Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1843-03-30
From Tie Richmond Compiler.
Isl Ri LAWS

One Of the hest measures of Rclicf which our Ieps
laure could adopt. would be the repeal ol the law
yainst Usury-whch against common s,nsa and c,,p
mon cxpedieucy. il Is impossible 10 regulate b, law the
value OF nohey. The legal standard may be- - oil en- ,o
high too low; aud when too high, by lis moral Crcc
Borrowers will be made pay thu unduy hi,b premium
i, establishes When tn low, tie money Lenders ~,
those Of them who have no qnalms touching the law
risrgc higher premium than the law allows and 81,
frame the transaction thai there Is no chance plea of
usury to be put IN afterwards u the rr,per Tho
law. II ii be correct in principle is not ctnnIr,e. il
ought 10 punish the borrower OF manc, at unlaa ll IN
st,rs as we'll as the lender. The borrower indeed Il,
sorves much the scserer punishment of the two rh,
lender can only be regarded yoIanr # III, l,,,
but traitor 10 his salemu pledges implied II n,t =,
pressed. and swndlcr besides he having made h,r
gain, enueayors 10 get nd of his obligation s., thu, Inc
may ENJOY the money al another without rornnpnse and
without any valuable consideration therefor II tho
usurer is yloatur III the law. the borrower Of ,,n,
who pleads usury Is yiualo Of law and trair IN HE
fellow man. and should be punished ACCORDINGLY
FACT IN proof of the lnpossbllily ct rcpuaiino hy
law the value OF money, is, that IN different Ssto, DIFF
tercni rates OF Interest are csabsed in some sfx nct
cent. in some seven, Sc One would tIunk 1,l The IN
innate commercial relations of each wuull give la p,,cy
very near an equal value In all.
But lhc u41fy law Is wrong IN principle In cum.
mee'a countries money Is as much comnodfl, as 81.
var and molasscs, aud ought 10 bring whatever il Is
N"lti III lNHtCtl, Il does
Is worth with regard II every transaction m wb4rh II j.
given In exchange for other things VI NV nst ,Lc,
leave II To bring what II is WORTH when money ,Isf ,s
the article deal, ln' Ia England tho yaluc a. nlr,,cl
by interest paid for ia USE changes often VIBRATING in
the last two years from 10 aud cents and can II No
supposed that II remains stationary in this ennnfr, the
commercial intercourse with England benz "a yery ,c
tive and consianu We To say that there
was country free ir1m intestine wars. vhrrr ,bor
was such repeated and extreme alterations in The vol
oil money as IN this. for years past.
The Legislatures Of different States have had the
subject under serious consideration III MARYLAND tho
proposition was received with much favor 4 b,ll v,.
framed, and the probability is. that had the session hc,n
a little ionger. 1t would have passed The abolition o(
the Usnry law would increase the compctt,en m ia.
money business, and bring down the interest The hard
pressed trader would be forced in the dark mi, tho
net OF the usurerhe could reconnaitre the mark, aud
nseat OF siealthily and with trembling s,ning n,o
ana involving his dearest friend three per ct NINTH
IN the dark office Of the first Insurer at hand he woud
dispose OF his credit backed by his friends for lis n,n
sc value IN the market, and has avoid pcthan, th,,
rum Ut himself and irierd which 81 often ensues o,l
the present customs and laws on the subert In ,li.
way reefmay be afforded by repeal of the nsury law,
which. after all, only grind down the pom Tor The ben
eft Of the wealthy '''
we Know that we are ircading on ground that many
regard as holy; but let even these approach tho .ub,r
d'spassonaiey and examine il fairly and lh,y cannot
avoid the right conclusion.