Constitutional Whig. [volume] (Richmond, Va.) 1824-1832, 1826-07-14

ana the incurred, and every case below the -.
f,su rate of interest, before the abolition Of the laws
As The natural rate Of interest," the true value oil the
use OF money must be aryiDg with the rise and
tall IN the profit OF stock, and the accumulation or the
loss OF capital II is evident that the legal rate must IN
most cases be either above below the natuIa or far
rate OF interest 1t is the object of the advocates of
reform TO destroy this artificial system and 10 suffer the
price OF money, like every other commodity 20 be re-
gula!cd by natural But the effect of The eN
sting laws, and OF Mr. Dunlap's opinions is TO bring
about an efect before the exists 10 make
ton prosperous in defiance Of the principles of trade
and commercial policy Mr.. TUNE has very properly
called interest the baromcter of the state" and low
interest and low profits which always associated, n
dcate an extensive commerce and great accumulation
of capital These things surely very desirable, but
they can only be brought about by time and the
OF events, and IS the height of presumption in human
laws which cannot produce the cause, attempt
duce the effect. But TO return to the sSeech. The
abusive attack which is made Mr.. Bentham and the
Edinburgh and Quarterly Reviewers, is happy illus
raton of that species Of logic, which consists in defa
maton-of that conSummae which conceals defeat,
by abusing adversary. An ndiscriminate proscrip
ton OF all the works of this heightened pbanlh
would deprive the world of some Of the highest trophies
Oh the human mind. And surely there is not friend
oil liberty or of man, whatever may be his prejudi-
ces who does not glory in the triumph of and
OF truth that marks the pages of the Edinburgh Re-
view et AIR. Bonhaln, who has dcvotcd sixtS wears
OF s life TO the disnterestcd service OF his fellow
and the whole list of contributors 10 the Edinburgh and
'3uaraTly Reviews thought worthy by Mr.. Dunlap
oi ndiscrln1lnae Remuneration. This species of argu-
ment db inrdi deducfun, suits well the nature Of the
cause in which he is engaged, and by conouudng all
moral and intellectual distinctions may well proclaim
The abandonment OF TRUTH and perpetual league and
covenant with error II was remark of the sagacious
Hume, that physician in London over forty years of
age, credit to Harveys doctrine of the circulation
of the blood So difficult is il 10 get rid of ancient
preudices and prcconceved opinions. Ii is not there.
iore with the hope Of convincing this orator. that the
suggestion is made that. commercial embarrassmcnts
proceed, not from usury but from far different causes
1t would be much more philosophical to reverse this
proposior and conclude that usury proceeds from com
mcrcia enbarrassnents. But, for the sake of argu-
ment, admitting that mercantile failures proceed from
usury, are we to derive argument from this that
laws, restraining the of interest should he cont,
nuec? The advocates OF abolition would contend for
quite an opposite conclusion-tlat the repeal Of the
usury laws, by enabling merchants TO borrow al fair
price, would relieve their enbarrassrents Surely Mr.
Dunlap does not mean TO pretend, that his ingenuity
could devise an expedentto prevent the practice of
usury, and until this expedent is devised usurv in
surely exercise much more banefu influence
over tie affairs of man, than it possibly could if
the laws were repealed. This argument has at
least the merit of originality and of sinpljfyinr Inc
principles OF econimical SCIENCE by rcFsfrinS all
commercial embarrassincn;s to usurious interes;s
his wonderful Speech is wound up by a most pro-
found conclusion. After saying that banks are will
ling TO pay bonus for the privilege of lending money
at six cent, the orator with truly Triumphant
asks, do not these things prove that six per cent "a
enough" The question be determined is NOT whether
pr CT be enough too little, or too much, but whether
there should be any law at all upon the subject All
laws That are unnecessary abrdgInent of civ Ii
tVfanniCal IN their operation. banIts
may well afford to pay bonus they lend credit not mo-
ney and moreover lrcm the their discounts ret
more than per cent loans. But no mn o
common will contend, that banks can nav, tJ c.
"reS OF OiccTs, Clerks and other expenses i0cdnaI
to banking operations, and pay dividend oP six nor
cent on their stock, and lend no inoneny than the
aiHoun OF capital invested The natural CONSEQUENCE
oi laws restraining The rate of interest, is TO occasion
demand tor banks and al the same time by prevon
m''d"'i competition, to increase the profits of te
oa"nS' ana 10 enable them to pay the bonus So mn,7
nV-pTf tIt
nasty remarks not intended as a regular reIlv to %
speech or as any thing Like statement of the Irument
VI hePohcy OF usury laws They intended as pro-
test against The adoption of Mr. Dunaps ;,Vir
gina which have already with the counfena1cs e
not the decided appreciation of a very respectable ions
na'' and they are published with tie hope that pnbJic
attention IN Virginia, may be turned TO the work f 10
formation, by the clear and CONVINCING arounonf NJ
bentian. AZ parting, would advise Mr. Duplan IN
unre 10 hpk for HIMSELF TO exercise the power n his
own mind, and not to bow with subnission 70 H. ,t
Ii'y OF Others 10 remember that the sacred scrin-
lures we're given 10 man, teach him 1r;s,Jo, not
'n''o'c|Se, and that lie may thence derive ,,oyoi ro
repS but not PotihcnI truths To read witt sttenfi
me authors, whom he affects to ridcule and contcrnn
and to learn from the bOok of falIaciesr of the much
abused Bentham that the world is older no,v d. -
V as IN the days of our fDrefathers and that yc
our presumption attempt TO make inprey cments H.,
pursuing this course, he may, perhaps abandon ~:
foner errors aUi the cause of philosophy and Of ,rrt
and hasten tie arrival of the meridian light of bst
"dJ Vi Bo'y h'l IS now Just dawuIDg upon the world
Weslmmrciand, Va, July Sd, 1896.
''''' " ~e"EJT"" me tnrersynf Virginia dpSed on
The 9Th instant ~ Wv
'Nlr' JEtFERsov expired on the 4th about ri, ,S.
.n'eS oeio'e one otpcf IN the qtcrnoon after coDGnc
nen 70 hIs bed OF lttlc more than week hob tic dc
81 winch he died (darrbDaJ had been of long con;.
nuance lie suffered little bodily pain, and a9narent-
y, n'0e AZ all ID llnd-spoke of bis approaching end
WITH the most perfect compoaure and indicated % onu
nchude fFcept ntaf his life should be J,yoIonrcd 70 o
,0Wh' we all rejoice here that bis wishes tvero fn
hed lie was buried yesterday, without anv pomn