The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-01-08
The Usury Law.

When there was plenty of money--when
money sought borrowers-and when the diff
Guilty was to find the means of investing II. in
order to prevent it from becoming entirely
unproducuve-the usury law gave no inconve
nience to anybody. 1t might, indeed, have
secured for the lender sir per cent, whereas,
had, il not been in existence, he might have
only gotten four or ire per cent; but save some
influence in this way, disadvantageons TO the
borrower, it had, at such Il time, none what
ever.
But now we are hard pressed for money
we have lost ever, thing save our landslide
nriuc,pal part Of our State Metropolis has been
burncd-our labor has TO be re-orSanized--our
houses rebuilt : and we have no money. I'm
Tess we borrow our houses cannot be rebuilt,
our agriculture cannot be restored we can
neither resuscitatc trade nor production. To
obtain money soindispensable to these objects,
we must 60 10 other communities ; for there Is
no money here TO lend and IL is not possible
TO obtain it in those other communities unless
we pay the prices for the use of money pald
amongst them, and submit TO the rules observed
by them We must either do this or DO With
out ronry--and starve; for our very existence
almost depends upon it. In not one OF those
communities can money now ne obtained ~ Sif
a,e,. cent. the maNimum allowed by our uSury
law. Even the Federal Government is paying
sercr hirty-oRc -tuaGreih per cent for the use OF
money. Is there any reason for supposlnS
that we can borrow on better terms Are
there not some facts which suggest the OPINION
that we canuot do so on rs good terms Is not
our future more obScured than that 81 many
other communities-anda are not our securities
less available than theirs On what earthlS
ground, then. can we hope 10 obtain money 10
better advantage than they
Our condition and our necessities are PLAIN,
and SO are the facts concerning the Dorro"lhS
and lending OF money. No man can uehs
them Money must be borrowed II uSarlous
;pr.rpst. or not borrowcl! NJ all. We must VIC
late the law or we cannot rebuild our houses
or cultivate our land. Can the wise law-giVer
hesitate Is 10 his duty? Can he deem il wis"
or lust 10 drive the citizen 10 the necessity OF
violating the law? Can he find ii IN his heart
obstiuately 10 adhere 10 4 law which he knows
the citizen must of necessity lo!ate,and whose
existence subjects that citizen 10 the payment
of an additional per cent. for the use OF money
in order TO indemnify the lender for the RISK he
incurs by lending money n uSurons interest
Is he willing, by continuing the restraints oi
this law, 10 trammel the enterprise ana oo-
struct the prosperity OF the people an" ''i"S
re,ard the Growth OF the State and impoverish
the sources Of the public reYenueF None OF
these things, we are sure, any member of the
virrinia legislature desires 10 do. Then, we
trust that no member Will permit himself 10
be rnisled by prejudice, and thus made 10 Go
the very thing that he does not desire 10 90.
There can be nothing pl1incT and more unde-
nialle than the facts We have stated ana the
deductions from them are equally plain ana /
unavoidable.
Usury is. at best. variable thing. The legal
rate of interest. above which al Is uSury,
varies from sir 10 ten per cent. in the different
States This i anomalous III states all OF the
same Republic having an intimate trade with
one aISthcr. The Jewish law declared any in
tcrrst 1t all usury, and that is the only true
ground 10 assume; for the instant you begin
10 charge interest by authority OF law, each
government settles for itself what is uSury,
ard the differences amongst thcl3 become SO
great that the immortality Of usury, rs pro-
claimed by the severe penalties attached to
H. becomes absurd. and the laws are mus
brougntin.o contempt. We need 10 more strtk-
i'm proof Of the ahsurIity Of the policy Of
these laws than this while it il grave
crime Ender the law i'll Virginia 10 receive
more lhan SIX per cent. for money loaned, the
Federal Government, now supreme over VT
GINA. pays Is much Sectn Wt'ty-o"e-h""Fe''"
per cent. for the use of II
The necessities Of this people and this State
demaud for them relief from this law, which
imposes such serious restraints upon energy
and industry, and 50 plainly rctarts the gene
raj prosperity.