Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1857-02-24
1pMrhbarJ 1;irOiniaH.
Tuesday Morning. reb'ry II. 1897.


in its February number. the subject OF usury-
Aswe have. ON several recent occasions, urged
the proprjety of reinodeling or repeating our
laws REGULATING this important matter we are
Glad 10 have an opportunity Of sustaining the
views we have presented. by the concurrent con-
cl,.,on. Of one 50 versed in the bearing and Ell
feet of these laws.as the editor of the Merchants
Magazine. As the period is just at hand for the
nomination of candidates far the Legislature,
we hope the voters will require OF them a
declaration of their opinions relative TO the
question. We are thoroughly convinced that
the laws now in force operate prejndIeia'iy on
every department, of trade and industry, by drl-
wing capital from the Staieas well as keeping out
of the market men whose conscences VIII not
hermit them to violate eyade the laws OF the
State Let money he as free 10 lind It's CONNER
cial value as any other commodity OF trade,
and the sbarpers and skin hlnts will be
broken IN. the business of money lending
made reputable and put under the regi-
men of that code of honor which governs
other commercial transactions, the competition
greatly incree sed the borrower taken out of the
murderous jaws of the sharks, and new lie gwen
TO the industry and commerce of the State. The
following is the article 10 which we refer;
Our readers are aware that in some OF the States
the laws regulating the usanee Tor money nave been
40 far modified that il is not CRIME 10 receive more
than certain fixed per centage bat there Is still
relic of this barharism left in many OF the States and
much nconv enieuee is thereby experienced although
the law is everywhere openly and VIGOROUSLY KIola-
rated Il can be made plain 10 The d1iest apprehcn-
sion that there is more propriety III hKing The
rate of interest by statute than the price Of oats aud
vet the usury laws remain unrepealed The sho" oil
argument by which the statute Is maintained IS not
the real ground of opposition to thIs reform. Inc
friends of the law are found chiefly ia the rural DIS
trc,s and their fear is that If capitalists m the city
are allowed TO take openly the current market rate
for money there will be offered bond aud
mortgage at the present nominal quotations. ms
is not said publicly but it The pith Of all the 4a
Gis objections to tree-trade ia money. Those Who
assume this ground place themselSes al ouoe Ia "A
fuse position Il soven per cent be the legal rate oil
interest and money Is worth more, ani land owners
are onlv enabled borrow Ht tbs rate, because tie
law fofbds the lender 10 tAkea hgher rate thcn TIE
law - certainly unjust aud oppressive. II money IS
worth on the average, more i!iAn lie legal f"ie
then the restriction Is totally unnecessary The itna
owner can oaur te very highest sec at't for borrow
ed capital ana ior ihs reason he VIII always be eH-
abled to borrow the lowest market rate u money
is worth Il per cent and the law prescrhes per
cent thea the land owner VI. bot ue able 10 borrow
at all sad the restriction designed iof his projection
proves his curse. Il the las esliailng the tuic 81
interest n ere reptNltt. Ntltit an NV ~ 4.N'' IN
what the usauce Of money woui| hc secured ut some
decline from the average current rates us bonus
now asked for the increased risk OF suheetug ipau
to the faint OF usury Perhaps one Of the best esa
OF the souudness ofthcse view, lies IN the Tact TINT
in all the States where a reform haE hgcn tined. To
voice has been raised in favor Of return 10 the I'D
system.
The fact is, the world in every age has been, aud
still is, governed too much. There are loo many re
sricions upon trade and too much fear OF the saia-
NJ nutp laa4 a W X adj
be experienced those who suffer rush nj onc"to the
fountain OF authority for power To create M arhitit-
~ of help, forgca Of the great n't that the
demand is sure to produce the supply by process
which will be in perfect harmony, with other litter
ests The evil effects Of this interference with nan
raj laws is daily experienced An instance is seen III
the working of the y stem of marine insurance IA the
city Of New York Thcie were several largo coin
panies in the field who had grown rich IN the bust
ness; this naturally drew NJ others, Who were any
ous 10 share the profits. Ofeuur,e the concerns
offer some Involvement Ia the customers OF the
old companies, to secure a lruht7hle business But
some wise head thought thath would he a beautiful
regulation that all the companies should be bound
by a certain standard. au1 the cynot rule Of insu-
rance on every article should he governed by
tariff, to which all should conform Mark the re
suit The being the same in nil the com-
panies, the richer and more Influential picked the
cream of the business and left the ueat choice 10 the
second class and SO on down TO the tail. and this
rule was adhered to, un;i All who were low down up
the list failed and above them were sorcly
crippled. In connection with this very business,
project is on foot equally absurd The Insurance
companies have discovered that large number Of
vessels lost Through careessuc,s ignorance.
want Of nerve the part Of the commander So they
propose a Board of Examiners, to pronounce M
the competency Of shipmasters Nhy not reach
the difficulty in the simplest way Is there less risk
Of loss under good captain than poor one? VERY
well-greduate the rates accordingly. Let skill aud
care, and all that makes up thorough scamnnshiP,
bring It's price in lowering the rates Of insur tucr
there will be no lack OF the supply the moment there
is a demand for it al an equivalent compensation
The shipmaster under whom ship shall insure Mt
the lowest PREMIUM will stand at the head OF his
class, without certificate, and lac whose vessel pay
more than average rate Will be dropped from the
roll without the backball Of the Board OF tuiners
The same rule applies 10 the building, fitting and
manning OF vessels. There should be no arbitrary
classi6cations but each office should have its own
inspector and the rate OF insurance should be nicely
graduated 10 give advantage to everything that
goes to insure the safety OF voyage, and the deliye
~ OF a cargo in good order.
"Th rule Will apply 10 all classes oil business and
all human experience No people viii ever be sell re-
liant who are Taught to depend upon the watch and
care of government or Of society Ia some parts of
Europe, dear bread will create revolution; not be
cause, as some superficial thinkers assert the
masses are discontended and rebeons simply
count Of an empty stomach, but because The people
not taught to the effect of natural laws and
therefore look upon the affection as something the
government could have easily reverted if so dis
posed. Some philanthropisls arc continually harp
ing upon plans to protect the public they would c
rect gates at the ferries, high Humans gallows
lest the impatient passengers should fall overboard
and would have the police Arguseyed in watching pc
destrians through the thoroughfares. lest some one
should do Aimsefa mischief In the cities of the
Old World, where such is taken, there are ten
accidents to one in those places nearer home, where
people are left TO look out for themselves Habits ol