Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1826-08-04

q iAF nf
c'" uae. 20 They may be they now exist, n, Tho f
W. russian uSase, an Austrian decree, a French ord,
Hn L"g!sn statute of parliament, and a II America
:" '''c legislature So the laws against ,p,rl.. .
they now exist in these FORMS are comn,r,,irni 3"
"e' nate OUT the injunction "whoso sheds mans bIoo g.
man shall his blood DC she'd is as old as tpr ana H.
=. - '""Si"Sation IS the morning creatiun Res,,ic
"o"S upon uSuTy, IN some form other, may also oo -
M ,.qu'V nearly equal to the commandments t;.o,g
nay Esq commences very able s-rth mn, j., ,,
5 about tel years since, the other side
tbs question, in tie following manners - .,ln ;t
sen mat the object of the bill before you is th,
SutNeiSioh "t system which has existed ,r,ie, ;a,
louIhcatiois, JoF hoTe Ntan three thousand ,eu, r.
y laws nave not only existed in the East from, , lii,
o' mey were also established in the codes of ,be
boman Republic aud the Roman En,Diye Rut ,L;s -,
Contends that because the statute of Henry 9Th nc H
S l"We" any interest in England, and the statute o
,h w t. Ipe'ed ina statute, therefore, ''argal" Inc
s"u" say win tile eave-disger in Hamlet the assertion
'h the experience of three thousand wears is a,,s, 81
ui inc repeal OF usuTy laws is incorrect and IL,
author "evidently cOnfused.'' Fron, such rran,;.
"sagely supposes this ''wonderful' conclusion -, 49,, "
In the first place he is mistaken in the sta,a,, ~,
statute of Henry 9th did not allow interest but al,ro
II imposed punishment only those who exceeded -
tam rate oil interest, il implicitly forbade in s
conscience. But how this Conclusion follows from the
ies' must confess myself too "eyientiy conused &c
uC'Vef. II Tor three thousand years interest has bpo,
either totally prohibited partially restrained
OF ali beyond certain established rates, orlilen am nj
s 10 perceive now the assertion, tiatagans those who
are IN vour ol destroying all pohibans nd cboshino
all restraints vi" arrayed the experience of thru,
years. is unounded, hcw dsrovcd v the Gar,
vi ienry the othw repealed Ivy Tie statute Of
u"Hu Tie tn II Will be for the reader TO saw whether
Is me oraor the critic is evidentlv connss
and does s'not clearly copnrsh.nd ,I "S e'''usen'
CUSTOM" ' ''' "'e-
fhiio B. inquiries whehet Mr. D. is ua,tocl;, i,.os, -
esury' and attempts &c make appear that he has
II ne speech "has precnsions TO good reasoninq
IS Tue advantage of misrepreseniing it? The proncr
mode 81 exposing bad reasoning is to slate il truly A
niter sIaarking upon tive opinions nd proIil
IONS o. all interest proceeds observe, are ever told
OPINIONS ot the sages of antiquity because ty depv The
snt 10 take my interest whatever for tie loan Of onev
No one contents for this doctrine now. But in those c
IN the infancy of commerce. ,r might have hecp ,ro
pfiey III the prohibition Of interest for monrv lInr
wa" he USed merely as the medium of exchange not
as Cap'ai whereby wealth might be acGuired:T
but since money has become ,rndins cani,alo "a real
sonabe fnh and increase FOR te loa4 II ,ay easou
Oily DC required Bot the same reason the danger of an
press'n' which formerly operated produce prohibition
Oh All nterestnow Requires that it should he eniiec, To To-
gs'auve restraint by this It may be seen with what
harness the charge is made of conounding uSurv and in
eress' and OF el"ynS the highest felicity Of hnvng dis
covered that all those who have taken any Interest
ever 'e Tor the use of money have against tea
ven. again; another sample of this writer's fairness IS
the olinwimg-he sample of the orators reason
G powers may be given the reply which gives 10 thu.
