Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1854-11-27
The Chamber of Commerce
REPORT On TIE USURY LAWS

givcr of any such act with right to govern the
price OF money, i, in the opinion OF your Com
mttac entirely wrong
II has been rightly argued by our best writers
upon political economy, that the nun who reaps
the benefit of success or suffers the evils OF
failure, is certainly moro capable OF governing
his own acts in regard to what concerns his own
pecuuiary interests. that any legislator can
govern for him. Certain indications may. It L.
true. deceive any man sometimes IN deciding
what NAV most cenduce 10 his interests. \ mem
her of the Legislature runs the same risk Of be
ing led astray by these indications, lac also en-
counters many other influences 10 which the man
ia managing h. own concerns i not exposed
Hence the iueKpediencY If not gratuitons oppres-
sion Of any Legislative body assuming sort Of
fatherlv care thai ha- never been asked 81 them
by their constituency.
An the tendencies Of the present day require
freedom in currency movements. onr htie
70 our money !, a. perfect and absolute As Is our
title To- any other item OF our property, In regard
then. 10 the rate Of interest on loans OF capital
we need only Ia ask government to determine
some proper or suitable maximum rate to govern
in the absence Of any contract also maximum
rate to accrue upon u deferred Judgment IN law,
after it. rendition. aud then leave individuals
aud Banks and other corporations entirely tree
to make any bargains they please, upon very
description If loan OF credit that can hc eoneeiY-
cd Of subordinate only h. the snme fnies aud
principles that govern in all other human cove
nant- and obligations.
More than twe-thir1s of the States Of our In
ion have made honorable progress toward, the
full contamination at which your Committee are
aiming. Some twenty-five of our >tntes hhte
now / .ury laws 80 lentnt n merely 10 forfeit
the interest upon usurions transactions, and tins
relaxation has III all casrs been found satIstacto-
~.
It certainly would rebound to the honor Of
this great STAT. 10 take forthwith one step IA
head Of al her compeers, and stand on the proud
cmin,nce of eafire freedom in so important AN
element in our -oeial compact as Is Tho MEDIUM
Of E1chnee.
1t remain. now for Your Committee = allude
to some other OF the minor argument oi our oP-
puucnts. 1t occurs. first, to notice ther ipng-
continued aud pertinacJou- allegations tut I'm
der, and usurers are the only party asking te-
laxuion ia our snry Laws Ihi.is samlnhriy
met and oyerihrawn hy our having pfoof tlIat al
most every one Of the very ngmerpu. sigaers 10
oar memorials for relief, are borrower. for the
Legitimate purposes Of useful business they
having also the right u borrow for any purpose
seeming to themselves proper, and IL lend when
they choose. It Is II be hoped that proper re.
gard for fairness willinducc our opposing friends
Ia drop entirely TINT feature in thur remarks
and meet rs honestly and caudl llF upon The com
mon sense aspects II The subject
Auoihcr point touched by the friends - re-
,trictoui- tint rigid .ury Laws help t. check
Wild speculation IN oar new States. Much =
said about Wisconsin. because that State Wa
named as "a sort of text pamphlet tor tn lie
-frir'ioui-ts. Which WIS rcpubli ,hed IN $50. Il
j.. said that some of tn, farmer, hecame 81 dj--
couragcd there a. Is 90 t. Call'ornin whereby
the hy-they never lad, aud probably never Will
have, anu restrictive I-uyy Law. $o proof
al
aggravated in ntw eauutlir- for want Il leg.-a-
tive tiukering Wild .prcul,tiun ,riH oeet-i,u-
all, fin it,. way into all new States whether they
do. or do not. have l.,urv Laws VI matter
,ybot L,r,t,, law. arr. cpartcJ We have always
hed md shall ALWAYS continue - have. ocea-
-ion,l in,li.crc,i,r. i, tr,,l. us yril In new as in
,1d St,tc. Il IT,. f,,-t f,uriftl aL-arfitv +,
.,,nn,so ~. ,a,, #nr.yeet mi. byuaa.# and ibrn
tpr,ip,, a LEGISLATIVE .ora,y. All experience, from
no .,l;., reo,r,J. # HISTORY show the f.,5'ii,
e s,cL l..,..s
ri. a.. - #I..,,,o,.;,, fr.,,,1s that tb
,,,,., =, IL. ;,,,..,.r ,L,, ,,. -, l,,l ,.rd
,,rt,s,,,' ~, f.4r,l d., , r,.I,,,ti,n or rrp,oI
r .,,r nv. e.,s mi ,bt induce lenders In call
in tL,;r ,,.,,,o, nd I'm. disturb ,n,ftgn.,e. IA
tho ,,r,ot 5ti,,,,.nt of thr agricultural districts
- ...,. -
a.. ...,..,ll ,l,a fr,,,.r.
49,, - :n'.','' l...',., f,'.5,. 81 a,,,.
'., ..,,9.5al ,., ,,l., ;,,,ol;a,,l,.
,ber.fro ,,''''',. ,. int e cnmnass Tbe banc.
81. of ~. 81 MIR, ,r. .twav. reeinr,eal
n.idor n.y.. war; ,ba ,tGcr rn, ,ri,e a5tbont
.,',,. t''1. Az. ,..,.,ras ,Lnt
,ln,, "a, t.,a,,..,,, - c,-r.,,e,. rim. Car,
-. ,'.al a. H.,
H. -. IT.. 49,, g u - 49,,
~, ,,,' o.;rt;..
,"'''H' -''''2 ~, -.
,''''''' a,,g ~ ~ e',i n , e,Isn'ssly ,,
s,. -, a., .tr.,a,'s ,l,at bayo boon
s''P ~ al, 81 '''''' a,s
'',u - ,. ...,,,,,.1