Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1843-01-12

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Asctbatio1. 6alfea Sh;fS 81
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s US s ,tS Prs says .;| .ih 81 he mos
hon 10 credits M oss -,
tpIlher han u say OF II 4 Fssnlns;on Il,
aS well % pesnlt all persons Who are 81 roa,br,
see p4d n0f mind, 10 make ,heir own con
|tls ss <nH Alsaye ihatresefutpn 10 stand d
~ HPon {sasening heretofore adduced, la Re
sttql ever 10 his general reasoning that per
e9t' 9iFmstuTe age and sound mind should 81
Iet-niiled 10 make saheir own contracts Il is al
nllsslole only n those cases where The contract
produce no pttlie eril. where this is The case
!. Nls moi admissible. Two persons OF smatufl
sBs % E9nnd mind may agree 10 live toseihe|
q rtefsstcFse, but society prohibits ctthI
-. l.nelleh Inexperienced n iiuF
age andsonnd nina may agree 10 fsht, In: iii
y not permitted on the same principle And fo
the same reason if the shaving Of bonds, tanI
paper. and credits, works public evil, Il may b
prohibited also.
10 regard Ia The third resolution, sffirmins
that six per cen. per snnnm is Sufficient inie-
rest for the use Of money, do not understand
ttaFd Times 10 eonirovert that proposition
lie merely saysihat the opinion is gaining ground
with The .lntelligenl' ofthe present day, that men
should pc lea ie make their own contracts 10 this
matter as in others, prononnces il "a deep and
dificult subject. and thinks il best 10 saw but
4ilile about A. And ii certainly was delicate
subject for him to handle for il direct usury may
be properly prohibited, as il has been, by fixing
me tate OF interest a. six per cent the priLcp.e
To-: which contend is Admitted for shaving and
brokerage are only by-roads 10 get around The
law against usury. The view lake of The sub
lecF OF interest IS this The amount Of money
used ID community is deSigued 10 exchange lis
pfppeTiy and products, and whatever The amount
may be, society is paying and onghtito pay some.
pTemium for the office il performs; and Thai
Whenever any gwen amount Of money al iale-
resi- will yield as much as the same amount used
70 me average OCCUPATIONS Of society, thai then
money IS al sufficient premium and Should resi-
conlent as any other labefer who is worthy Of his
hFel' IL IS known TO most of US that not one
man IN tltys 10 any legitimate business, can az
f0Td 10 pay SIX per cent. for money, and there.
fore infer that SIX per cent is nough;--indeed
believe II to be too high, and think il ought io
be reduced. Twill pursue a lille further The n
luslTaion OF the agency Of money Thar We may
form an opinion OF what il is worth, and thai
may not be taxed again with announcing :lru-
lsms' as discoveries, will quote from the writer
on political economy before named Tay. He
says, page I33-'Money is bnt he agent Gor The
transfer Of value And again, al p. l6I. I'VE !
must never lose sight OF the M kim. that products
are always bought ultimately with products AS
money then is simply an agent 10 transfer pro-
ducts for other products, itioliows that the pro-
Queer should employ ii al the lowest possible
rate Tor whatever is absorbed by the agent
comes of from the products Isflieive also an
example from:the same writer: Asells a bushel
Of wheat for dollar, with the dollar he buys I
t7r ns Y IN e sa actual EXCHANGE hare =
was merely ,heA agent Tor The Transient Now, |
is il not necessary % fix the premium for this |
agency Of the dollar, ID order To- ptoieci theIex-
changes OF the products If the agency is paid
al the rate of sir per cent. per annum for effect
ing this exchange, and that places the holder Of
the money upon a fair footing with him who |
grows lie wheat, lie can ask no more. But adj |
mt for a moment that interest is unlimited, and
FIFTY per cent per annum is charged for the dbl |
lar TO effect the exchange of the wheat and The |
coffee, then instead Of getting lbs of coffee for
his wheat. the farmer would only gel "a lbs
This would give such an advantage 10 The agent
for transfer that doubt moi whether the pro-
ducers would Dol be better off al the old fashion
ed barter, ] regard money in HE relation il
stands 10 producsas aniageni fol their transfer.'
as out and out analogous to the public roeds in
the relation they hold 10 products for their trans
portation; both are equally necessary as Public
conlrivances for the exchange Iof products
Now, If the owner Of land might charge every
man who travelled over his land, or transported
his products over i, just what seemed good 10
him, travelling and transportation wouId be
greatly 4rameled, If they did notIcome to halt;
and precisely so too, if The owner Of money may
charge what he chooses Tor the agency Of traIs-
fer The exchanges Of products Will be checked
and brought 10 The siand-stiII we now suffer .
But, the Bedouin af the desert levies what heEI
pleases on the traveller .veI his wastes, and The
broker and shaver claim tie same privilege for
the use Of lheif money. ~ 81
The 4th resolution sfirms The fact that money
lis now used id extorIionate usnry, &C., and IN
relation TO j: lizard Times says il contains
sweeping asssflions' Does he mean 10 deny
that money is moi so used and extensively enough
10 produce much suffering he does, take
Issue aud will leave the matter 70 our readers 70
decide.
The 5lh resolution suggests thar 10 detect the
usury, The debor, when he is sued, may catl upon
the person who sohl his note to The shaver, TO
prove that he sold il at a greater discount than
Jill rer cent, and in lhatease advises forlelure
Or The whole debt TO the literary fund. This re-
solution is pronounced The great panacea,' and
such il would certainty prove, for il would reach
The disease 10 a certainly; and IL Hard Times
thinks The renle dy desperate one can only say
lkat desperate diseases require such remedies 4
al, not however mean 10 admit, that the remedy
you'll violate ang principle Of common sense,
Ok linnoyate upon any rule Of evidence 10 The
danger Of life OF property as he seems 10 think
The sound rule Of evidence, Is. thai in money
matters no enc who is interested in The event Of
he suit betweensihe parties shall De witness,
and ffom that rule would mol depart Now.
ii Will DO, be easy for Hard Times 10 shew that
he person shaved has any interest ia lie suii
between The shaver and ihe debtor The pfin-
ciple Dc .partceps crimiais, has nolhingyto do
With ,he case, and an this holy horror about in
nova.ion on rdIe sacred 70 lhesafeiy 81 'lpe1
dnd property ispui Of place. He seems n.ush
concerned Tor The owners Of bank stocks and
Sraie s:ncks which are per cent below par,
and asks III thet are 10 be deprived Of The power
Of disposing Of this property 10 time cf needT-
re- nav ifsnniss his appEehensions OF that scgre-
for II such Isw should passihere will be no ne |
ressitx far any sacrifice ID these stocks II nio-
,,.y IN no longer be used id brokerage and
Shaving. il viii lie for loan 81 six per cent. or ~
vrs,ec IL olhef ptopery, ard she holders Pi COED
s,ocls will he able either 10 sell them al par cl
= isel 4 ioan Oh l4ems
lg1f ne n fasoluiioD, ] will only say il was