assertion that the repeal usury laws will se, tj ~
81 irte est by bringing money lenders iu,n ,,
ket, ana that whore there is pena.;y the lender ex,
premium Tor the risk to which he is expose7.' He docs net
give the reply, but himself simply with a.sl;r
without Offering any reasons, that the latter proposition is
almost selt-evidcn aud the former sis as cnuabe Of do
u"nstra ton mathematical pYopostom Had ne i've,
te reply, which shortly this that all the legislation r.;
the world on the subject ,Isury from the nature NJ
cannot increase the quantity of money a single ounce ,at
'Ie reason why borrower pays large interest; IS his re-
cess'tY, ASA why sder il is his avarice boil,
which "st exist and Operate even usy laws
Feaed; it might ha been better seen how
the one proposition is and how nearly allied to ahcn<-
'c'' trnh IS the olei ~ all events when speak of
tine exhibition of samples they usually prove their sincerity
by stooing Hcm and do keep them out of sinh, if ,i
mean TO deal fai.ly.
that 4 n g., &
dern Tunes entitled tn the distinction e,nneat phioso
rirr' IL favor Of the policy of uSury laws One voud
nave thought that among the TrcHch nj the Ef-ail
men ana juris's might have bern found prac-
hcai' as well as learned entitled the aIc;,n ,I
eh''r"t FioSophPTS, who nave Xpsc~cd 0nions in
al usury laws On tine other hand should Ike 10 sac ,r
list 81 eAnent philosophers, either OF ancient or me lyr
'mcs, who have been in favor pacv oil the rco,l ~
nSuFy laws rho list Viii be found s,nai! cc mad
at ITS mead Will he placed bclIcvc. jeremy Rr,, ,b
aiendr 81 cAanpariy and nIajntarnnce The policy al
Ysiry Jaws forming part ofti,e coeS Of limos, All i,
ferrd nations has IN modern times required no gfea,
OIL eminent philosophers m Sts support until eia be
who're seriously and successfully aitacAc! than m
Extraordinary eXertions i'm ira defence VIII he rcic
The conscienees of the INTERESTS Of tho rcat ~ ~,
'c people, the experience 81 the world, furnished =
protection TO the system, stycag rs the wall OF ,yisJo
w1Icn the most eminent philosophers could rai., "
experience, that saf guide That tm," ry vrirh p,,,i,
Henry the glory OF virginia. vet NrGiil alone, hut one
whole country, 50 beautifully said, As 'sicrt we're aavq
guided" N"'
T. Bcnibanl declares t',al the obic:, az H.. a,,. ut
cte T'sgn "over the rate Of interest prevent exor
u9n lhave o'ch heard ts before, from Iarr,vccfs
not from the srea, oi tn people, bot from the ,,s al
thoSc WHO follow the trade of biting ust.y, that class o
ee vino according TO the published report the debate,
IN Massachusctt', seem bile this question was !cpcnda
as vel those vino Use tU knife these who itnn t rims
stone to have carrisorcd tc ohlrs Of le House" nm
donbtSdly with the maEuauHnus d.inicrcscd drse
lh7t no restrictions tire n interest should
with the wish 10 clover the interest to rrcvcn
eSloIt'on But tic grcat Of the people, jihou.f
generally to'rahy Gicksishtcd their pccuuiary inter
not yet had tic good otuc discovrr tic lrutr
Oh IRE doctrine, which Usurers constantly 1,reagh;rc
mat TIE rfpea! of usury laws, will oyrcr the rate Of inter
est and prevent cStmtion." 'fimeo Danacs ct dona
ccn,es That large majority OF the people are in favor
81 u@u'y laws IS evide" Om cjr existence and Duration
in all popular governments.
FhIo-Benlham says, 'surrTy Mr.. docs no. mean tr
preteHd hat his Ingenuity devise an cxecl.ept t rrc
vent the practice Of Uuty II tot to he supposed la
any wan Of commoH intelligence shpu!d make such ire
cnslnn Neither would Pho-B petcud that his ingrrni
y could sevise an cHpcdient prevent the practice O.
stealing; yet this consideration would hardly be deemed M
him, OF any ono else, sufficient reason Tor rpucanr tr
laws against hr and turning poss upon guccf tsc var