Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1825-08-09
z aTTIsR PANL1AMEMr
HOUSE OF COMMONS, Fen. IL.
US{yR J9IyS

Mn. CALcIAFr said, hc rose to oppose the
r;adng OF the bill for the repeal of the Usury Laws
fie could see nothing in the present state of the
country for the removal repeal OF these wise re-
strciions, founded 10y the wisdom Of their ancestors
nnd contributing so much TO the prosperity of the
, Country. He could see no rational argument for
this. Bat the strongest and most rational argument
Tor The continuance OF the presen. system was, that
there Was no man wanting capital that had not OBJ
taine and could not obtain il under the present state
OF the laws respecting this subject; and ii this could
be proved to be true, it would be evident that on ge-
neral political principles, there was no necessity for
the repeal OF these laws Hear, hear )--and that
elch was the case, could moi be disputed But the
advocates of this bill contended, that all restrictions
should be removed, that as our trade and manufac-
lures have fiouIished by the removal of all mpoli-
TIC restraint, 80 in the of money all restraint
should be removed. All men should have an unre-
strained power over their own capital to use it &C
eordng TO their W ill., wisdom, adv en,ure or ca
price all men should exercise their own Judgment
and not be restrained in their energies but have the
complete disposal OF their capital whether privately
or applied to the general use of the State He could
not allow this. lie said in many cases restrictions
We're laid on with advantage, and were absolutely ne
ce-aary He then alluded 10 the Building Act, the re-
strictons OF which necessary; howev or fo cling
him 10 build wall OF a certain thickness 10 prevent
fire, an interference with his property As an adj
diiionai proof OF the free disposal OF proper
~, he alluded 10 gaming houses, where men are not
allowed to go in, nor permitted TO keep. There
were laws against these, and men could not engage
in thai iniqutous traffic. There was oae man fined
by the Lord Chief Justice $4,000 for keeping
house OF this description, and that man thought he
h'd no, the free disposal of his property. He then
alluded 10 the landed interest. The advocates Of
thus repeal, ssd the landed gentlemen were not ac-
GuaInled with their own interests; that il this bill
passed, money would be lent cheaper. They said
there was unfair bonus belonging 10 the landed pro-
perry. The Honorable Member said there was no
bonus at all. The Hon. Gentleman then said, the
advocates Tor this bill rested much on the inconye
niences OF persons borrowing money under the pre-
sent system; they alluded to the laws Of assisnmen,
and annultIes; but he would say these were The ex-
cepiions and not the rule. He called then upon the
blouse to look into the great aud beneficial effects
oil the present system, raised by The wisdom of
Their ioreiathers and contributing always to the
welfare OF their country. Let them run down the
current OF history, and they would find that this
country fourished, and flourishe, in proportion as
the interest OF money reduced by statute, and
THAT these wise and wholesome restrictions had
teen one oil the chief causes Of the riches the great
ness, ard glory OF England and raised the country
10 ITS present unexamped state OF prosperity The
honorable Member then said, why should such
Dill be introduced here, when in another place the
most learned and wisest man in the country, who
had the greatest legal knowledge in all branches
from the experience OF his own high Court and l.,
all the Courts OF the country, introducing bill
l0r the purpose OF putting down bubbles and specu
Isuons, ard the unconstraned use of money And
Ut was never wanted more than at this period of
speculation and Low ayarice, when there was a des-
perd'e ana greedy love OF riches, never known be-
tore, inoculating and poisoning The entire country
lie then said at certain periods il was lificult IN
borrow money, such in times of war; and the
expenses OF assurances and annuities had little re-
ference 10 the landed property These saIutaro
principles should not be removed If they valued
the wealth, the prosperity, and the national great
ness OF The country; and that there was nothing ne
ceSsary, or could be better than the existing laws
Even this was proved by the arguments of the
Committee on the subject, and that Mr. Rotb,cbild
and Others proved that the existing restrictions
were wholesome snd good, and any change would
but Jnre. therefore object 10 the second reading of
this bill.
Mr. HUME rose, AMI after making some obser
yations on the regular interest of money. asked
were they acln6 wisely, or on sound principles by
continuing these impoltic and unjust restrictions
and that at period when all narrow restraints had
been removed nom their trade, Commerce. and
manufactures with the greatest good 10 the coun,rv
and tie continuance OF the removal of these rc
striclions had been made the subject OF recomnepda
tion ia the Speech from the Throne! The IIonora-
Die Member proceeded 70 contend that as NANTES,
advantage had arisen from the partial repeal of the
restrictions on commerce, which gave reason TO
hope that the whole Of that impolitic and niudi
cIous code would lie removed, the application OF
ths same principle to the sntiqua,ed system then un-
ger discussion, must be productive Of similar bene-
Hcla results. az ever representation had been laid
upon the table Of that House which dcserved q,
ten,Ion, It was that which advised The removal of
The Usury Laws. The Hon. Member for Ware had
n'luded gaming houses; but tie argument founded
On lhat reference was not enaie; for gaming ou,es
wore prohibited on account Of their injurious eff
'e' VPsn public morals, and not fcq the purpose OF