The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-02-27
The Usury Law.

The Usury Law.
The amended usury Law was passed Ia 'he
Uon,e az Delegates yesterday, az u came from
an. esr,te. nv forty seven to forty'one. Inc
sol,ovvins Is the bill a. It passed
!. !. Al, A nssnd and re-ssaa The fourth section o.
Saontsr one 1aadred and forfy.oae o. the Code q
T;,ynafa edition Of 1880.
:. ~ n enacted on ths General Assembly, That |
thu fourth section OF chapter one hundred and |
forty. one of the Code OF Virginia for 1850 be, |
and the same 10 hereby, amended and re-en-
acted 40 a. TO read rs follows:
"SHcriox L. Legal interest shall continue TO
be nc tho rate Of six dollars upon one hundred
dollars for year, ana proportionaoiy TOT
greater or less sum, or for longer or shorter
time, when higher rate shall not be agreed
or between the parties az hereinafter provided
but contracts hereafter made for q higher rate
Of interest not exceeding eight dollars upon
one hundred dollar. for q year, ana prS Sar
longer or shorter time, for the loan or iorpea-
ance Of money, shall be valid, IL in writing.
sSEcrIoS Q. This act shall be in force from
its passage"
After the passage Of the bill, MI. BRAxroS
rave notice Of his intention to move, to-day 70
reconsider the vote by which the bill passed.
he having voted with the majority, we may
suppose, for the purpose Of making such
motion with a view to it's ultimate defeat
Such a course Is not unfrequent In modern
propriety. In former days, motions to recon
slider were sometimes made; but invariably
from the prevailing side in the vote upon
strong appeal from the defeated side, based
upon some promise of further testimony that
might change the opinion Of the House or the
absence Of some leading friend Of the defeated
side who had something important to say
which might produce change; or the alb
sence of members whose votes might produce
different result. Such appeals were always
kindly treated, because a spirit OF fairness
prevailed In the Legislature of olden times,
which In this way rendered unnecessary any
such strategy rs member voting on the side
to which he was opposed merely to move a
reconsideration.
The mover in this case has a plenty Of pre-.
cedents-questionable as we think they are
but we cannot suppose the House Of Delegates
will be disposed to humor his disposition. No
matter Of general public interest has been
more elaborated discussed than the question
Of this amendment of the Usury Law. Ithas
been discussed by the press and by the Legis-
lature in all its phases, and the judgment upon
IL has been deliberate 1t cannot be probable
that the House of Delegates will again open
the debate upon it at this late period and thus
sacrifice time which should be appropriated to
matters long deferred and demanding atten-
ton during the brief remnant Of the session.
II there ever was a matter made clear-if
ever there was proposition sustained by the
most conclusive evidence, it is this relative to
the amendment Of the Usury Law. The
strongest point was, that commercial cities
with which we are constantly trading paid
more for money than our law allowed-that
even the Federal Government paid more;
and that therefore it was impossible for us to
obtain the loans necessary to rebuild our stores
and revive our agriculture at the interest
established by our law. 1t was plain and
unanswerable. To this fact, and to the
other irrefutable arguments which sustained
them, the majority Of the two Houses surren-
dered the preiudices which were strongly
engrayen upon their minds by education and
custom, and passed the law. To reconsider
and repudate the measure, after all this
would eyince a fckleness and caprice alto
gether unbecoming the House, while 1t would
occasion general disappointment and despond-
ency in business and commercial circles 1t
would do great deal Of injury. We know
recuperative labors and fresh stimulus TO our
prosperity has been waiting for this law
Although not altogether what was wanted, it
will bring in large capital, and do great
deal of good. We cannot believe the House OF
Delegates will retrace their action, and undo
such a wise measure before any opportunity
has been given to test its benefits.