Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1846-03-06
For The enquirer.

Messrs. Editors Your paper is the vehicle OF
many valuable suggeslions-indeed may say,
that il has contributed more than any other press
in this State 10 the dissemination Of sound, De-
mocratic, common sense doctrines. But there
are some things of great interest 10 the people,.
proper subjects Of legislation, calculated TO bene-
fit the great majority OF the working men, which
mnd) they seem TO be entitled 10. One of these
subjects is the law on interest. How comes il 10
pass, that on every other article man may charge
what pei centum he pleases, while on his money
he can only charge six per centum2 Does il
arise from disposition TO keep down the rate Of
interest, or 10 keep il up2 Does it proceed from
benevoence towards the many or from covet-
business 10 the iew2 Will it be said, that the
competition in trade must and will regulate The
price !? Why then, ask, will not This law apply
equally TO money! II purchase ship may
rent il at ten, fifteen or thirty per cent II buy
a house and lot, The most permanent OF all pro-
perry more SO than even money-Demoerafic
money! may rent it for 80, so, or even 100 per
cent, and all is right because it comes within
the provision OF the stature, or rather il violates
no law. But il | have one hundred dollars
which | can spare and choose 10 rent ou,,
must be confined 10 per cent. confess nv i.-
noTance in not being able 10 see the Justice, or
even The policy OF such law. independent
Of the injustice OF The case il has deprived
the community, in many instances, OF the ca
ptal necessary TO carry on trade Those who
have money will hoard il up rather than lei
il out for SO liltle reward; and they are ever on
the look out TO buy something which will yield
them greater profit. In this way speculation is
increased or the amount of capital is diminished.
And on the other hand, shaving among those
who have no consciences or no scrup!es about
the spirit of the usnry law is made an instrument
OF death, 10 all who tall under its unrelentiug hand
crying, like The horse ecch give, give, until The
last drop is exhausted. Thus it happens thai The
conscientious and good citizen because OF his 10y
ally and obedience To the laws OF his connirv is
deprived othis right to use his money as he nigh;
and one 10 say the least who has no such scruples
may 10 the extent olhis own means, with all he can
borrow, Obtain by buying bonds, 20 30ur 90 per CT
am sure this cannot be- right. Would il not be
much wiser 10 pass law authorizing shaving 10
any amount the parties might choose, or 10 abo
lish The statute on interest, and let every man
make his own bargain7 This would put an end
10 exorbilant shaving. 1t would call out all The
capital OF the Stale, and so regulate the amount
OF interest as TO make il roerable in all cases
Under The present law, The 0verseer and laborer,
the two hundred and three hundred dollar men,
(and now they are much he larger Glass; are
confined 10 6 per cent, while The shaver has no
limit but The ability OF his subject and no per
cenlum lower than 33t. Abolish the law on in
terest except in cases Of guardians, executors
&c, and every man, whether he has one or ore
million OF dollars, make his own bargain; then
money will be plenty and interest low; and best
of all, we shall get clear OF sci Of men who
were once contemplate bat who, like NEGRO
traders" have risen in esteem, as their offences
are multiplied and their covetousness increased
There may be some mitigation in the offence OF
the NEGRO trader" for We need just snch traders;
but surely there can be no justification for The
act of shaving, unless it be found in the mecy
and benerOlence OF furnishing money al 33i per
cent NO MONEY LENDER.