Alexandria gazette & advertiser. [volume] (Alexandria [D.C.]) 1822-1824, 1823-12-02
INTEREtND UsURY.

we UcltoNc 'tIouS wv" ~
preston of gina lority of our mer- te
camille comma that much benent
would resul. 'rt repeal OF the law IL
which regulated rate Of interest on j,
money lent, al posing heavy penal II
ties on the ,sndt more than the le- v
gal rate. A. } t session Of OUT TO-
g,sla.ure an a, bit was made IN the a
senate to Oh iain' h . repeal, ana the l
enactment At Ito regulate the rate
OF interest, in cares only where
no contract Is Ade by the parties
leaving it o. \ az in all other ca
ses, Tor part!es oil age ana OF soo"n
mind to make a contract which they
might think pro as to the terms Oh
lending anu boring money, without
mourning any lie risk or penalty.
We tinu sholssay on this subject
in the NV YorEmer'can, c"n'aiuing
.ome very judiclv observations cal
culae ed az We hill to aid in removing
those OBJ lions Itch some good men
still ente. tain a. nst altering a long
established sys,ei We copy the es-
cay with a view tits general c'rcuia'
ton. and in the nie, that our leg'sla-
ture may be indu& to set iioera'ex-
ample. by giving he owners OF money
the sa ne legel ri j to dispose OF 'tss
the owners Of ~lIt and tobacco
Bait. Fed. Gas.
Money.
This article Of eneral use, OF ind's'
penslble necessityhnd OF universal pnr-
suit, 10 yet one, co,cerning which there
10. 10 our estimatiA, much still TO %
learned. We me u as TO the manner
IN which II Is look ID upon by the laws;
aud particularly We ailuoe to the laws
aga %, usury. The notion that mo-
nsy, more than any other COMMONLY
should be subject to restraints, has DO"
no other hold on the community al large
thas that del rved from ITS ancient, a"e
Duv ~ ~-.-----I., .anraa- nr,"in -
~ to show that the prohibition against
usury addressed Of old toa peculiar poo
ole. eau no more be desmed Obligatory
upon US, thanths; other contemporary
but now ob.olete .usages and custom'
of that people. Still less in this coun'
try should we be bound by the piece
cent which, against her better know
ledge, and the views Of some OF her mos
enlig tened men, from the mere dreae
of innovation, England. whence w
have drawn our laws, continues to she"
10. Our boast is, and it is just one
that 'error 70 Innocent. where reason
il left free to combat it, and that il
conformity thereto, where any law OF
custom bss ceased to be useful, or rea'
.onable, no idle fears OF innovation
nor yet idIer respect for musty psrch'
ments. Interpose 10 prevent it's abolI'
ton. Ii 10 therefore a lIt,le surprising
tnatin after TO which so large por
ton Of al our communities must b.
parties. as q legal rate Of interest
there should have been hitherto 81
much comparative indifference, or per-
haps to speak with more precision, sucf
passive scquieseDce in a suspected
wrong. We can account forthis on NJ
other principle than that the subjec. O.
money has been so much involved If
mystific alton, that plain men werscon
tent to resigu their Understandings, ane
to believe, though wi bout comprehend
ing why, and simply because they were
supported by scertain received jargon
that laws agaipst usuary, were really
Just and beneficial.
II 10 time .sxe think, that this systeu
should cesse. Ind that money should b
s,poksn and yrSated Of like any Other
article Of .serchandise; and with al
much plainnsss ard shsenee Of myste
sr,. Wien sbiss la f6sg ht shout, il
will very coon comesfos pass, that met
viii find il n bic si1At the Law
should TO prescribe the price
Of tp oney, al they would it it we're t.
an ths salueof colt on or tobacco. Eacf
md an shouia be left to find their owt
value. according to the relation of sup
plysknd demand; and alike unfettereo
by legislative enac.ments.
Our attsoton has been particularly
called to this subject just now, from
the reflec ton that combination o!cir'
cums,ances, not again likely to recur
seems to render the present momen
.min.u.ly propi.ious to an attempt .'
procure the repeal Of tho usury laws
In tho first place. there isa large mo-
MED capitalafloat in our mar ets rex
ing employment. Secondly, the ter
mination ofthe Spanish war. which hat
for a brief mrnu,e given some prom'.
Of activity to European capitalists. vii