Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1849-07-24
Virginia Legislature.
EDfroRLsL CORRESPONDENTS

MTH0MFS3N, SMIT6, STANAkD, SThlN.
ID Cir WITCHER, RivES. TYLER, SHAC-
III sLEFORD and KINNEY, the suhjec, finally
81 lsqmed the following shape: That 10 the hands
s.ased in saving goods, &C., from wrecks, the
IN snpensalion shall be "a per day, and The com.
,Sius er Of wrecks shall receive from 81 10 Sio
] n day, according 10 services rendered, by Inc
III glowing vo,e-ayes Is. noes IL:
AYEs-Messrs Rives. Woods, Tribe. Thomp.
sn, Tyler, KiDncy Shackleiord, Opie, Ta'e,
pauis, Witcner, StanaId, Smith, DeCeale and
,ntler-l5.
Soes-Messrs Scott, (spcaker,) Barbec. Car
IL, l,bel!, Pits. French Sian, Suinser, Kane,
Cpnp add HaIwcod-lI.
o. motion of Mr. STRlNGER, section 9, chap.
as7, in regard 20 the meeting Of stockholders Of
IN. stock companies, was amended SO as 10 au
ins1, meetings 10 be ca'lcd by The directors and
b he Board Of Public Works, &c.
AfPlTFS moved 10 reconsider The vote taken
pue days ago. upon section IL, chapter 81, in
read 10 The votes 10 joint stock co0pa nes, with
,SisS oil striking OUT portion thereof. Lost
,,e, t3 noes IL
Sir THOMPSON moved TO amend CHAPTER
Is o. Board OF Public Works." by adding al
ne rad lh- reof certain secliuns 10 allow counties,
under cenain regulations 10 take stock in works
d Internal Improvement.
the proposition was opposed by Messrs TY
LER SLOAN, DARBEE, STRINGER and
TRIBE, and advocated by Messrs TH0MP-
son, CARLlLE, SHACKLEFORD and
Kane and was adcr,ed-ayes II, noes ll-as
a!rws:
AVS Wessrs Woods, Thompson, Kinney,
Garlic lsbell, Shackelord, TaIe, Frencn, Den.
us WiIcher, Sranard, Deneale, Kane, Crump,
hsrwood, Amber and Parr,ol,-l7.
Ncra-Messrs Scot, (Speaker) Rives, TRIBE,
Tyer, Baibee, CaIrinsion, Paas, opie, Smith,
sS Or a aud s OF Mr. chRLILE, the Senate sd
jou,ned.
HOUSE OF DELEGATES
The House resumed the consideration of the
:il section Of chapter l4I, on "lnterest,"
SLich 10 in the following words:
az contract or assurance be for the pay
rsnt, directly or indirectly, for the loan or for.
bssrance of any money or other thing, of inle
resi- at a greater rate than is allowed by the
preceding section, (s1 per cent? or some other
ssapter Of this act, It shall be deemed fof an
4.ss consideration as to the excess beyond the
,Nipl and the interest so allowed unless
d am uht OF rate Of interest be truly stated in
raiag ta the contract or assuyanee and be not
ars than the rae # eight liars upon one hun.
Did dollars for year; in sohieA ease III. interest
50 stated shall be legal"
| Mr. CONWAY moved TO strike out the
above words 10 Italics, and said Il he did not
issl 100 unwell to make speech, be should
vel uot feel at liberty to occupy the time of the
House. i, was true the subject was very i'm.
por,ant and interesting, but the session had al.
ready been protracted so much longer than he
bad anticipated, that he would not consent TO
occupy The House long on any subject. He
proposed simply to explain TO the House the
change 10 The "Usury laws" ss recommended
By The Revisors, and tho effect OF the motion
which he had submitted to strike out the latter
clause Of the fifth section. 1t would be seen
Mn The Revisors authorized parties to contract
10 Etiing for larger rate Of interest tnan six
per sent, aud tie committee bad limited it 70
eight per cent. Many objections had been
Urged 10 this provision. II was idle to enquire
into The soundness CT them. The House had
certainly Indicated their opposition to it. Per-
ssps, said Mr. c there may be second oojec-
TOO 10 it, in the fact, that it might ale. the
iae of interest, aud induce persons 10 call a.: -,
existing ."o e.s, 10 Ne invested again at the in.
