Mineral Point tribune. [volume] (Mineral Point, Wis.) 1854-1858, 1858-03-02
SECOND MESSAGE.

AGAINST The REPEAL or THE UsURY LAWS
The second message of Governor Wise is de-
voted specially to the subject of the legal rate
OF interest and the uSury laws OF the State of
Virginia. The Governor Is hostile TO their re-
peal. lie thinks that the evil of the present
times Will not be unmixed with great good if il
shall efectually prevent the raising of the legal
rate OF interest and the abolition OF the usury
( laws The Governor sends with his message to
the Legislature u :" triumphant reiutation'' Of
the arguments OF Jeremy Bentham in a a PAM
phlet :. free trade IN money, or UNDERSTANDING.
the great cause ot fraud, poverty and ruin, DC,
by John Whipple of Rhode Island" We quote
some of the Governors reasonugs In favor of
usury laws He says: ....
Interest on money Is davOuring element ;;
and these times Will satisfy all that we cannot
venture to transgress the law of The experience
OF ages that per cent Is as high an average
rate as any people can afford 10 pay for its use
Ihc business OF legislature Is 10 look to and
conserve Il regular and normal state of trade
and not to minister 10 and indulge Il spirit of
speculation and above all, to restrict rather
than to increase the power OF money! Money
was created by legislature for the convenience
of the people, and it should not he allowed to
be perverted from It's uses, as Il medium and
Standard OF value, TO their OPPRESSION Money
Is powerful enough already, and can make its
profits independent Of loans \ money aristoc-
racy Is the most dangerous enemy of this Re-
public. so spirit of independence can with
+
. man Is man, " the borrower will be the slave of
the lender 4" / trust, then, that 10 specious ap-
pcarance of arguments Will induce the General
Assembly of Virginia 10 increase our legal rate
OF interest. And much more strongly do Iurge
that they should not repeal or relax our usurv
Money is the very subject of soyereignitv. be-
cause 1t is us creature. 1t exchanges for every
thing else. 1t is that universally and inordin-
ately demanded that which must be had, as
the only tender In payment for debts and it
Is that which maintains government itself 1t
Is common to all other subjects of value in ey-
cry way that they are net common to each 9th
cr or to 1t. 1t may and onght to be, then, lie
subject of legal regulation where other proper
~ may not be and ought To be regulated by law
And TO allow parties to bargain for their own
rates - to repeal the usury laws and at the
same time to throw obstruction in the way
of business | trust, the} afore that one rood
effect Of this money crisis Will be TO Drcrent the
raising of rate ot interest and ropct,t the re-
peal Of oar ,ss1rg td,cS- rave refrained to urge
the moral consideration against their repeal be-
cause some 9t the best of men are involved in
the error of this mistake. But the moral rea-
son against repeal are Incalculable One of the
most IMMORAL effects of the oboiition of usury
LIws would he to depress all the investments
IN State securities already made ut 5 and g per
cent. Unlimited usury would raise the rate
OF interest so high that no one would think of
inves ioafinP n, bonds draw ing only D per
cent il terest. The investments already made
would sink so low in the market that the faith
of the : tate would be broken by dishonorabe
reputati7 N itself. And no new bonds could be
sold, except at a late 50 high that no people
could bear the taxation necessars to complete
public " orks or to support public credit
&NoTE--As it IS sure to be when welded in
large masses, in its character of commodity
for, as a medium of exchange,as a key to wealth
everywhere effieacious.. it meets acquisitions
and obeys laws peculiar to itse II, and to which,
as a commodity, merely, it is stranger.
So that although in the latter capacity it
might, rs well other thin IS be left to the OPP
Grafton OF the law of supply and demand; it
does not follow that it may be so left, in its two
fold capacity. Keys for public convenience are
what will not bear monopclizing,