The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-01-15


ents in this hour OF their create difficulty
and need.
Money Ofered-Why it Will Not Come
We wish the members of the Legislature
could see all the correspondence between mer-
chants Of this city and capitalists In the prln-
cipal Northern cities, and in London ana
Liverpool. They would feel that something
ought be done, and that promptly, to give the
people of Richmond and Virginia the use OF
the large amount Of money which is offered
them English capitalists are ready TO seno
over money for investments here, and 10 loan 10
farmers; so are those of New York. Even
Philadelphia is represented in the profier OF
aid But the usury law keeps them back
Repeal that they say, so that we can obtain
rate of interest corresponding with that pre-
yailing in the principal American cities, and
with that paid by ece. your otcn Federot G0reTn-
nsent and you shall have money 10 rebuild your
city and revive your agriculture.
Such is the tenor Of offers made by respecta-
BILE moneyed men who are too honorable TO
attempt 10 evade the law, or do not choose 10
incur The danger of loss from the plea OF
usury. They control n vast amount OF capt.
tai more, indeed, than we want; but for
these reasons they are debarred from dong
what their interests and what the sympathles
OF many of them strongly incline them 10 DO
Thus we are not only deprived of their assist
ance, but LEFT TO THE MERc1Es OF THOSE WHO
HAVE LESS sCRUPLEs As TO THE LAW, AND ALSO
LESS Az TO THE AMOUNT OF INTEREST THEY ENACT
FOR THE Use OF MONEY.
These are very plain facts, which deserve
the serious consideration of the Legislature.
Thev can be substantiated in a manner that
ill leave no doubt of their truth in the mind
of any man. In view of them, how can there
be n question rs 10 the propriety of the modi
fication of the usury law? Every man knows
that that law is daily yiolated-that three and
four and even six per cent. a monte is PAID Tor
money in spite of il. What good, then, does
il accomplish? None earthly, that we are
aware of. On the other hand, its evils are
great. II prevents capitalists who respect
law, and will not do business irregularly, from
bringing money here 10 lend, and IL thereby
diminishes most seriously the amount of capi-
tai wherewith TO rebuild this city and resusci-
tate the industry and prosperity of the State.
By thus driving off the better class of capital
lists and diminishing the capital here IL sub
mits the citizen 10 the less scrupulous shaver
and compels him TO pay the most exorbitant
interest. Is this wise? is it humane2
We know the strength of prejudice. We
know how men, III this State, have been eau
Gated into a horror of what is called usurS
We know how hard ii is TO eXpel PreJualees 81
incrained into men. But even such pre1udlces
ought 10 give way before facts ike these 1hal
usury we have heard denounced from the pull
PIT on the authority OF scripture is the taxing
OF any interest at all for the use of money
No other usury is denounced In the sacred
book. Yet we have presumed TO depart from
that altogether, and 10 say that SIX PER CENT
Is THE SACRED LIMIT BEYOND WHICH ALL WHO GO
MUST BE DAMNED. What right have we, when
thus departing from the sacred text, TO invoke
the thunders of heaven against all violators OF
our law? We see all around us legal interest
differing from ours III amount The Federal
Government-which, by the fate OF war, Is
altogether supreme over this lands paying
itself Secen-Mirty, instead of sic per cent; and
yet there are those amongst us who adhere
with undying tenacity 10 the six per cent. as
the holy standard from which neither State
nor people can depart without meeting ever
lasting perdition!
Among the men who oppose the repeal of the
law are many who have been engaged in COM
merce and speculation, and not few who are
or were capitalists, and who, it may be pre-
suned, used their money TO the best advantage
Did these gentlemen never sell their goods Tor
ten, fifteen, twenty and ffty-nay, one nun
dred per cent. profit? Did they never specu-
late in stocks, mortgages and other securities
at more than six per cent pront! aye, ana
they never take advantage OF necessity by sell
ing an article that was scarce III the market
for outrageous profits, or buy the stocks and
bonds of the embarrassed citizen for Il moiety
of their true value because he was compelled
10 sell and money was scarce in the market!
No doubt of it. Yet these profits upon other
peoples misfortunes toere the prefts " money.
Those who gained by the adversely of others
dId SO Through the moaey hey had. And how is
IL that IL Is lawful, whenever YOU convert
your money into molasses or sugar or bacon
or flour, 10 quadruple or double il il Won
please; or when you buy stocks or bonds with
il, TO make unlimited profits but the moma,,
you lend the money itself you Lecoms a o,o.,,e,
II you charge more than sir per ceat. for IT. Oh
the phariseeism of the sanctimonous knaye
who has cxtorted thousands from the necessi
ties of mankind by retailing the necessaries of
life al exorbitant rates, and yet cries loudly
against the Insurer for taking more than sis per
ce"t LOT hls money. "TH0U HYPoCIITEl PIHsr
CAST OFT THE BEAM OCT or THINE ows EYE, AND
THEN SHALT THoC sEg CLEARLY TO CAST ouT THE
NOTE orT or thy BROTHERS. EYE"
The whole web Of the defamation against
usury, az understood in onr day, is no better
than cant 1t is entirely devoid Of argument.
The Scripture-the chief prop upon which
IL pretends 10 rest-giycs ii no support what
ever.
The question simply j. this: Will the Legis-
Iatnre repeal or modify the usury law, and