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

M
try and the New England practice of admitting tue
book and the oath OF the party. Is not strange that
these evils have not existed have been found
ont. under all these systems in all these countries and
during this great length of time, and that they have been
a7coyered only IN the operations of the Usury law OF
l7&i3
HT, Speaker, let us now look TO the authorities of
the advocates of the repeal Of Usury laws Who are
they: Jeremy Senthan, and his anonymous buffers
ue hiIed writers IN the pay of MANAGERS of the Edn
onIgh a"d Quarterly Reviews, whose business ii is TO
oppose each other, the maintaining the interests C
the opposition in all things, right or wrong and the other
the seEye unprncipcd supporter of the policy of the
onr' Ia literature, both eager TO maintain, with all
tNeir talent and learning, paraduxical theories
winch may excite attention and curiosity and rive M
interest 10 their respective works and minister TO and
rouse the dull and stated appees of literary f3icures
Jeremy Erntafn, the great advocate ard defender of
Csu'y Is inc same gentleman, who kindly proposed to
save US The trouble of meeting here TO e~ate by ma
sing laws he other side of the water for and sending
us regular supplies bv the Spring aud Fall packes-
The same gentleman thinks that the laws against cham
party and maintenance, Ike Usury laws relics of
"aroarous tunes and should all be abolished that any
one should be permitted to interfere in disputes hich
10 not concern him. become broker of law suits adj
vance money TO carry them and share in the profits
Hnca specuIator would be pest in society," would
create 'eNauon III our cities and vagCs and from the
ignorance OF most people on legal subjects and the
Fead winch all have OF lawsuits might e. tort pro(a
oe compromises on specious although unjust Claims
e' me champion OF this uiquy and absurdity is the
champion OF the defence of Usutv and is brought M nc
an authority against Moses and all the lawr crs from
hstlmc TO the presen-yes tins same Jeremy Bcntbam
who must have had his education and degrees in Swim,
Academy OF laputa, and better suited for iurist for
the inhabitants of Captain Symnes' new World than
those who live on the outside of the shell and have The
light of the sun.
SIR the operation of Usury bad enough ia the city
but 1t must be worse in tue country No man can ac
count for the immense number of failures which arc
constantly occurring III large commercial places. They
happen among trading people, pursuing regular and
what IS called safe business, not likely TO be dcenIy
affected by the great political events aud commercial VI
cIssitudes OF the world. They are regularly educated
10 'eir einployments and Thoroughly understand them
they are industrious. They rise with the sun and Ia
eonr long after the going down of the same. They are
prudent and frugal IN their habits Yet in the course Of
ne" years vast number OF them banlirupts and
lave little or nothing to discharge their immense debts
hat has become Of all the accumulation which must
have been made by the skill and industry of these men
an" me property winch has been entrusted 10 thcm' 1t
mas art vanished, no one can tell whittier. In the mean
Cle certain class OF men who have done no work but
Stray ing notes have made immense tions of wealth
Tar beg ond what can be for upon the prnci
PIES OF tue ordinary accumulation Of property. Sir il
Is usury winch has destroy ed the hopes of SO many OF
our young and enerPrsing and sacrificed them on
the altar of avarcc Rat in the country where There
are no brokers, TO find out what money there is in
the market aud where il is TO be bad TO aid a borrower
IN obtaining e NEST favorable terms of loan le is far
more exposed than in the CITY.
ohe word with respect 20 existing contracts and file
injurious effect OF the repeal othe laws against Usury
upon lhel nose who contracted debts and gave mort
CAGES when man, who wished TO obey ,Le lave
woud take more than six per and when il was
dangerous TO exact more, felt Just confidence That if
tAcE were not able 10 meet tie payments their mort
cages would be renewed BY their creditors or that the,
would be enabled 10 obtain new loaus upon the same
security, from others The unexpected reoeal or the
usury laws, must Involve vast many OF ,fcsc lclf,
IN dileu'tlcs' Many of them are among a ya;a.
bic Class OF oar citizens, our cuterpii,ino, and in
Gustrious mechanics. IN tie pressure unon them
u IS inevitable that il will be III the power of the
creditors 10 drive hard bargains Even tie most ar
tIc of
laws, in Great Britain, when iey are bropgh, directly
TO tie question: admit that at 'lh particular crisis
whcn 50 many people in debt, repeal might he
injurious ana productive ofOPprcsson This partcu-
Iur criS's" when great tnany are in debt TO few al
ways w!Ii exist III every trading country and the rnrca
c the usury restrictions, at such "pariicuIar crisis g. IN
always be injurious. The policy OF the law which &c
against too great uation of prorcrtv in te s,,
hands. which will not permit the tying M and Iimtinc
OF property beyond short period, which limits the eIu
ration and capital OF corporations, which breaks dor
entaIIments, which distributes wealth an canal ;nor;
tances Is policy is in conformity to real genuine NOT
party rcpubllcan'spn, the principle OF Usury laws
Sir SIX per cent, the rate OF interest established in
t's STATE or more han century established by the
act OF I8i has been proved BY experience TO he non
genera principles, sufficient compensation for the
of money During the forty two years sinlo 49,,
passage Of the law Of 1874, we have UNDERGONE cver
Kind OF commercial change yet we have epoved oreo
prosperity Ne nave risen from poverty to riches -
Ouraet'emenis have EXTENDED far into the wilderness
and haIespread wildly the arts Of civilized life w
have created lucrative commerce and orrcat ,,r,,
=
featuring interest and lave established more than fty
banks with capital Of something like seventeen or
eighteen millions Of dollars, in this Commonwealth
ne baTIts, Sir ask their charters AS favor At o,r
hands aHd are willing to pay tie State bonus
ahHua tax OF one per cent upon their capital for le
privilege OF leading money At six per cent DO not
iIcsc lungs prove that SIX per cent is cnouoI,s
or how have 1 sury laws been established in This world
Not by iorco-not by appeal to arms, but by an an
peal ~ me consciences of men. And during all the
changes OF politics, manners and habits from the first
foundation OF regular governments among men ar,i
hc punishment and destruction Of monarcbes and orr
pres toe rire end fall Of splendid republics the spread
prohibition of Usury has remained Ike the how ~ 49,
hT'Ha'Hcnt The sign Of long enduring aud he trusted
an everlasting covenant Of Justice and bnrnanit, bo
tween mau and Ibis fellow man
To drire iosrc's (roD, Eccs-Boe a hole into tl
"nnN o 'De Tree as Tar as, or into the heart and h
the hole lib sulphur. and place in II a well frte In
tree from four TO eight inches in diameter reo,iires