The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-01-15
Money Oaered-Why it Will Not Come.

ents in this hour OF their greatest diEiiculty
and need.
Money Ofered-Why it Will Not Come
We wish the members of the Legislature
could see all the correspondence between mef-
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, 10 give the
people Of Richmond and Virginia the useol
the large amount of money which is oherea
them English capitalists are ready 10 SEM
over money for investments here, ana 10 loan "
farmers so are those OF New 10TH I''I
Philadelphia is represented III the Pion'i -
aid. But the usury law keeps 'helh oaeA'
Repeal that, they say, so that we can Obtain
rate of interest corresponding with tha' pre-
yailins in the principal American cities, and
with that 1,aif by tcea gour otcn Federal Gorern
1Qe,,t and YOU shall have money 10 rebuild your
civ and revive your agriculture
Such is the tenor of offers made by respecta-
BILE moneyed men who are TOO honorable 10
attempt 10 evade the law, or do not choose to
incur the danger of loss from the plea OF
usury They control vast amount OF capi-
ral. more indeed, than we want; but Tor
these reasons they are debarred from dong
what their Interests and what the sympathles
OF MANY OF them strongly incline them 10 40
Thus we are not only deprived of their assist
ance. but LEFT TO THE MERcIEs OF THOSE WHO
BAyErrss sCRrPLEs 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
rhev can be substantiated in manner that
~ loo, No n
OF any man. In view of them, how can there
be q question as 10 the propriety OF the modl-
flcation of the usury law? Every man knows
that that law is daily violated-that three ana
four and even six per cent month Is paid 1or
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. 1t prevents capitalists who respect
law, and will not do business irregularly, from
bringing money here 10 lend and 1t thereby
diminishes most seriously the amount of capi-
tai whcrewith 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 it sub
mits the citizen 10 the less scrupulous shaver
and compels him 10 pay the most eXorbitant
interest. Is this wise? Is ii humane
We know the strength Of prejudice. We
know how men, in this State, have been edu-
Gated into horror Of what is called usury
We know how hard il is 10 eXpel preJudlces so
ingrained into men. But even such preluaices
ought TO give way before facts like these 1hal
usury we have heard denounced from the pun
pit on the authority of Scripturel Is the taking
of any interest at all for the use OF lhohey.
No other usury is denounced III the sacfeo
hook Yet we have presumed TO depart from
Il &
Is THr 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 in amount. The Federal
Govcrnmeut-which, by the fate of war, is
altogether supreme over this lands paying
itself seren-htirty, instead of sic per ceMt' and
vet there are those amongst us who adhere
with undyins tenacity TO the six per cent. rs
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-
suIned, used their money TO the best advantage
Did these gentlemen never sell their goods lor
ten, fifteen, twenty and hfty-nay, one nun
dred per cent. profit? Did they never specu-
late III stocks mortgages and other securities
at more than six per cent. profit? Aye, did
they never take advantage Of necessity by sell
ing an article that was scarce in 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 tCere the prCdts ~ money.
ihose who gained by the adversely OF others
qua 80 MronU the moaey hey hdd. And how is
IL That IL Is lawful, whenever you convert
your money into molasses or sugar or bacon
or hour, 10 quadruple or double IL if Won
please; or when you buy stocks or bonds with +,
1t, 10 make unlimited profits but the rnoroen, |
you lend the money itself you Jecome a ,o.,,,,e,
II you charge mare than STA per cent. for IT. Oh
the phariseeism Of the sanctimonious knaya
who has eXtorted thousands from the necessi. |
ties of mankind by retailing the necessaries of
against the Insurer for taking more than sir qpr
cs"t Tor his money. "THou HYPocEITEl FIHsT
tAsT OUT 1HE BEAM OUT OF THINE OWN EYE, AND
THEN SHALT THOU aEE CLEARLY TO CAsI OFT THE
NOTE OuT OF THY BROTHERS. EYE"
The whole web OF the defamation against
usury, az understood i'll orr day, is no better
than cant, Ii is entirely devoid OF argument.
The Scripture-the chief prop upon which
III Drefrlds resi-giyns i'll no suDDOrt what