Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1856-01-22
REPEAL OF THE USURY LAWS.


have saved because he had not had the pleasure Of
an introduction.
REPEAL OF THE USURY LAWS.
We have eu,leayored to show that our anti-usury
laws are inefficient and positively injurious TO every
branch of trade and commerce. We have shown,
also, that they oppress the needy borrower, and ben
eft only the usurious sharper, who fatens BY extor
ton. But these laws work still more serious and
hateful result They tend to corrupt society By DE-
s.royins the mutual confidence which il is based
and Offering the highest reward for the dishonest re-
pudiaton of deliberate and solemn contracts.
ytl,. laws Of Virginia, every borrower of money
at usurous rates Of interest is permitted to repud
ate his contract, and retain the whole sum borrowed
as well as the interest which may have accrued The
law offers this reward for dishonesty, aud sustans
every one who accepts it, by forcing the courts OF ih
land to lend their assistance in executing the delOc-
rate fraud. The law makes no distinction between
cases. 1t lays every contract for any interest above
tho LEGAL rate liable to this forieure-no matter how
slight the excess or how urgent the necessities OF the
borrower making it. Here, then, is reward offered
for dishonesty. Under the pretence Of Kidding society
of the evil Of uslrious dealings, the las substitutes
It's St66Q u sSStelu VI lrSoHLea -" ''''
effort to cure the evil ol usury another Thousand
fold worse is substituted in it, place. Dishonest
reputation is egazed in order to force men to lend
their money at less than its value and grown men
are prohibited, under heavy penalties from making
such bargains rs their interest may dictate or Their
necessities require. Men may buy and SELL or lend
AMI hire any thing except money, upon such terms s
they choose, but when they come to deal IN Tie ar
tclc whose value is best known, and as to which
there be deception or cheat the Law III
terferes, and says that man shall pay more Than
! six dollars for the loan of one hundred for tw''Vr
months. And if they do dare to take more than that
the laws says the borrower may turn rogue keep the
whole amount, and be held uuaccouu;able. The law,
therefore, offers premium upon dishonesty. II says
To every such borrower that il he will but turn thief,
then he shall be well paid fnr and legally sustained in
his rascaity. The p,7 uf usury il ucvcrsally re-
garded as oJous and he who makes il, escapes
unsuspec,ed-yet our judges and jures nre sworn t"
sustainit They are sworn to give him who makes
it, as much countenance and support though ne
came with justice and right on his side
But our laws 90 still farther in tho encouragement
of immortality "a will be from the following re-
narkabl provision of code. II will BIZ found on
page ST. Of the code of lSi9, and reads thus
"If anu person take for the loan torbcdrnnee ot
monsv or 0ther hiRg interest nj rcatsr RITE thnn /"
7Uovrd bv lar he shall forfeit donbe c ,.ise ct suck
money or Mng, and Tic inJormer shdH mare "ns-hay
Of tcsGt - 80 toytefed.
Isit possible 10 fud any law, OF any times, no mat
tor how dark and bsrbarous or any decree OF des'
potic monarch, no matter how edious he may have
become to history, which is more abhorren to every
correct moral sense than is this provision o Virginia
law7 In what respect, we beg to ask d"ea 1t d'fier
from the courss of those bnrbarous Christian tG9d
save the mark y Kings, whose habit 1t was, every
few years 10 release all debts due to their Jewish
subjects How does it differ from any legal conhs
cation of private property, for purposes the most
unhoy and in obedience to the worst prejudices and
passions of human naturel
We thus see that the Virginia law not only gves
to the borrower at usurious rates. the privilege Of
repudatng his contract aud falsifying his most solemn
pledges, but should he prove too honest 10 listen to
the legal bribe aud should discharge the debt It then
make. advertisement to every man, woman and child
in the community, that any one, who will play the
odious part of public nformer shai! be paid, Cor
doing, lust the amount of the sum borrowed. The
law offers heavy reward for all such information
Not only so, but the noble Commonwealth OF Virsi-
The informer gets Que, the State the other half of
this legal reward of inlamy!! How can such a law
be defended Does it not shock the senses Of every
honest mani Shame, shame upon those who frat
ysve Yirginia's sanction to law 90 justly odions in
the eyes Of all honest inen!
But it may be said that the law is dead letter,
and no one ever takes advantage Of it. What of
that! Does not the law exist, and is it not much
the law OF Virginia, any other provisions OF its
Cod. Nor is it 80 dead letter as some may ina.
gine The rarity OF cases. in which ii is involved, may
be ascrbed to very general ignorance Of its exist
ence and to the odium which would he visited upon
any one who would dare TO avail himself OF its pro-
yisous This law indeed the whole our anti-usury
laws, arc against good morals. They reward the
repudation ofhonest contracts; aud should those con-
tracts be fulfilled they give to any other person. who
may choose thcprivilcge of interfering ami pays him
well for so doing. The fact that the plea OF usury
oui tam actions, under the statute which we have
quoted, is universally regarded as odi"us, proves
that our laws are based upon lower standard oi
morality, than is generally recognized and ected up
on by the public. Such should never be the case,
our laws should ever recognize the highest practical
BILE standard of morals. They should never, ii posi-
b!s shock the moral Of society," but should lead
and elevate the people to higher and purer stand
ard. Every thinking and observing man must know
and see that our anti-usury laws violate this cardinal
rule of Legislation. They encourage falsehood, fraud
and dishonesty. They pay the largest premium upon
repudiation and plnce the public informer upon
footing with the nobest benefactors Of mankind
They make the State a recipient Of dishonest gains,
and induce men, who would otherwise scout Mt the
very dea to become parties to contracts which the
law pronounces fraudulent and void. Any member
Of the legal profession will sustain US in the assertion
that large proportion of the litigation Of the land
grows out of contracts which framed TO avoid our
anti.usury laws. May not then entertain the hope
that the present Legislature will repeal these nischeV'
ous laws, which are 80 inefficient, injurious 70 all
branches Of industry and hurtfu to the morals OF
society!