Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1849-04-03

ocen FURNISHED US tor publication BY one of The
members .! The committee On revision. I, was
received by HIM loaI one OF his constituents. i
cGhtains many very sensible views Of lhr sab.
Icct al which i! treats piesea,cd in very a.
tracIive Style. We commend il 10 The notice n
our iaadels:
Pr the Enquirer.
| Encouraged BIZ lca,nIa. hat nv former gram,
have been heard with compassion, and maj youf
towels have been moYct 10 take If par, Of The
burden impose! By he usuIy laws, | would re-.
| specfnlly press upon your atienlinn the impuI.-
! ance oil tclal abatement, o. This intolsrabc nu-
! saGcc.
| l. IS 81 'ha' you propose so 10 modify The ex-
iSing 'aw as 10 make The ptncipai aud sir per
cent. interest recoverable in eases !, usuri'us
tnai.ac. For this relief much thanks" But
| why Stop here I Why nU leave ever one lin
competent rcls Ms only excep., such as IDIOTS
| iuna,IcS, &c. 10 manage their own Affairs IN
Their own wal Unquc>iunabiy they Will do il
| much better han II can BE- done by The Leeisia-
tnFe. The .is,ory oil nations from The earliest
dates OF which We have any AUTHENTIC accounts
shows Tia! all aucmps o. tie kind have moi
| merely failed oi lheiI obleci, but have proved
| mos onpesslVc-nay, more-demOraiizing-
Every eli = on the part Of Legislatures has been
| !ouad 70 Woiice con .usun, fraud and suffering,
| While The evl u was intended 10 guard agans,
aas increased len told THIS truth is now every
where admit e.; yet, strange 10 say, the usury
laws AM the assze OF bread are suffered sill 10
| disgrace orr statute book. with regard 10 the
assl2c OF bread, IL may be proper here 10 remark,
IA! bakers rejoice when the price Of -four rises.
Gan TINS BE- wholesome condition Ui things n
| There are Two arguments, il such hey may lie
called, urged IN favor OF The usury laws:
F'rst--that men may BE- restrained from TAX
ing advantage OF The necessities II their fellows
10 opr.ess them. My former eroans have shown
that whilst The world stands, a, Least according TO
Us present orsanizatinD, there must be lenders
and borrowers Of money, as there viii be lend
eTs ana borrowers OF all sorts OF propery-that
each will strive 10 make the best bargain he
can-ihai neither will give more or take less
'han, under all The circumstances, he may
reckon advantageous 10 himself; that this, and
this only, can be considered the true test Of the
value OF the commodity; and that all difficulties
thrown IN Inc way Of such intercourse BY lcgis-
laiyc enactments are very impertinent and
highly mischievous. This, like every other
rule is obnoxious TO some exceptions; but they
are few and obvious, too much so to need point
ing out.
When money is borrowed, it is because the
borrower requires the use of it, and for this he
expects 10 pay the value; an importan; element
of which, is the risk which the lender incurs oi
not receiving the principal after it has once
passed out OF his hands The parties have &c.
neraly the means Of reducing this hazard un.
til il becomes scarcely appreciablc; so far, at
least, as the risk is incident TO the transaction
itself. But the hazard created by our Statute
is Of nature not TO be provided against; and
whenever, IN the course Of its constant vibra.
tons, more than the rate arbitrarily fixed by
the law chances to be the market value Of
money, that instant the effect is every where
felt Holders are unwilling to incur the risk
created by the Law, without an engagement TO
have n increased -air, propo-t.arcd 10 the
danger which would not exist, had not the law
interfered
Thus we see our legislature, which should
be watchful guardians of The public morals, the
Palres Conscripti whose duty it is, by their
concentrated wisdom, TO protect Us from the
very approach of injury; thus, say, we fud
this notable conclave laying snares for us, cree,
ing where the way would be otherwise plain
and easy, and holding out premiums for lie
encouragement Of dishonesty. Let Us glance
Al the law, IS proposed by the Reyisors. The
evil IS iesscned, greatly lessencd, but & il re.
