Republican vindicator. [volume] (Staunton, Va.) 1849-1857, 1855-12-22
A Cut-Throat Argument.


The Salem Register, in its issue Of the
l4th inst, he's an article favoring the Re-
peal Of the Usury Laws in Virginia. Ths
Register argues the question, first. in the
following manner:
1t is objected to unlimited interest that It would
Cypress the poor and the money borrower. We think
this mistake. The result OF interest being limited
to six per cent u.s. thata great deal of money goes
ont of State and seeks Investment in other States
where more than six per cent. is allowed.
Were the premise here true the argu-
ment might be good, provided change
could be effected in the current which
fakes capital from the State. BY repeating
the ssury laws. The Register, however,
looses sight of the conclusion to which 1t
arrives, in the above quotation, and pro-
eeeds TO demonstrate very clearly that the
effect of the law repeating The present
statute regulating interest upon money,
would prevent investment, eventually in
our State. if. indeed, the rate of interests
controlled such investment Here is the
argument advanced:
We know of nothing, which in our view, would
more promote the prosperity of State, than
repeal of the usury laws. Money would fow into
the State to seek Investment, mill directly it would
not be worth six per cent Less money would be
invested in merchandise and various Improbable
OBSERVATION-DISCLOSURES funds would be distracted
from one business another to be let at interest
until the abundant supply would bring interest down
to a very low notch.
And when brought "down to a very
low NOTCH" OF course, it would flow, &C.
cording to the argument in the frstiquota-
lion, from this State into others, where
more profitable investments could be
made. Such, we contend, would be the
result. We are not specializing people,
and God forbid that we ever should be-
We are emphaticalIy laborlng people
we are producing people-our basis of
trade is firm and steady. We know upon
what 10 calculate, aud hence SO few finan-
cisl reyulsiors and stupendous swindlius
schemes, in Virginia. We are happier,
more certain in the security Of our busi-
ness uansactions, and have less cause 10
suspect the integrity and solvency Of our
nsighbors. Let our law makers endeavor
to legitlate the people cut of this straight
forward, honest. reliable system of doing
business, and the result will be. that they
will legisate thousands Of yankee aboli.
ZIONIST. into our midst, who will not only
come l.ere to enter the field Of scheming
aud speculation. but will act as agents of
the underground Railroad, in stealing our
agrees. and undermining the institution
Of slavery. We must stand aloof from
yankee specifics, and pursue the even
Ienor Of our way. which heretofore has
made the people happy, prosperous and
respected. If there are enough of min
MES in the present legislature, 10 elfcc.
change in our banking system, by estab-
fishing general banking law, and repeal
the usury laws. we will venture the as
'erlion that in Eve years, there will be a
revulsion which will smash one
third Of the business men of the State,
lessen her credit, establish, Innumerabe !
banking houses, and worse than all, flood
the State with yankee rascals and rognes
who will get rich from our folly, and then
steal our negroes.