The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-02-08
The IIsurY Law.

~.
The Senate makes little progress upon Wv
,ro,o>,,,o, "a modify the usury Ia" TO m'e' '"'
.t...,o.oti times Their bill, as amended
limits the rate Of interest To
,.,,,,ar.nnt Ordinarily, that Is too mu'h
80 D., the limit the danger Is that III
-, ~, ,bc rul,uc rate. We suppose this
,,.,,,, of respect 10 the Bank of Eng
r,na which has lately put up its rate 10 eight
,,or CON, Naturalization is high authority
no limit aud has charged rs high
A. fen prr cent for money. If its example Is
good in part, IL ought TO be good i'll whole.
How Is i; that gentlemen will not admit the
force of argument and OF fact on this very
plain suhlcctH They learn in youth, from their
moral and religious training, that usury -
very bad ana they can never forget IL ltt
they ought 10 know that the usury upon
which the teachers found their morality Is 'h'
receiving OF any compensation for the use OF
money, and that the Virginia law Is rs laueh
usury, and rs clearly against the JEWISH Ia"
rs any other usury can be. Yet they sterhlS
adhere To the six per cent. as proper, ana
everything beyond ii rs unlawful immoral,
and ruinous. They are willing 10 trust men
10 manage their own affairs i'll every matter
in the economy OF life except that Of borrow
ing money but upon that each must have
his guardian. He is totally unfit for that. lie
may buy and sell anything in the world; pay
or receive any imaginable percentage above
cost but when II comes TO money no mus
have a ring in his nose and be held by the law.
L; is amazing how firmly men adhere 10 Gus
IONS and usages for years after their impollcy
and bad effects have been proven rs clearly
rs 1t is possible 10 prove anything.
If gentlemen could cut off Virginia from all
communication with the world, and make her
another Paraguay, il would he very well 10
adhere 10 any flllacy in money matters, or
commerce, or anything else. Indeed, money
might be abolished, along with usury, rs
the surest'way 10 get rid Of usury in lending
money, and the primitive custom OF barter ana
exchange might be employed rs substitute.
But We cannot erect a Paraguay here. W"
are n reconstructed State under the Federal
Government, surrounded ny active commercial!
communities, all having constant trade and IN
tercourse with us; all Of them observing diiier-
ent rules from ours in matters of money Even
the Suprrme Government, which now eNert>
lis authority over Us, itself pays higher price
for money than the Virginia law allows. Or.
FRAScIA, the ruler Of Paraguay, saw that II
was impossible 10 discard the usages OF the
world unless he could shut out the world from
Paraguay SO he did shut out the world, and
establi she'd 4 hermit Nation. Our Paraguay
ans in the Legislature lack the sagacity OF the
remarkable apostle Of their school, and attempt
10 pursue their policy without the aid OF the
only means which can preserve it; /. e., cut OH
all communication with the world
We still trust that the Legislature will more
deliberately and calmly view the circumstances
that exist here and those 10y which we are sur
rounded, and pass law that may afford some
real benefit 10 the State.