Richmond daily Whig. [volume] (Richmond, Va.) 1842-1861, 1860-01-14
COMMERCIAL.

oSTos oy rHs wHo. Jan.13. 1890
We invoke the attention of members Of the Legisla.
ure readers generally to The following sensible lucid
views on an important subject prened by the editor Of the New
York ESoa0n1isf:
There one which have been common 10 all
refer to the enactment restrictive laws res
posed have been afforded BY the Of the
taxing Of usury from The poor and second was supplied BY A
wrong make charge for It's
sh law Viyer and heather nearly All
countries have form other lied laws for regulating
they supposed the Of money several states OF
country also have, without exception principle
for grated and enacted their usury The usury
he United States Ia some OF their details all adopt
principle fundamental that IL necessary prevent money
lenders from demanding more than certain per cent.ge
twenty-five OF the States e legal rate Is ased at
10 per cent, and in Wisconsin IL per cent In the
u'n Of the law whilst IN all other states usuous loans
Punishable la various degrees varying simple refund
TIE Law OF the state Of New York forbds interest
per cent subjects the offender civil cases TO forfeiture
1890 and imprisonment for period Of than six
mcas The most enlightened countries Of Europe have Of
either modified repealed and
think high time that legislators should foow their
example In great Britain the usgy laws first disturbed
1855 and further inroad made commercial
p people developed until 1854 they were finally
req aled IN. OF the country being Opposed 70
And why should they be allowed any longer
ton statute Il cannot be pleaded
in ter favor that they are demanded by the trade
Of the first needs Of commerce Is money should be
ow0 the utmost freedom OF circulation and law that pre-
Lending and from
t. ood dAmAg; ON trade D. keeping capital
be SAID that
drives him 10 The lenders
who have little competition
In position To charge eNtOrionate interest
suc regulations tend To PrOmOe honesty traders
ner money they viii have IT, and legal can prevent
ht getting it, To make prolUye therefore,
ply angrcssOrs Our usuy educate traders
eySye indirect trading and produce deprayed
commercial morality and too many
who has gained tue reputation being loose trader
L first lesson the loan Office which
la, had driven him.
Restrictive money laws Ia opposition gesus
ia Of the country IL the rapid circulation capital
% has deuly developed trade nothing
bat the Of IL that limit and embarrass
Money the great want Of the trader aud lender and
sef has right to hN what he shall for IT, The value Of al
u,-rchanabe commodities allowed without limit aud
ny leslae that the most necessary OF ALL shall
D. limit Il Is well known state.
ince, money frequently worth than per
the legitimate rader and why he should be
forbidden paying the rate that capital worth him. than that he
should be limited 10 the price he should for pork corn
other marketable commodity The operation these law
IA times Of financial depression decidedly Injurious. Needy
driven tie least desirable class Of lenders and either
nd themselves unable get funds obliged pay
tes for their accommodation whist all the lenders
tsk rate the borrower having the whole market thrown
10 him would be able To negotiate much
The fact Il that usuy universally violated by
tadng community by another the people egard
them dead letter they opposed 10 the sense, the
prosperity and the honesty Of the trading public and II peo
e not 10 be taught dsrpec the laws by which they
governed then let commercial code be cleared OF It's
AaWs