Daily Richmond Whig. [volume] (Richmond, Va.) 1865-1869, 1866-01-13

sacrifices OF properly. Seeing this, the Legislature,
sustained by public opinion, is now engaged IN franz
ing stay law to prevent the prompt collection OF
debts
But what would be the tendency Of the repeal OF
the usury laws Now all debts bear six per cent.
and the creditor cannot lawfully contract for more
Suppose YOU tins restriction do you not offer
the strongest motive 10 every creditor 10 push, nth
ali the rigOr the law will allow, for the collection of
his debit What creditor will be content to let his
debt stand at six per cent. it, by collecting II, he
can re-loan it for twelve or twenty per cent.
We now have the strange spectacle of two Oppo-
site lines of policy commended 10 the favorable con-
sideTatOn OF the Legislature at the same time-the
staylaw, to prohibit the collection IF debts and the
repeal of the usury laws which offers the strongest
stimulus TO enforce payment
The Legislature must choose between them. 1t
will not do to adopt both because the tendency of
one is TO neutralize the other. No stay-law can
stop the collection OF all classes OF debts and just so
far as You leave the door open, the repeal OF the
usury laws viii ncite the creditor TO enter II cred'
tons are allowed to enforce their claims while the
country Is denuded of currency the consequences
will be frghtiul Ii the rate OF interest Is TO CON
tinue as is creditors will be content because their
debts are yielding the highest compensation in the
form of interest allowed by law. But raise the rate
Of interest to ten twelve per cent, or Indefinitely
and every creditor will take his debtor by the throat
and say, pay Inc what thou Owest," lie will feel
himself aggrieyed that he does not get the highest
rate allowed, aud he will never rest satisfied until
he has, by some device, secured it.
This array of one class Of society against another
is much to be deprecated Better bear for a while
the evils endure, than the bitter feelings
which such policy would engender.
The third and last suggestion that | would Olier
is that the repeal Of the usury laws would result IN
selling out our own people, and re-peopng Virginia
with a class Of men who have no sympathy with us
The people OF Virginia now are, or think them
selves in great want of money. They willing to
get at any rate of interest that may be demanded
They are sanguine and enthusiastic. They think II
they only had ready money, they could do wonders
new avenues to proSperity-they could make haste
10 become Ich. They are like young heirs who have
large eXpectancieS They are ready to give any
premium on post obH
If the Legislature encourages this disposition, half
the estates in Virginia will be mOrtgaged for paper
money 10 Northern capitalists When pay day
comes, these mortgages will be iOrecosed, and our
people will be left homeless, and their places sup
piled by Northern men, who have made lucky INT
in Goldfish or molasses, or made n pile by Gov
eminent Job No Surer means can be devised Tor
rcyOlutonizng Virginia than the repeal of the usury
laws If laws were to receive their title from their
effects instead of their OStensbe objects, l womb
style the bill of repeal Ian act to convert Virgin"
estates into deprecated greenbacks' ana 10 suI'-
tute Northern spectators Tor TUE ah'ie"' P0P"'"
ton of the old Common Tealth' .,,
hiring about given object, sometimes effect exactly
Opposite. i ne SeCeSsOnlSls us u VI
the Union was necessary to protect slavery, and Sc
cure the sovereignty of the States In an evil hour
we listened to their cOunses, and the consequence
has been the abolition Of slavery and the overthrow
of State sovereignty.
Let us profit by experience. Let US ponder well
before we adopt these new-tanged measures which
are at war with our traditiOnary policy, and with
the experience of all ages and countries.
Better let Northern capital stay away than exact
oppressive premiums. The debtor is the slave of the
creditor Let US not make ourselves slaves to the
North or TO Europe. Let us practice self-denlal,
thrift, industry and economy, and all will come
right in the end. Better bear the ills we have,
than fly to Others We know not Of"
The spectators and kite-hyers may need money
at large rates of interest, but the masses do not
Few men engaged in legitimate business can afford
to pay over six per cent. Let the spectators go
abroad and get the money they want; but do not
entail the curse of unbridled usury on the whole
The man that borrows at q higher rate
tributary tbs the slave of the lender. 1t profits
are made in business they are swallowed up in pay
ment of eXorbitant interest The State Will thus he
impoverished, instead of enriched. system OF alb
like that which depauperates Ireland VIII
be established Northern lenders will occupy the
relation of the absent landlords, and Virginia Occu-
pants Of lands, of the oppressed Irish peasantry!
Let US pause and ponder long before we impair the
value of all our public securities, on whish many
widows and orphans are dependent before we de.
stroy the credit of State and corporations, and
add to the burthen of taxation; before we array
class against class and call into play all the worst
passions of human nature; before we minister to
a wild spirit of peculation-encourage catching
bargains, and reckless haste to be rich, without
paving the price OF labor; before seduce our peO-
pie into temptingly baed traps, which will ietter
them with bonds more calling than iron tue
bonds of indebtedness, and which will Danish our
own people from the homes of their fathers and I'LL
their places with aliens and strangers
AN OLD vIRGTNTAN.