Washington sentinel. [volume] (Washington [D.C.]) 1853-1855, 1854-12-19

II was a happy idea to compile and write it, and
for Congress to publish it,"
".Dr Barton, of New Orleans, long known
as an eminent vital statistician, says, Novem
Der IL, 1854:
"tThe Compendium does Infinite credit 10 its
author. Statisticians all over the world will be
DR.. Shattuck, Of Boston, author of many
statistical reports upon Massachusetts, and
also of many of the formula ofthe last Census,
says, November %, la54:"
"'The Compendium is by far the most impor-
tant and best arranged volume ever published in
the United States on the subject, and will intro
dnce new era in statistics"
UsURY-AN IMPORTANT MOVEMENT.
A few days ago, Mr.. Boyce, of South Caro-
lima, gentleman Of high ability and great
knowledge and sound views, introduced reso
luton into the House Of Representatives in
Structing the Judiciary Committee to enquire
into, and report upon.the expediency of, repeal
ing the Usury laws. The motion of Mr.. Boyce
was submitted to the committee, and we trust
that it will be promptly acted on.
Our readers are aware that we oppose the
usury laws, and that we wish to see them re-
pealed throughout the country. In that regard
Congress can act only in the District of Co.
lumbia, and in the Territories; but Congress
sional action will have its effect in all the
States The usury laws are opposed 90 the
spirit of the age. They are part and portion
of an exploded system. No man can justify
them, without abandoning everything which
fair discussion and liberal ideas have accom-
plished, toward. breaking the shackles which
ignorance and prejudice have fastened on the
action Of commercial intercourse.
The time.was when money was regarded as
a commodity, differing in all its essentials from
every other commodity. Therefore, men en-
acted regulations and made laws to control its
use, employment and transmission. In the
first instance, laws were enacted to fix the
value Of money; and then, as a part of the same
system of interference, protective duties were
levied for the purpose of controlling the invest
ments of the country, under the belief that the
watchful and directing care of Government
was necessary, and even indispensable, in deter
mining the employment of individuals. Ac-
cording to the Protective theory the govern
nent can tell better than the citizen how the
citizen ought to invest his means and employ
his labor; and, according to the same theory,
money is the only wealth, and Government
ought to superintend the use of the money and
the transmission of it from one portion Of the
world to another.
The usury laws constitute portion Of this
theory. They have the same origin and the
same operation. They emanated from the
same parentage, and their progeny have the
same complexion. The usury laws check in
dustry, strengthen monopolies, embarrass com.
mercial operations, and sap and reduce the
strength Of real, honest, and productive labor
No one honest interest is benefited by them
and no one reaps profit from them except
banks, monopolists, skinfints, and shayers
Every honest and useful interest suffers from
them. They compel scrupulous men to aban.
don the money market and they force the
needy man to pay as much for the risks they
impose and the limited supply they occasion
as money is worth.
There is nothing in the nature, character, on
functions Of money which. can justify the law,
regulating interest. Money is the standard O
value, and therefore IL has freer and more
unrestrained circulation between individual,
than any other commodity. Not so, however
/. in large transactions, or in the extended opera
tons Of international intercourse. We say tina
bushel Of wheat is worth dollar; but !
would be equally correct to say that dolIa
is worth bushel Of wheat. Why then should
we undertake to fix the value of the dollar an,
more than TO FIX the value Of the bushel o
wheatp If free trade is right, with regard I,
the one, why is il not right with regard to thu
other7 If man is permitted to purchas
wheat, why should he not be permitted to pur
chase money!
A few stupid people, whom we have talke,
with, think that government can tx and deter
mine the value of dollar. Such simple
minded folks are very much mistaken. Gov
eminent can fix and determine the numbe
Of grains and pennyweights of silver ne
cessary TO make dollar. But govern
ment cannot regulate the real, actual valu
Of the smallest fragment Of silver, any NOR
than it can regulate the value Of house, or .
an OK, or Of bale Of cotton. Government b.
ing totally unable TO regulate the real, actus
value Of money, il is passing strange that GOV
eminent should persist in attempts to regulat