Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1854-08-16
TsufI Law. In Hnrisnd.

Although they have bad in England for near 20 ,ea .l
most entirely freedom from Usay Law restraint, eIcep, on
Bonds and mortgages their experience seems to have led
them to conclude wipe or every vesga Of
In regard to tho price Tor the use Of money.
In discussion before parlameut for the repe.,
ofths Usury laws and upon second reading oil said BILL
the Marquis Of Lansdown said,
at might be In the recollection OF their ord.b,ns
great nconvsnenee had been experienced nom he Of
iects OF the lava Of usury nconvenences whch had
sencd themselves In so many shapes that notwihstsnd
ing the prejudice which existed upon this subject
standing the bad reputation ofhs words "usury and
rer," became matter OF absolute necessity to rel.x
those laws 10 some degree from time to time. At time
place, Il had been found that ono of tho creates,
relefs which then experienced was oxperopced
In consequence Of some clauses having been insert.
cd In tho last Renewal Of the Bank Charter B by Which
the Bank enabled to dispense with these lava and to
accommodate persons with mouey at higher than the
existing rate Of interest In consequence oil this he had
proposed 70 their ord'hps bill with respect to bills OF
exchange by which the amount Of interest allowed to DO
taken was indefinitely extended; but he had bern Induced
to mako that In the first instance temporary law and Il
was only TO renau In oree Tor two or three years. At
the end OF that period Inconvenience or difficulty
had been experienced IRON tho measure he had again
proposed thatit should bo made permanent law, but,
although It vas admitted that no Inconvenience had
suited from IT, sppreheusons still existed with regard to
IT, IS some persons never could be brought to consider
that money was as much commodity corn or any 9TH
er produce and that IL was just as impossible regulate
II by law as was to regulate tho supply OF coru or any
other produce The greatest Inconvenience had been
experienced during the last fve or ak wear,
from the operation OF the present Law. Persons
had not been deferred from raising money At a
higher rate Of interest than could lrwfuly be
taken, but because they were deb,rred from law
fully raising money real estate higher rate Of In
erest than hve per cent they had been Obliged pay
s, D and even III per cent (Hear) II that had been
true with respect to England 1t still moro uo Ia no.
spect to Ireland where great number Of during
the last few had been compelled money on
the security OF their In TO erado the law
parties had been driven to every kind subteruge ANY
amount Of interest could be raised of annuity or
the promise Of annuity, and in this mode the law had
boon extensively evaded 10 the sister country The time
had now arrived for doing with this Law, which had
been condemned oy many eminent persons Calvin.
whose authority might be considered greater heolo
gisn than political economist, had been OF the
fret who doubted the policy OF the usury laws among
later authorities they had been condemned by Adam
Smith and Jeromy Bentham. He trusted that their lord
ships would give second reading this BILL aud that il
would pass through parliament during the present session.
Hear, hear
Lord Campbell wished to express his high satisfaction
that he had lived to the day when the usuy we're
to be entirely swept away. During his long experience
in the courts OF Justice he had the mlschevous
results from the operation of these laws which not
only contrary to principle but in practice had produced
the most vicious effects. In many the usury laws
had caused the ruin Of those whom they intended to
protect few years ago the laws relating to usury were
swept away, except in cases Of real security. The
cep;ion bad caused great deal of litigation, aud had
been extremely disastrous many propretors OF land
especially IN Ireland where had sent many propretor
before the Encumbessd Estates Court He believed the
bill met with the unanimous support of their lordships
aud in very few days he hoped see the law of the
land. Hear, hear.
Lord Brougham to express his entire concurrence
in the remarks OF his noble and learned friend and his joy
that the uury laws about to be abolished Upon
moral grounds nothing could be than the effects Of
the usury laws
The Lord Chancellor said that there could be no doubt
that the present laws capable OF being evaded IL
person were guilty Of something approaching to fraud
He had been engaged during the last week in bearing
case in the Cour, of Chancery which rcby showed The
impolicy OF the aws aud the which were oand OF
eva!ng their operation through the iustrumentalty Of
building societies
Lord Reiesdse wished this measure had been brought
in at an early period of the session. when could have
been more adequately discussed.
The bill was then read 4 second time.