Lynchburg daily Virginian. [volume] (Lynchburg [Va.]) 1852-1861, 1857-04-06
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Msn.lay mor.sng.Apral .. 1857.


The usar, Laws.
Of greater Importance To Virginia than an,
other question. probably Which may come be
fore the next Legislature, i the change which
should be made in the law which, more than any
thing else. letters her capital and forces it {,
seek in other States that freedom of investment
which il has not here Our asury Law - Ger.
tany more favorable TO The lender than tho Dor
rover. and Of vastly benefit to the rasca
than either The lender has to be paid for hi.
risk, for he has no means of collecting his debt,
if the usury act should be pleaded against HIM
aud he will not place his money beyond the reach
Of the law. and trust entirely TO the honor of his
debtor. without some strong consideration for
doing so; and, besides, he has TO make honora.
bic men pay wha, losses he may suffer by those
who, under the law, refuse to pay him. Thus
the Insurer is furnished with two excellent rea
sons for charging exorbitant rates OF interest
Go to him for money, as many man. who Is
perfectly good for bis debts. has frequently 10
do. aud six per cent. he cannot hear OF, for yon
both know it is worth more. He says he does
not like to lend in this State account of the
risk. You assure him again and again that he
may trust you with perfect safety. He tells
you of others who have given the same nssu-
rance, and yet hive kept his money from him
After much discussion, he is tempted by an offer
of double what the money would be worth if this
law did not exist. and trusts you. But it is
doubtful whether the law Is, in the long run, Of
benefit even to the lender, account of his losses.
1t is, beyond question: productive of vast and
unmitgated injury to the borrowing class in the
community The only persons whom il does
much benefit are those who forfeit their words
and refuse payment, and 10 these it offers pre-
MUM for rascality.
Why have we not more extensive manufuc-
lures in Virginia Because our eutcrprsing
men cannot get money, worth over ten per cent.
while the law cpdsngers all that is loaned at
more than six per cent. Our manufacturers sell
their fabrics on n credit. and are obliged 10 tfnlc
off their claims against their patrons nj heavy
discount, in order 10 get money TO carry on their
business. And this is the reason That so many
of them fail.
VIVA, has this usury law 10 recommend it?
Time bonored usage! So had The muddy gully
along which the foolish Dn,ebman persisted in
dSving his waggon-thougb turnpike far
nished him-beoanse his fador had gone dat
lad for dirty years before" Scripture sanction
The laws of Moses, so often quoted in supper, of
it, apply to very different case from ours
Our Plymouth Rock worthless insisted upon re
enacting the Jewish law which says "thou Shaft
not suffer witch to live and il has scarcely been
two hundred years sinee this cruel enactment
faded from their statute books. Many poor,
deluded creatures burned under lts sane.
tion. We ourselves still retain absurdiiy al
most as great and the most useful citizens in the
community groan under its operation. How
long shall it remain in ouI code let the peo-
pie take the matter in hand, for they all are sui.
ferers from the effects of the law Thu PLANTERS:
for the buyers of their produce want the capital
in the State unfettered, that they may be able to
pay good prices. The manufacturers; for they
well know that they would be far less cramped
in their operations if money could he had Mt is
real market value. The merchants; for the
smooth and easy moyemcu, of The financial ma
chinery Of the country is ofthe ui,nos, importance
TO them. And even the usurcts: TINT tEcy mny
be able TO cease violating the law aud rest cnsy
at night-uutroubled by fears Of intrrrogatolies
filed in ehancery to make them discover usury."
Let all condemn it who feel any pity for the many
unfortunate men. who, obliged To have money 10
meet their obligations and carry on their opera
tlons have to pay sometimes from y to ; per
cent month for il. on account of this odious law
when otherwise they might readily get tor less
than one per cent, and this is the case with men
who are perfectly good for all their debts.
The progress of the age, the necessities Of
our people, the extreme absurdity of the law