Daily Richmond Whig. [volume] (Richmond, Va.) 1865-1869, 1866-02-03

! ominous. As far as our information extends,
the thinking men of the State are anxious for
its passage. The general argument, pro and
con, has long since been exhausted by the
ablest iurists, from the time of the Romans to
the present day. 1t may be Conceded that, I'M
der the ordinary conditions Of society, the ar
sument is in favor Of limiting, by law, the rate
Of interest on loans of money to some ialr aver
age standard OF its value. Under no eircuu'-
stances ought the money lenderto be perini''eu
/ I'D practice extortion. The power oil equllaole
| relief should. in such attempted cases, De re-
served 70 the courts. But the question for the
/ LEGISLATURE TO decide, is whether parties shall
he permitted by contract to charge higher
rate of interest than six per cent, and where
M, r,, of interest is stipulated for, the present
,..,,l rates. 10 obtain. Few more important
.,n.stious have been brought up for the consd-
.r.tion the legislative body now in session.
/ ,-r,,p its correct decision, We honestly beheve,
the prosperity, and we might almost add, the
salvation OF the State depends. The rate oil IN
/ tercst authorized by contract should be Such
~ would insure the circulation Of Northern or
.,reirn capital amongst us. The general poi'c!
.rusurv laws. like all others, must yield TO ur-
.,ept necessity. In times OF unprecedented
embarrassment and confusion, a wise legislator
,yIl look calmly at his surroundings, and adapt
his legislation to the condition Of the const'tu-
,ut bodv. 4 law might be good and whole
some under extraordinary circumstances that
81,
der the ordinary conditions Of society
The State of Virginia is almost entirely
destitute Of circulating medium. 1t Is
impossible for business tranactions To
he carried on unless money from some
source is obtained. At present there is no en-
.rqy. no vitality, IN trade. The industry Of
the country is paralyzed Tor want of employ
ment. The young, mddle-aged and old, are
All willing and anxious to work, and are
,oaded on bv their necessities to seek employ
mcnt but there is no capital in manufacturing
or commercial pursuits, and very little III agrl-
cultural or any other industrial department, to
offer any reward for their services. No enter
prize i'm mining or manufacturing can be
launched SO vitality needed at this time to de-
yeIop the resources of the State and give en-
uloyment to operatives. Farms are ineth-
GENTLY worked, OF wholly neglected, for the
want of means to stock them and labor to
work them. In many counties the debt con-
tr,cted, even since Lees surrender, IS so much
larger than the amount of circulation, that II
the propertv of the debtor were brought under
the sherif's hammer it would bring almost
literally l,Oikinq. Even now, while the debrtS
and Icavings of the late Southern COntederacy
are not entirely exhausted, chattels, at auction
sales i'm some counties, sell in currency, for
cash, at much lower figures than they sold for
before the war at gold value. The State banks
are all broken up. The little remnant Of
specie and other circulation left in the State at
the close Of the war has been sent to the
North to buy goods $50 absolutely needed al
ter q long embargo,) and the great bulk
of tobacco has been disposed of and the
proceeds invested in the same way and
at this dav our merchants are indebted to Bal
timore and New York, and the balance in
trade is against us. We are obliged to have a
Circulating medium. The payment of a little
higher rate per cent. by the first borrowers OF
Northern capital, dwindles into perfect insig-
nifcance compared with the general adyan-
taces of the circulation of this capital through
the country. Outside Of the large towns Of the
State, the few scattered national banks have
added scarcely q dollar to the circulation. The
stockholders have paid more than dollar for
dollar of Southern funds for every dollar the
banks issue. Unless the Legislature allow an
increase in the rate of interest, more than
wear will elupse before the circulating medium
will increase perceptibly. 1t is in truth dimin-
ishing every day by being sent North. The
only prospect OF ever ultimately getting capital
in the State under existing laws is through
the slow process Of a crippled agriculture, Ian
gushing itself for the want of money to buy Its
necessary implements and pay for its labor.
And a large portion Of the etproft of agricul-
ture for the present year will be Immediately
taken out Of the country to pay the Federal
revenue tax.
Capitalists Of the city of New York are Of
fering, for home investment, money freely at
live and six per cent. With the inducements oil
eight or ten per cent, they would invest on
bond and mortgage ON real estate in Virginia.
Ii would dow freely, and revive the dropping
energies of the State VIII the Legislature let
it come We hope the Legislature will take a
practical view OF this subject, and meet the
wants of the community in this great crisis
Let them throw aside Bentham and Bacon, and
study the actual condition of the State. Lord
Bacon could never have designed any general
theory of the policy of usury laws to apply to
community who had lost all their circulation
by war; and We're virtually prohibited by law
from establishing State Banks and whose only
means of obtaining the circulating medium was
uby borrowingit atalittle higher rate
of interest than the ordinary value of money
In any view OF the case, it is necessary to do
something. Otherwise, inevitable ruin is be-
tore us. There is opportunity, at least, for an
experiment, which, should it not work well, may
Ia, abandoned Not much harm could be done
between this time and the next meeting of the
legislature.
CITY POLICE.-We all have public duty to
a..