Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1858-03-12
ALErTER ON THE UsURY QUESTION.

Copy Of LITTER 10 Mr. Benson, President Of Liberia,
daied London Pee. Ehi, 1857.
SlR-I am happy to say that the commercial crisis
in this country, as we'll as IN America Is greany al
minsbing / should not be surprised that the rate OF
interest be reduced by the Bank of England from lie
present excessively high rate Of 10 per cent down to
per cent before two months pass over. nope there
is no law in Liberia to restrain the rate OF usury OF
charge for the use of money. Usury is especially en-
ioned by our Lord and Saviour in the parable OF the
Lord and the three servants to whom he entrusted
respectyely talents, talents and one talent OF mo
ney. The two first traded with their money, and re
turned the principal to their Lord Increased by loo
per cent but the indolent and stupid thrd eer
want hid his talent Of money in the ground and
on the return of his Lord gave him back the
original amount without any increase, upon when
his Lord scolded him as q wicked and sOthtal SER
want who had not put out the money ITO the e1cnan
gers and then at my coming should have rscelVed
mins own with nsury:" Mat 18th chap, and from
the lIh 10 the 10Th inclusive Usury ia ea.
pecslIy recommended, and is the greatest stimulus
10 industry and enterprise and commercial success
that can be- The charge Of or per cent. or or U
per cent for the use of money, ia as much ueury IN
principle az the charge of TO- II or ~ per oent The
only difference is in degree II Governments restrain
the u,armum rate of usury, they have an equal right
10 restrict the minimum rate of usury. They have as
much reason to declare that usury shall never be less
than or per cent as they have TO say that II snail
never be higher than or per CENT as many unWise
Pennsylvania among others-decree and tx as
maxima rates. am happy to say that England
many years ago abolished the restriction on the rate
of us,ry and 10 per cent. has been the minimum rate
lin practice no, by h1wl for two months past and
am glad to say that France, Hamburg Prussia, and
other Sates on the Continent have, within five or siI
weeks, abolished the restriction and allowed lO per
cent. to be charged for the use Of money. AS well
might we fix the maximum price OF coffee, sugar,
paim OIL -four, Sc, fix the price Of money, which
uctuates in value precisely like any other represen
tatve Of value according to the supply and the de-
mand. Money has commanded in London within a
few weeks price of 20 even 25 and 80 per cent.
1t is now only per cent, and in two months il
will only bs worth per cent, and have frequent.
" known it since my residence in London, to be
worth II per cent q 2t, q and per cent, and 30
forth. Legislation cannot tx the value of any com
modify, and it is unwise to attempt it. particularly in
regard 10 money, for if people want il they will pay
for it whatever will produce il or vii command it
and restriction of the rate of usury prevents con
acientioas people and capitalists from bringing money
into the market when it is most wanted and mos
dear and this prevents the and lowering OF price
which would be the effect if all the boarded money
were brought forward in times of pauic and CONNER
cisI crisis Nothing is as unwise as restraining the
rate of usury. Signed,
GERARD RALSTON.