Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1854-11-27
main idle in hand. not qualified to put their mon

main idle in hands not qualified To put their mon
cy into active use.
| In allowing Banks % follow the natural cur
rent Of the market. up or down, IN charging tor
| the use IF money, precisely n we allow lu7'r-
/ nuce Companies io follow the market rates az 10
premium 81 insurance, we but follow the exam
! pie OF thr tse great money market, Of tie world
! London and Amsterdam, The Ian XII England
md the Bank Of Amsterdam being entirely free
/ from all usury restrictions, the public here
! would be subjected to no Inconvenience IN the
| practical movements Of these liberal measures
! II would not be necessary to bargain at the coun-
ter for each note discounted, but the banks
would. Of course. watch all the indications Of
supply and demand, and be governed thereby IN
issuing their notices as TO the rates of discount.
1t would Immediately be seen. a it was seen in
London. that the price. during u money press
ure, would gradually rise by gentle degrees, ana
not by nervous Jumps, as we have II IN W All
street 1t would thus rise it always does IN
the European money markets. until the rate
checks the export Of the bullion, and then the
pressure would -ub-ide, and the bank rates
would OF necessity. and By wholesome competi-
tion. Immediately begin Ia decline
In the two great money markets of the world,
90 which reference has already been made, az be
ing free from restrictive usury laws, we witness
II vast deal more of that stability Of action 50 use
ful in commercial business. also great deal low
or rates Of interest than current at any other
place whatever.
There never vet has been an exception to the
fact, that interest has diieIys been lowered by
relaxation in interest laws.
We may not IN this country for many years to
come, the rates OF interest 80 low here rs ltls
in England aud Holland, and yet. in much "a
the same governmental action here and IN Europe
are precisely alike in their tendency, We may by
Il discreet change in our laws, secure the same
relative stability which they enjoy.
word NAV also be appropriately added at
this stage Of our remarks, as to the general char
acter Of our bauk directors in this country
They are in this city for instance. from among
uur most active. practical merchants, whose in
forests in all conceivable respects, harmonic
with all the pecuniary interest. Of the e5mmuui-
" at Iarge, that nothing can be moro unjust
than Ia npute II them any improper purpose of
iniuring the MONEY market by combined action.
We hear It sad occasionally, the banks are
doing this or that, to accomplish some improper
end, of their when ia truth. they do not
confer together - much a. they ought.
In drawing TIL, report to Close, your Com
m.ttce will briefly speak If one IT fWo more If
tie beneficial influence. that would result from
the freedom now sought.
The sluggish capital Of Holland nud England
and Other plaees, would derive greatly ncreu~-
,d tendency towards New York by the liberal
IL ug of our financial laws. Foreign capital now
slrlnk- back from our every day business chan
uD'-. Tie money holders of Holland, particu-
hriv. naturally suppose we mean something hy
tire formidable aspect of or 'misdemeanor" and
our forfeiture threats, They fear that, in work
ing here with their money through agents, they
m. -ht not be able to compete tairy with capital
i-l- on the sPot, who know, OF think they know.
how 10 discriminate het3ecn those who will
stand faithfully 10 their engagements to pay the