creased rate, and thus produce pressure There
are other reasons against il which can pei.
eeive. but il is unnecss,sry he was willing TO
lei il 60, and 90 moved. 1t was for the resi-
due OF The section that he felt particular inle
rest. Assuming, then, that bis motion would
prevail, said Mr.. c., how will the Law staudf
kw II leave tho existing rate Of interest I'm
changed. All beyond six per cent. is regarded
IS III illegal consideration, and whether con.
lracled for, directly or indirectly, canno, be re.
covered by law. 1t requires party TO comply
With such part Of the cuntracl as the law con
siiers fair aud right, and permits him TO avoid
Thai part which the law says is unfair and i'm.
proper. Is not this just and rightl II il De
lair TO receive six per cent. for the Use oil mo.
my, and The tau says so, mot permitting par
ties to make their own contracts,) surely it is
right and proper to enforce the contract TO
that extent always. Ii all this be consistent
with fairness then the section, as recommended,
accomplishes this and nothing more. But il is
said this il great change OF the existing law.
Il is true, said Mr.. G., and, in my judgment,
most valuable one By that law, usury TO The
extent of one.half per cent, was punished by
The forfeiture Of tue entire deb, aud Interest,"
Sir, said Nr. G., i, not such law unwise and
imPoli c, not 10 say iniquitousf How did il
operate As a bribs 10 dishonesty, as an invi.
to,ion &c msn unasr the pressure Of embarrass,
meot, 10 avoid Contracts into which they had
splemnly entered under very dfsreat circum
stances. Sir, said be ! will afford no tempta-
lion 10 any set of men He asked then, en-
phaticslly for Whole benefit such laws were 10
be passed. II is conee'led honorable men will
mol avail themselves Of them If not, then there
is but another class. and they are the dishonest
nen" Of the country. Are these latter entiiled
TO such favorable consideration and sympathy
o, lbs honorable body He hoped nol Prdc
licallY, said be, beyond AL question, they and
they n;opc AVAIL them selves OF The provisions Of
such Laws. 20 all Others they are as dead lei
Ter. Bl', ne euqured, are there any grounds o
public policy upon which such laws may rest fol
suppar Do they restrain asuror.2 Does no
the experience OF the world show To the cent AIRY
Those who now take usIry will do so despu
pour laws. The only didrrsoce IS this: uith IN
law ,key will demand compensation Tor The ad
d,IfJ4el hazard which The iato constitutes; wihou
it, they will be con eni With per cent. which vii
compensate for the ordinary RISKS OF the Trad :
VIVA, then, i.the ellec: Of The iaw7 IL oppresse
those whom you prop Sc 10 relieve-the debtor, o
borrowing class You iniure seriously The homes
borrower, who will not avoid his contract how
ever much be may suffer under lis exactions, an,
all for the beneh' OF that large class TO which
have referred as 'cshouss." and Loi entitled 10 tn
favorable consideration OF this body.
Mr C. said be was justified In these observa
tons by The history OF usury laws everywhere
England from whose law our own statute wa
copied, has pro6ted by her experience aud Dol
ished all usury laws except in relation 10 lande
securities. 10 all Other countries oil Europe The
have been modified or repealed. In the Unite
States, Virginia is one of four, retaining feature
ever resembling our own, and even in the tire
STATES referred 10, they were essentially dit!eren
from our own. Why, then, should We form sue
IN exception 10 the experience OF The world
There was another fact, we'll authenticated
which has been educed from The history oil usur
laws 10 every country in which they have existed
and vince ne would mention as further showin
their 'mpoicy. !, was this, that wherever sue
laws exist the rate OF neres, is higher Than wher
they did mol exis; and Mr. Speaker, II | felt az
thorz'd TO take time, think could show this |
the usual, the nvariabe and obvious ,ffec, @
such laws Usnters become also insurers aud III
rate Of interest is made Up Of The aggregate.
Mr. O. sad be would only add. he cared nc
wal you did With the Insurer. II the House re
earded hin, as q criminal and deserving punish
mem, lei il be inflicted in becoming manner
DE had NO time 10 enter upon tho mora n oa,,;nr