who makes upb sound
what he wants III sense.
Ii is not true that we ever relied on
Locke, Turgot, or Tracy as authority a;
bul II Is trne, that when the aurora was
denouncing those men, who wished TO
abolish the hsury laws, as insane, that we
asked how such men as MIR. Duane could
have the impsdence 10 denouDce such as
Turgotand Tracy, and those who thought
WITH Them, as insane
We know, that The usury question is
TO be decided, not by authority but by ar
Snmems-but not such arguments, as The
Aurora has advanced.
The Aurora maintains, for instance,
that usury laws have " been found indis-
pensable and prevailed in every nation"
This Is not true: for what becomes of The
successful experiments In Holland, in
Flanders, i'll Switzerland What becomes
of the states of Mississippi, Alabama, and
Illinois The experiment in the Mlssis-
sippi Stale has had the most suspicious
results as the letter of Mr. Poindexter
published in the Enquirer) most positive
ly teslities.
The main argument Of the Aurora edi,
tor is nota new one. Though he pretends
To have taken up Fthe subject at its foun-
daiion," yet that foundation had often
been previously used by. others, and as
often overihrowu. This argument is, that
money being Tie universal measure Of
value, government ought TO keep il per-
manently al Its standard, and in order 10
DO so, forbid individuals from getting as
much Us they can-hence, that the rate
OF selling ii should be fixed by law
But II Is easy 10 prove, list. That when
government determines the quality and
quantity OF The metal in each coin, it
does all thai il can do, towards making
II d standard OF value ID. That the best
way 10 keep this coin as nearly as II can
be al lis true UaIue Is 10 leave il free, like
the price Of all other articles, 10 bercgu
lated by The supply and the demand {;
3D.. That The attempt to limit lis market
rate only aggravaies the evil you profess
TO cure; you cannot prevent people from
borrowing what they want; but YOU com
pei the borrower to pay more for the
Odlum and risk which the lender encou,i-
tiers, and therefore instead of making lie
| value OF money more steady, YOU add
| both TO lis price and tiuctuation; this, The
history of all comntrit proves: 4ih. That
| this is The case at this very moment, and
| that this fact completely overseas the theo-
| ~ OF the AUrOr0 as 10 the usury laws
fixing the value of d universal standard :
| 9th. That if the fixing the value of me-
| ney by law is an object of so much con
| sequence, government falls short OF IFS du-
| ty; il might upon HE same enron Gus
| principle enact penalties TO regulate
| all illase matters which affect the de-
mana Tor money or the supply et u; sGch
as, the issues Of paper by The Bank, the
| balance of trade, of course all The bran
ches at II which d country carries OF |;
the mare or less specuailen OF all sorts
which individuals carry on nay their
| greater or less eXtraYa gauCe Of private
expenditure for all these things RAISE
more or less The value of money, and of
course affect il as a SfaIt,iayd Lei iegis
la;ors then upon this principle restrain The
! freedom oitrade, amd fail into Tie abs urd
and dangerous folly OF watching aud
regulating The vibrations ui The monry
market; a folly. sill more childish Than
that which A. Smith has exposed under
| the name OF lte mercantile system.
Usury laws never nave prevented usury,
and they never can. They have never
fixed The value Of money; which. like
every other article, depends upon bow
much is wanted and now much is sup
| piled. Lefthe article then regulate itself !;
il Nill do il, more eflcciualiy, Than all The
laws Of Draco could.