The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1857-12-08
MESSAGE Ii.
TO the S'tatc and HoUse Of Delegates of the General
AssemblY Of The Ctnn n,on,0ealA Of YIrQi,ta:

TO the S.ate and House Of Delegates Of the General
Assembly Of the Commonwealth of Virgis,td:
GssTLsxEs-Pri' = ;he present money crisis the
tend -ncy Of public opinion was towards raising the
leEsl rate of interest and aboisbing the ururv
laws. But he evil of the times i'll not be unnixt
~i.: s,-f.t God ifit shall efectually prevent boil
as .ssres and open our eyes to right rea,
I'LL "A subJ cts which deem of such i'm portanc
to be worthy OF elaboration in q special mes
sage.
30 high late was the inf tion Of every thing the
people we're 81 stimu ,ted to over-tradng and spe-
cuaton was 30 inoTdinate in its demands for ill.,
Crease of the circulating med ium, that the over
issues If the hanks effect at first, and then
paper money incrs ard. enterprises of every so
multiplied, and they seemed TO promise profits so
Sy This dslnsion csused many TO demand ~ ts Of
the legal rate IF interest should be increased and auy
urgently 70 irs,st on the repeal QfaN ltsay laps
hat nov would be the Conditioned debtors-not the
spepd-thrfts alone, out Of honest business debrs-
IL these measures had been passed INTO laws! /
have already notic~d the eff cts those state
which had ai.ed u rate of interest. They are now
the most burdrned communt es. They borrowtd
money At high rates and in the pressure will have
10 nay the debts with property or merchandise at
low prices No regular business can afford TO pay
moI that six per sent interest. as general rule
use money at rate that regular business CANNOT
eli I'D; but then even regular business Is injured
SsS 10 sna e he Of If money
bu1ness is utterly destroyed and the few who mo-
nopoze ell the good money will withhold all loan
aud accommodations 70 regular traders in order To
make excessive profits out of the necessities of the
prudigal tho sacrifices of the speculstnr unless
r-sti aimed by the limitations Of wholesome laws 4
lng the standard OF money and he rate Of its use
An eminent STA list q Bostsn has tax the pains to
show what would be the erect of different rates of
interest upon money in Massachu to- for term of
stale. He iakes:
L1osns O. discounts Of banks in Massa.
chusetts Dec 4th. lS5i..... ......... sa5 mo mn
Int thereon 40 years--int taken in sd.
vance every six months and added 10
principal. at per cent. per aDnum.. lo63 ass 900
Do. do do. at per cent. per
SGT &c. 600
Difference between and 7 per cent. 40
ssar' ....slsnoo
Nearly the valuation Of the whole .tste
Of Massachusetts in 1850, which was.. $s9s Ooo ga
Int on 600, 40 years at per cent 242s SO 80
DO DO. do. at per CENT. l,0e3, ass ,0N
Difference between 8 and per cent. 40
ysusscn Of deducted 's ss 1ese sa
Didereuce between and per cent 40
years-more than value Of Nsssachu-
us Ia S775l44 se6
Interest on money Is a dsvourins ellen ent; and
thess times will satisfy all that We cannot venture
transsress the law of the perencs of ages that
per Ssn M - a. high an average rs any people
ton Is 10 look aud Conserve rrguIar and normal
state u tr.dv and not 10 minister to and indulge
Pt u speca.asi9n; and above all to restrict rather
cseatsi by legislation Tor the nvepsnce of the
PIE. ana should not be allowed 10 he nsryer,e al
on lie uses. as medium and standard OF value to
snst oppression. Money ia powerful enough
sslrs1y, AMI can make lie profits ind papSent o.
. n noneJ ed aristosracy is the most danger
aus snem! OF this republic. 10 snirit of indepen
sm AN Withstand the dspResuBsn of debt and as
mao 70 man. "the Brrower will he tn
5000 " tne lender trust, then that no specIou,
81 arguments will induce the geners
,n'o. o virginia to increase our legal rae ~ in
49,. An1 much more siron ely do urge tina. thex
Sai" not repeal or Relax even our usury laws
me nacknsyed arguments Of Jerany penth.,, >,
tepsni asury lava have been triumph snfIy rss,,s
tu e1perfancs. aud by answers Mhicn s;a -, s
cempAnyng pamphlet "Free Ia da IN , M .ne ae
noe Saving. fhs great cause ~ frand ,a.a.s ~
run, &C.. ~ John Whipple Of Rhode islsaa ans
Ine ostions taken are that .tha assamn,,a,
snss money 10 merchandise. and that monay II =, "a
scAfcs on account Of tbs usury laws are not anI
ialse D. sitions. but they prepostsrous sbssrd
t,es A9aey exists only by legislation; msrchad;ss
The product Of individual labor or OF private e,t
prise Money il the legal stan lard by which vain
msasured merchandise is that which ia valued /,
ths aid o. this standard Honey, rs such has 40 /,
tinsic values merchandise is sought for only on q
count o It's intrinsic value. Money Is perpetual /
.turr, and 10 designed tor all time; fneycAandt
IsEnp rsrs, ana adapted TO rr+cinI wants an
ns1e FOR Wear o. ccpsua,etlon. As.ssv 4 rneasnsr.
ssss sss '.sassz M = =: g. &