Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1855-12-21

the Virginia Legislature, towards the repeal or nod''
fcaton vi our laws regulating the rate ol interest,"
We hope that these steps will result i'll the total re-
peal of those laws: for we are convinced tina, they
work hnrn, and only harm every class in the com
munty except 10 the professional shavcrs They not
only do not protect. but they grievously Cypress
the ncciy borrower. They do not lessen but greatly
increase the price Of loans They contract the cur
rcncy of the country in every time of pressure and
force thousands to violate the law or to sink under
the necessity which these laws either create Or lnte
siy These statements demonstrated truths; yet,
we fear that many will refuse To credit them such.
They seem to bc bold paradox:s to those who have
not examined the subject very thoroughly. They
conflict with the strongest preiudccs of the people,
and it requires the p!aest and most satisfactory ar
gumcmt to remove there erroneous impressions, and
To overcome these unfouuded prcudicrs We, there
fore, propose to eXlnuc the subject cHreiuliy' and'
by plain and truthful statement of the in'fs anu
arguments see if we cannot induce our Legislature to
free the commerce and trade of Virginia from the
ruinous influences under which they have been 40
long grooming.
The usury laws grew out OF the belief that the BIZ
BILE prohibited the tahin- o: interest on money loan
ed, and desire 10 protect the needy borrower from
the oppression Of hardhcartcd money dealers. They
were intended to project the poor against the rch.-
Now ii we cnn show beyond the possibility of doubt,
thG, the Bible docs not countenancc our usnry laws,
an that they oppress instead OF protecting the poor,
and benefit only tine rich, then, we will have removed
the only excuses for ennctm: such laws and rendered
| II obligatory upon each member of the Legislature
to vote for their imInr,iine and unconditional repeal
We earnestly ask every such member to accomPany
us in our argument, honestly to weigh its force, and
to act accordingly.
]. AS to the Bible argument. The Mosaic law con-
taius this command 81! thou lend money to any Of
my people that by thee, shalt not be unto him
an usurcr, neither shalt thou lay upon him usury'-
And, in another place. il says: Thou shalt not lend
upon usury to thy brother; usury OF money,
usury OF vicuals uSury oi anything that Is lent upon
usury. Unto stranger thou Inayesi lend upon usu.
ry, but unto thy brother thou shalt not lend upon
usury." This is the Jewish law, and it is evident
that il was meant control only the dealings OF one
Jew with another. BY it the jew might take usury
of any person except .ncnbcr OF his own nation.-
The law therefore, was mere civil regulation not Il
moral prcrept. Ii intended for the Jewish ma
ton alone, aud was never designed to regulate the
dealings III man WIKI hH'l 'hf"u3hou' Tue ""'u' ~
hod that II WAS Otherwise "oH'd pe u say ln" "'at
was m"ra!'ty lis between one s'' "' meI' was ho'
such between Diners All eh'Shtcheu commentators
upon the Bible lake me same we" "i ."e
i'eeu '''e uSurS p'o''o''eu ''e n,''c ",'
'''ciesI ' 'o''. "o ''i"'' |" '"o "'o'' ''Ju".'''
'"h'ruc" l" Pfo'''o'' N "'''s' "'e" "ui eN''.s "a"
"''" ""'"S ~" per ''"' "'"''' "a'
"''" ''''s' "'' sustain '''' Jaw Va" o"'" "''o -
lie biDic III 3ulheh''
:. lhe other arguments h'nal'y resor'ed u III sup
port OF uaury laws arc s Sr"nd!ess s the one winch
we have exploded above They are, however, more
plausible and require more serious and extended
examination.
II is snd that money is the creature OF the law
that It's vaiuc is fHcd by the law, and that therefore
The price OF It's loan should also be fixed by tho law
The statement that money Is the creature OF law
true 10 II certain extent. The law gives 1t currenc!
in'l stamps 1t win name. hut that the Ia" SNe
money ITS value is clearly untrue. lhe law can do "
such thing. suppose Consre''' or suppose all 'h'
aw-haKerS III 'he "oFid'"cre 10 oo1crec 'ha' III o"c
oi IRON should he worth one d"i!af, OF Po"hu
hn-rock DC worth aHd shou!d pass lor one pouhu
gold. Would such law give rs much value to lroi
rs Is now gwen To silver or H. lnnch 10 hhrocNs u
Is now gwen TO goid' HE Spp"s!ioh Is ao'"rd anu
cIu"y absurd 20 say that 'e Ia" gives F"uc u III"
ey. Money ike everything else depends ioF It's Ea'u
upon the amount n"ilaborEcq'ird "i 10 produce IT, II '
labor required 10 produce P"uhd I" so'u 'hoi'
than That required 10 produce pou"' Oh iron, '"e'
II "ou'u DC worm II" more 'i''' '"e io' Inns 'S '"'
IL" oi ha'ure-a Ia" WHICH 'o e"r'hS po"''' r''e"
tate or government, can alnul "heh oai'orh'a ai''
| er discovered,
produce five dollar gold piece was made less than
"us oe'ore. lhe 'hiuc o' Soh oeSa" "i'''e"'a''9
Decline aud Is still declining 50 thal H. oy any III
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