Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1826-06-27

IL "a den of thieves" Even the Koran prohibits JJsurv
ne followers OF The Arabian Prophet claiming throue
shmael, descent from the father and founder of the
jewish baton and spreading themselves over the seats
of the early of the world abhor the practce.
and IT is denounced even among the Turks ALWAYS re-
presented TO us as monsters of cruelty Should this
pracuce too oppressive for the Turks be tolerated and
iooSened from all restraint among christians proessns-
religion of charity and broi herly ove9 The fathers
O! the church, and the divnes of every doctrine how
ever bitterly conteDding with each other for power and
the success OF their various opinions as well those i'm IA
vor OF high church authority The humble and loyyly
ret2rmersas we'll Leo the tenth the defender of the
af'7tociacy and the corrnpons of his Church. as the
republican refuriners Luther and Cayin-layo a II uni
ted III the repruba,ion of Usury
Sir the prohibition does not rest alone on the author
NY oil reS1ous precepts. Il is sustained by the scnti.
hen's oil the sages Of ancient times, and eminent usts
and philosophers in modern DAYS Was be asked ,,r
names lie would give hem-thosc of Aristotle Cato
ticero Seneca and Pluarch. In later times he should
DC contented with adducug two iiustrious names who
nave been eminent ia other countries in legal and 20
HucaI science; those of Doma and Grous. The for
aer the tavoTite civilian of the French court and nrtion
ana The pensoner of Louis the IIti monarch OF al
most despoic power The latter, the iuexble repub-
iIcan of Holland suffering in chains for his nrncines
-" I'm mem he would associate name of own coun-
Try and every where respected, that of Chancellor Kent
OF the State OF New York. Sir they have all united
e weight OF their opinions against the practice of Usu
~ 10 Tins mass OF authority may be added tho ieris-
lation OF the Roman Rcpnbc and the Roman Empire
that of the countries Of Europe the statutes of Eng
land from the time of Edward Sd 10 the reign cf Anne
the Augnsan age Of English literature wien tbe last
statute was passed reducing the of interest 10 five
per cent and which remains in force to the present ay
sustained by the Parliament and the Conrs Of Great
hFlain. hal country, III the time Of Anne and TO
uc present day, has had knowledge OF the nrncinles
OF commerce and political cconony-and il holds o tho
prohibition ol Usufy. II is true that the statues have
lHicied more mild penalties than fornerlY-but this is
owing. not to dsfust of the policy of Usury laws, but
10 Tie increased refinement and humanity Of latter days
which dlscounienance blrbaoIs runisi,ments But il
IS also true that the rate of interest las been gradually
esscned and that the restrictions upon the practice of
Csury have lost OF their force The (surv laws
were also transp!anted and took the British Colo
mes In Massachusetts we have had them from the be-
ginning W the last winter when they at once swcp
from The statute book by tat Legislature, whom we
are told wa should he acting srespecfiIlv BY rcpca
their statute, which repealed the scriptures and Tie uni
form legislation oaI countries from the earliest DAYS
II! tho present time. He aware vlIen contendnp
Tor the authority Of precet!cuis that il MIGHT
be SAID preceens are dangerous ilingstlat t!cv Nay
be produced 10 Justify all errors and all abuses mo.
narci"es established churches, and every violation OF
nS''cc and the rghs OF man. The WHY prece-
Dents IN politics are suspicious, because they have run
against the rights of the great mass - the peooie-:hey
have been the successes of tic few. obtained BIZ articc
by combination. and by opporluri y, over the tnanv-
But the Usury laws precedenIs OF different cha
racier-cIr sole object is to quad The great mass OF
the people against the co7t:aat ons ana articles OF he
few. SIR, when amidst multiplied prcccIets of inps-
Ice, Is rannv, and cruelty precedent found which
'tS cIIlirCu TOT agcS-NlCn, OCiTG solely favour
The poor and the neccssous, could not have stood
single day in The world if its foundations had not been
deeply laid in the nmutable PRINCIPLES of Justice and
bencYo ence-ay not that precedent claim the Iespcct
OF mankind,
lie then proceeded to the consideration of the com
mon arguments IN favor of the repeal OF Usury laws
We are ever old that should moi relr upcn The
scripture authority the opinions OF the saors of anti
y, because they deny the right lake any interest
whatever, for the loan of money. No one contends for
this doctrine But in those times IN the infancy OF
commerce, there might have been propricty, in the
prohibition Of all interest for rnonCyan PERHAPS there
innci absurdity as has been s,lpnosed in fine
opinion of Aristotle, that money being barren Welding
no increase, no increase interest should he required
Tor the loan o! IT. Money was then RELY the medium
Of exchange, used generally capital, By which
wealth might be acquired, and in this sense il might be
considered barren. But since money has become =
trading capital II is longer barren il breeds an in
crease, and profit interest for the loan of it, NAV inst
~ be required iiut the same reason, The danger ofop
pressIon which formerly operated, TO produce proEIf
ton OF all interest. now requires that should be sub
Ject to legislative restraints Again, ale told that
cVas5ns Of iiie laws against Usury easy. The old
statute is broad and persPicuous in its language, pro-
ibiis any attempt 10 take or thaD the legal
rate, either directly indirectly. III laws may be
violated and many offences will escape detection Laws
cannot DC made in prevention OF crimes They can onIy
follow, after The commission Of trans~ress;oH With pIn
shmeht operating by way Of example. Tie life OF
every member OF tbs House may he reached bv the
baud Of the assassin; the property every Individual in
yc! tic commandments should not be abolished 50 far
from is consideration beng argument in favor Of
repeating the Usnry laws, il is rather strong and
gent Tor adding 10 The force and sanction of those
lsss, not by dimpution but by increase Of the PC,
naliy. 1t also conteudci by opponents that
restrained Csuy prevents sacrifices Of property 90
money. To This an answer may be gwen. hat strict
enforcement Of the legal restraints, would generally
enable him who cond raise money by sale of lis pro-
perry 20 raise it the security of that property, al tie
reasonable legal rate. Ia the worst event, man is not
in great danger OF less Ivy selling his property,
By selling his obligation, his note representing at pro-
pcry, and for the payment Of which may be taken,
well as binding his person, al sacrifice When lie
sells his property bc advertise The sale, in The public
newspapers, and have his Auctioncer spreading bis flag
aud making public cutlery in the treetshc adopt
every possible method 10 attract purchasers, TO
The best market and obtain the highest price. But lie
can DO none Of thcse things, with his note-he cannot
advertise it or put II under the hammer without ruin 10
his credit. The only circulation, therefore which il
has IS from the hand of the broker the first Insurer
whom ne happens to meet and thus the note which re-
presents the borrowers property, and binds lis person
made in fhp II