Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1854-11-24
ttftf tIRGINIAN.
FRIDAY MORNING.......Noy. a4.Is5l.



Commerce on usary Laws. We brsPeak for 1t
the particular attention Of every reader. 1t will
be foOni to answer most concla >ively the prn-
cpa' arguments in favor II government resiric-
lions the price Of money Indeed. there are
very few who have any argum. nj 10 sup4or, Thu
ruinous aud senseless policy. The people have
rested content with laws. which or yinated in the
the folly and ignorance of harboroa, time,
and which now preserved out Of n
blind reverence for ancient institutions
Ih's Is strange prejudice tor our pea-
pie To cherish, radical and inquisitise n they
are in regard - ethe- ise> aud institutions
We are proverbiaily restless under restraint.
whether IL ice wholesome useless and npprc,-
siye We love In think aud act for ourselves.
We preach individual anu -ocai Freedom a,
~ corner. and sometimes trample under foot
the wisest conservatism. Yet. strange 10 LAY.
have allowed and do It'll allow to exist anu
TO be enforced a Law which tramnci. half the
transactions Of life and which works no god. d.
recty or indirectly 10 the Interest oi seei,ty.-
1t is demonstrably true that our sury Law DO
only harm. In times of ease AMI plenty ;hey are
useless.because they forbid VII II 10 man i tempt
ed to do. and in every pressing crisis they huston,
increds, aud proionR the evil. II money De worth
only or les than per eeutum, then no one viii
borrow at higher rates: lift be worth more. Da
one will sacrifice biz interest in order 10 sup.
port the law. If he cannot legally lend h- mon
ey at its real value, be Will either disregard the
law and receive usury, or Withdraw hi capital
and invest IN usury paying business. II be
prefer the former oourse--if he prefer t. violate
and defy the law, then be must be paid for the
venture aud receive rate Of interest above what
would be the current rates if no such lax c1i.t.
ed and no such risk were incurred IT, h,wol.
er, he sernpes to violate law of his country. or
Is too iimid to r.k that violation and withdraw
his capital nom the loan market, then tie bpr-
rowed capital of the community Is es ,ened. unda.
the pIiee Of everything depends upon the suurly
and demand, the price Of the remaining capi,al
Is increased and thus the pressure is ha.t.ned
and increased in strngency. Either course ends
IN the samc ro.nit Eilber Will increase the
pressure and add 10 the evil which law wn. in
tended t. cure
The result Is worse than tins, for the lenders
who sro thus driven from the cuisines. ar,. tin
tinid aud opn-oentI,us wEo vant the frnnc..
or greed which iead~ 10 hard laigulu- and 90
q
that cla-s, "ho donot scfuiic t"pfoft by tie dis
tress and CALAMITY 'fotb,r-. Jbc caIilnI 10 be
loaned Is thu thrown inio the baud, uf shy
locks, and the lwo result, help aue uuotber and
the evil increases IN geomcrical lato.
The u>ory law thus not only Cypress the
needy borrower. but hey also give help aud e1-
cuse {" the interruptions and hard.heurted lender
They nJurc the cla-s which they were madc to
benefit aud benefit. the class Which they were
made to restrain.
The moral effect of usury laws i worse than
their effect on commercial Interests. They con
sutute the curious anomaly Of bride offered by
the government for bad faith and authorized rob
berry They furnish The sycndthrif with The
means OF gratifying bis propenelies at the c1-
pense of Others, aud inculcate the morality of
individual reputation. Not only ~. bat they
cause thoee nuniberl'ss false md shifting con.
tracts which are so prolific Of litigation. Half
the fraudulent bargains of our land grow out of
the effort 10 conceal or avoid the fact and con,c.
quences OF usury. Our courts are filled with
usurions suitors and defendants. The sacred er.
mine is thus prortitu,ed to the base work of exc
cutting a law which the comuione.i morality Dies
pises' and in giving the privileges of hauk-
rupt law to thousands who unscropulouslv get.
and wiekedly retain the property Of Others
view the usury laws any light that you may.
and their utter folly will appear. They do no
good but great deal Of harm They increase
every evil that they were designed to cure. aud
tend to corrupt the sources of private and social
morals. They have been advocated upon the
pretext that the Bible denounced the taking of
usury. The Bible does no such thing. II has
no verse, or line, word, that justiiics our usury
law. The Jews were forbidden to take interest
of brother jew, but he permitted to take
it, and at any rates, from all others. The
command then political, not Il moral
law. 1t was designed to preserve the separate
and distinct character Of the Jewish Nation, aud
was never enforced as moral precept.
Again, look at our laws on the subject and see
how preposterousy absurd and contradictory
they At common law usury il visited with
forfeiture of the whole debt but in chaucery
the usury or interest only is forfeited. You may
sell bond or note for another at any discount
that you please, but you cannot sell your own
bond or note for discount greater than Mt the
rate I'd SIX per centum per annum. a man may
sell his whole estate for trih4 but he cannot sell
his bond. due on demand, for less than the sum
due on its face. He may -9uand-r bis land.
negroes and money, but be not allowed to reu
his notes in writing. Such contradictions are
absurd. The law, if based on justice, woula be
consistent with itself and would not give on
dictum in law and anoth r wholly different in
chancery.
The effects OF our usnry laws, in these time