Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1857-01-22
HVettsburB estrHtmtam.
Tharssiay Morning, Jan'y. N. Iso,

than usual from the admxture OF party interests
We do not claim TO belong TO the fast" school
in politics. and are apt to look with distrust upon
legislative Innovations. but there are some chan
res that might be made in our statutes, that com
mend themselves 50 strongly to our sense OF right
and expediency. that we do not at all d'uot theii
beneficial operation.
Among these should be thorough modlhca
ton, or total repeal of the laws against usury.
In almos, all the large seah ,ard commercial and
maritime States. movements are under agitation
for the abolition of these laws and the release OF
commerce from the letters which strange igno-
rance of the nature and objects of capital have
thrown around it. That mankind should tor so
long period have persisted in the policy OF con
sidering money differing from every thing eise'
the value of which is dependent upon the laws OF
demand and supply. is strange indeed the more
so as practically the iheoryis disregarded every
hour in the day in business communities. Meth
ing is more common than the infraotion, in pecu-
MARY negotiations. of these statutes. and yet we
superstitously insist on their remaining on the
statute. books. The common sense argument
against such absurd and impracticablc laws is
furnished by the notorious fact that no necess-
tous man ever was deferred from borrowing by
the stringency of the terms. for the old saying
has it, necessity has no law and, therefore, the
only effect of legislation to make money cheap
has been to accomplish the very opposite result,
by diminishing the supply and reducing the lend
ers to a soullsss, grssping. lawless tribe.
Money, like trade will regulate itself If let a.
lone. Government. it has been truly said, has
no more right TO regulate the price Of money than
it has to regulate the price of -four cotton; and
it is abont as expedient in the instance as in
the other. Indeed. we are not sure but that in
reference is more injurious in the case of mon
ey than in that of any one other articles for the
reason that the uses of money are 80 extensive
and varied and il is so sensitive and constantly
liable to such rapid changes in its market value.
But 1t is contended that money is not IA com
modify; that it was never intended article
Of trade; that it does not possess inherent val
in itself. that all that man acquires by the pur-
chase of silver and gold. is the right TO j,
not to interfere with the object Of its creation for
currency; that the producer of 100 bushels of
wheat may throw it into the sea if he pleases yet
men have no right 10 lock up money or use it as
merchandise. The progress of civilization and
the advance in science and arts have brought into
use gold and silver rs n material for money for
reasons similar to those which induced them TO
choose wool. silk cotton for clothing and tim.
Der for building. The precious metals have
those specific qualities which fit them TO be stan
dards and measures OF value; and To serve, when
coined, the purpose of a circulating medium
The fancy that the authority Of government gives
money its value thus preoluding the idea of its
bee oming individual property, and It's price
m after to be regulated by law cannot be true; for
m oney in gold or silver is real wealth measured
by the cost of production in tho same way as we
value the cost of wheat coal or cotton, and all
other productions Of labor. The conversion Of
gol bullion into coin does not change its nature;
il only adapts it 10 the particular use. The fact
of government fixing standard for gold and sill
yer is one of mutual benefit for itself and the peo-
pie who live under il, but the true value of
m oney measured by the value of goods for
which it will honestly exchange cannot be ctfec
ted by acts Of Congress or Parliament, It's true
that governments may, and have debased coin
but when did ever government make coin
which contained half an ounce of pure gold worth
as much as coin containing an ounce ofpure
gold So that the stamp of State or Kingdom
is a mere certificate of the weight and inoness Of
the pieces issued, and whil.,it gives the coin II
greater currency than bullion or dust would have
yet, it adds no more to its value than the mere
cost OF assaying, and stamping. 1t is cloar then
that government does not originate create mo-
ney, nor has it a right to claim any control over
it after certifying it's weight and fneness.
The arguments for the repeal of the legal re-
strictions against osury are so numerous and so
well founded, that in their wide diffusion the OPP
ponents of the usury laws may look with conf
dence for eventual success. The only protection
which these laws now afford is to those unprin-
cped tricks,ers who wish to shrk their own OBJ
legations, fairy contracted at the expense ofhon-
or and reputation. Examples of this kind not
wanting, and u frequently occurs where len.
ders are threatened with an appeal to law, and
its conservative influence" is TINS illustrated
as it folds within its embrace individuals who
soon become us obsolete among honorable men
as the law itself Public sentiment almost
invariably points the finger of scorn at those
who seek the protection Of usury laws
The tabled shirt of Nessus stuck no closer than
the mantle. af dishonor clings to the man who a.
voids an otherwise just obligation by appeal
to the usury statue and yet there those
who would wish to preserve and cherish this
.unreal mockery"-this shadowy safe guard.
An ordinary and inevitable effect of our laws
limiting interest is to drive capital out of the
STATEN search of more profitable employment
than il can find here. There are hundreds OF
wealthy gentlemen in Virginia whose means are
employed in other States where the rate of inter