Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1848-12-13
.(cononupnp FROM FIRST rAek.l


the canons of the Christian Church, and the acts
and rescrpts of political power, it may be safely
affirmed that the practice of usury has never ceas
ed. This long experience of the utter inability of
laws, sacred and profane, to prevent loans ON usu-
ry ought TO satisfy every statesman tha, the policy
Is radically wrong, and contrary great prin
ciple Of public necessity, and ought therefore 10 be
abandoned.
Tho true definition of interest is the price paid
ior tue use OF money, which price is wholly de-
pendent upon demand and supply. II is manifes,ly
Impossible Tor laws 10 regulate such price depend
ing as 1t docs upon the various operations and wants
of men, Our ancestors attempted in vain to regulate
the price Of labor and commodities the remnants of
which policy still remain To us in the offences fore
stailing, regratng and engnssing, and combinations
among workmen to raise wages. These laws are
practically obsolete but are not more distinguished
for folly than the policy which still maintains the
usury laws.
The great argument in favor Of these laws is
that they will protect the borrower against the "a
paciy of the money lender But is that the fact
DO we not know it to he otherwise? The hazard
OF losing any commodity, not money, however,
more than any thing else, always enters into the
price demanded for lis use. If you leave men TO
regulate this element, the borrower TO reduce the
hazard by increasing Uncertainty of his security the
rate Will necessarily be much diminished. But when
the law steps in, and disregarding the security
which the borrower may have given, coners on
hazard becomes obviously imminent, that no lend
or will incur it without the only indemnity at his
command, a premium sufficiently large to cover the
losses occasionally to be expected from the dshon-
est borrower.
1t is in vain for the law 20 attempt 10 regulate
the dealings OF men in money. II may cor
rupt them. II may continue TO sacrifice thous-
ands as 1t has heretofore done. but the practice of
usury will continue SO long as it is nterdicted by
law No man will pay six per cent for money when
he can obtain 1T for five per cent will he lend
money for SIN when it is worth seven in the mar
ket; and the inevitable consequnce of legal re-
straints upon money dealing is 10 diminish the sup
ply, and OF course to enhance the price. BY re-
pealing the usury laws, and allowing every man TO
be his own chapman, competition would prevent
me making OF extraordinary profits, just as certain
Iy as ii now does in every other department of capital
and industry. The Bank of England is, believe
now taking three per cent on loans of money
while about two years ago it discounted at the rate
oil eight per cent, with immense advantages no
doubt to the business interests oflhat kingdom Had
the bank been prohibited from discounting at that
rate, and had therefore wholly declined afforjine
such facilities, many commercial house would
nave been declared bankrupt at once, or have
fallen into the hands of usnrers ultimately for q
similar destiny, which is in high credit and
prosperous condition. Thoroughly satisfied that the
usury laws are immoral in their tendencies PERM
oions In their effects, and destructive 10 those thev
undertake to beirend, urgently recommend their
unconditional repeal
The debt due from Henry and Emory College
IS sui without prospect of payment !; but re-
specially recommend for adoption the plan for the
liquidation of the interest annually falling due
thereon, which will be found i'm the annual report
on lhe superintendent of the Literary fund -
should this plan DC adopted by the General Assem-
oiy' this institution will materially aid in supply
ing our state with well educated teachers | re-
spectfuy refer you TO the above report for infrma-
of rod,
tenn. ~
think 1t very important TO the interests Of edu-
cation, mat UNIFORM set of school books should be
carefully selected and adopted for general use in the
otd.e. Inc practice now is, to change school books
with every change of teachers TO the injury of the
scholar, and at no slight expense to parents Some
oi the schooi books In also found 10 contain
eNceptonabe sentiments These objections would
all be obyIatcd If the plan suggested were adopted
respectfully recommend 1t to your consideration
The University of Virginia around which SO
many oil our hopes have clustered, is moving stead
ny EDWARDS In her career ofpubc usefulness cheer
cd by her increasing prosperity in the performance
OF her varions and important duties
herewith communicate the report of the visitors
OF Inc deaf, dumb and the blind, with its accompa-
nying documents. IL will be observed that increas-
ca accommodations are desired, and that the sum
OF Si4,oOo Is reqIsie to supply them. / am not
su1ilceniiy Informed as to the propriety of making
this appropriation, TO advise upon it, But so re-.
Gently as October lS4I, the principal of the deaf
mute department. in his annual communica ton TO
the visitors, in speaking of the accommodations
provided for the deaf, dumb and the blind, eloquent
~ says that sit is subject of graduation to all
friends OF humanity, in common with yourselves
that so many children of misfortune have fur
n!shed forth 10 them here. home UNSURPASSED
might say uneGuaed, in this country for the spa
clous and comfortable accommodations afforded the
substantial elegance of lis appearance and for the
beauty and salubrty Of its site"
herewith communicate the reports of the superin-
tcDdents OF our lunatic asy lums
hereWhh also communicate the report of the board
OF visitors Of the Virginia military institute THE in
sttuon is realizing the fullest expectations of its most
ardent and enthusiastic friends and is entitled to the
favor OF the state and her authorities.
herewith communicate the report Of Alexandra Vat
temare state agent for international exchanges and
also particular instructions to the of collect
ing and preparing objects of natural history &c res
pectuly recommend this agency the continued
OF the general assembly The system Of international
exchanges, TO which Mr.. NattcInarc has devoted his
time and fortune for the last twenty years of his life
IS one BY which large amount Of good be effected
MT an uncomfortable expense, and itself
'hc pest teeings OF our nature. recommend that the
appropriation be incrcsd the sum originally expect
cd, and that II be made permanent.
also communicate herewith the various rcporfs Of
Inc several banks OF state with the exception
OF the Merchants and Mechanics Bank of w hceInr
\ he cxccptonabc practice banks upon which in
stlll continues 1t 10 me thai the bank
oi this city should permit specie be daily uuotcr d at
premium, establishing the depreciation Of the currency
IN ordinary and rejecting strongly in my Judgment
upon the proper character Of institutions This
practice BIAS been the subject Of frequent conversation
and remark here well severe aninady in
to public reputation. Still il continues, without
prospect Of change from the voluntary action Of the
banks as now administered; and therefore recommend
that law be passed giving the state the appointment
OF majority OF the directors, who representing