The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-01-10

| The Leyitical law is OF DiNihe ',.,, =.
was intended, in matters mercy i'''i''~.
the government of that par'ieuiai peopN' INV
,,os not designed, in cases involving no aoo'
-, 80 onplv 10 any other people 1t for
- Gov instance the use of certain animals
60 cod This prohibition was formally
a,,,,sbed by Divine authority in the vision
uo,,oo,ed 10 ST. PETER Many other provisions
coon, not TO have been applicable TO any other
pcoplc. while they suited the condition of the
| Jewish reople, rs this particular law does
Among a commercial people, such law would
have been impossible Of observance, and would
not have been made. But If the enemies oil
/ the repeal of the law against usury tost quote
Scripture, we insist upon their doing IL cor
| rcctly. /
Our principal objection TO the usnry laws VI
this State Is, that they are wholly lnehec'N'~
in other words are nothing more nor less '"'"
n dead letter They forbid man 10 TAKE ino''
than sir per cent. per dii'm. lie mus 'n"'
they are paving six per cent month Ill ne"
York. and he carries his money there; OF he
| finds that, by ,disobeying the law here he can
| pct rs much for his money Is he can elsewhere
and he loans ii on high terms in spite OF the
law. A writer in the Wig says ten per cent
/ = month is paid here for moncy--it is done IN
snita Of the law: the law cannot stopit, and
law which is OF no force in correcting me e'i
against which it is directed is disgrace 10 the
statute book, and ought 10 be repealed. In
certain direction the law in question may ope-
rate. If IN attempt hc made to put II IN exc
/ cution here il will be sure to drive every cent
of money out Of the State. Nobody i going
TO lend his money here 1t six per cent. when
he can get sixty for il elsewhere. There i only
one condition of things that can rid us OF sha-
ycrs money must be plentiful, and then IL
will be easily borrowed.
"An Old Farmer who writes III the Wing
of Yesterday, states several things which we
think worthy of notice. First he says that,
in the opinion Of McssTs JEfTEKsoS, MADISON,
MARSHALL, WRIT and LEIGI, q reply written
by TKAxc1s w. GILMEE TO BExTHAMs celebra-
ted work on Isury was unanswerable. Wcap-
preciate the talents Of Mr.. GILMEg as highly
rs any man, and we mean nothing derogatory
10 him when we say that, Notwithstanding the
/ array of great names, we doubt the correctness
of the decision. Whenever saw Mr.. GILMERs
book butwe have seen many attempts 10 con-
cutc BryTEAM and we regard all of them rs fail
ures We shall be charged with presumption,
perhaps, for rebcllng against such great
names rs those published above. We can de
fend orr ourselves only by replying that, in
A.
: THAN was more than Il match for all of them
put together. On account Of his strange style
he was at one time the butt of half Europe.
, Superficial thinkers like JEFFREY used TO ridi-
Guile and sheer at the giant, the measure of
whose foot they We're not able TO take lie
. has survived their taunts, and is now acknow-
lodged by al the world 10 have been one OF IN"
most original and profound thinkers that
/ has DAYS BACON.
He has found interpreters who understand
= him and they have made his doctrines under
stood by the world On this subjective re-
peat-we consider him fair match for all the
illustrious names published above.
AN Old Farmer tells us that the rate of
interest in England is two and a half and
! three per cent that JOHN RANDOLPH, i'll one
of his wills, invested Il large sum in the three
y,er cents, saving that there was more money
within half n mile of the Bank of England
than there was in all the rest of the world
that England, by her wealth, subsidsod half
Europe against NAPoLEoN-and then asks,
/" Did she then repeal her usury laws ? Ger
, tainly not and for the very reason given by
JONI RANDOLPH, and here repeated, Tor
, investing in the three per cats, 10 Wit:
THAT there was more money within nall
"a nile of The Bank Of England than III
:. all the rest OF the world 1t could easily
be borrowed at three three and Il half,
and four the law allows five The sums OF
money which We're consolidated, as here al
luded TO, were borrowed III four and five per
cent. This proves how plentiful money was.
The Bank Of England, however raises her
rates ofeXchange whenever she plcaseS-Somc-
times a. high rs nine per cent. 1t precisely
III time like this, when our noble Cover
nor has gone TO Washington 10 get the taxes
STAYED that the propricty Of repeating the
usnrv laws becomes apparent. Men want
money. and must have it. They gire. says this
| writer ten per cent. per month for il; and
this they do ii spite Of these laws. why,
then, keep them on the statute hook: The
rate OF interest is always compounded OF two
/, elements: the plenty or scarcity OF money,
and the security or otherwise OF the tramSac-
ton Make the transaction secure by abolish
ing the law that makes il dangerous, ana you
attract money, multiply lenders, and reduce
interest
Our Old Farmer" declaims against money
lenders but the fact IS, orr people are COM
pelled 10 borrow, and will not be restrained
either by law or defamation NO man, we
presume, borrows at six per cent. month
unless he expects 10 clear great deal more by
it and if he does, he Will borrow II Ut all
hazards, law or no law Our towns cannot be
rebuilt; our farms cannot be restored; our
trade cannot be brought back, without money.
; The demand for money is great beyond all for
mer experience To suppose that any legal
enactment can make money cheap, when the
demand is so great, is to manifest an utter
inscusihility to the law ofdemand and supply.
England and America.
Sir MORTON PEro, on his return 10 England,