movcJf When money is worth seven per cent
| must either do without it; whereby may
sustain great less, or | must agree 10 allow
the market price Will no one be found 10
plead The Statute of Usury, for the purpose Of
saving the one per cent, NJ. Perhaps not for
that purpose, avowedly. lie may be ashamed
10 say 50 much. But will he not have good
store OF other rcasons' What then will be the
necessary consequence; Money lenders will
dnd that they are not yet freed from danger, and
The rate will rise in proportion.
The second argument, So called, is, that al.
mos! all christian nations have deemed il fit 10
enact some restrictions on This subject, which
could not so long have maintanrd their places
in the several codes, mad they been productive
OF 10 good. This can hardly be considered
sound reasoning, when we reflect that the cxpc-
rimcnt Of aboIshing such Institutions has no
where been fairly tried except in holland; aud
there il has been ATTENDED. by Inc most com
pc,c succ 5. 10 hi, may be added that the
Sumptuary Laws were in full operation in
England, from the days of William, the
Norman, till stat. !, JAG. !; period Of about
lye-ani-a half centuries, It required al! thai
time 10 convince the world Of the folly Of al
tempting what could not be done; aud if il
coul! be accomplished, would be productive Of
no good
Olhcrs again meation that penalties are re-
CURED 10 be- enacted, agains! what they are
pleased 10 call usury, BY authority Of Holy
Writ
"Ifthou lend money 10 any Of my people,
that is poor by thee, thou halt not be 10 hin
as an u-urcr."-T Exod Chap p, verse %
The word here translated, Msu,y, IS Lc,hcc
from nashac. 10 bite; and means an cAtorlapate
r n r'pr
meant; tina, is. reasonable amount for The use
oil money lent j, would have been expressed in
The original test by tie word terebth, which
implies simply price paid for the use Of mo-
Ley-hire.
loas confined TO Inc Lombards and he Jews;
tic former confirm, themselves 10 imports
and exports, and in eases where Tic, sold
Nv ie all Jill il my q fixed shrrs IN some sea-
lot town or large city tn lcw5 Likewise
we're shopS,sreIs, bnI lhay we've ais psc,a!s and
muney.ienicts, Il which Ecic Of dealing hey
were lei ty observing ina. money rich merchaa-
Giza. were easily concealed Or transferred irCin
one place ID anuh.; wherever cc.CedmeEi a
transfer werr Een,.cfed Cesi:abIe hy lie arproach
81 danger Sc miag poverty and sudden 1ish,
being cilcn ;hrif cnly protection aeaiasl he ui,-
siafins and icluu,olS t.c,r r, IL heir Christian
cpaie,so;s, whose pians zeal allowed ihem -
omi, no opportunity CT wrestling ron lhc unnap-
D. IsEaele his hard-eaiEel ga!Es. il /. not,
lacn, Ta,icI u b. wo.1ecr !, ia. IL Jew
sacCld demand large p..il. fer tie Gse q his
money. AID as mon.y-iendins vas pfac,!s-d ty
hem only, il came 70 lie associated IL nc pubic
misd with the lea Il that oppressed and dcsp pissed
people, and the wcrd us'uer became a term Il
opp!oblium. l. was ,ha> IEat in ihsreien al
James |, when The Bible was translated lio En-
sIish Inc word siec was rendered ty nsaru;
since that word meant e1toytisn.
III thou iena money 10 any 81 M peoplc." =
To lend money, then. is not forbidden; bot should
i, be lent 90 any OF my people" CHE chil:ren Of
Israel are every where called The people Of God,)
and should he borrower be also poor By thee"
"a poor neighbor,7j then thou shall rot lay upon
him usury, e. extertI n.
Leading money even al an cxiofionae late
was no, hell 10 be il Itself wrong, as appears