The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-01-22
Usury-Money.

That money is greatly needed here Il pro,
position that all admit to be trne-tha' - ""
not come IT six Per centum Is eqnai'S "hoen'
BILE We believe the Legislature i nhf'
with the force of these facts OUT Wv
h.rs snoxv = great deal of hesitation about TAX
nr,no ,o,v stem that can bring relief that oi
repcaling or modifying the Usury Law,
Tho o,d arguments chiefly are that such q law
Is almost universal. and that even where u
has been Abandoned il has been soonre-ehac"u
"a correct the evils resulting from It's repeal.
whenever a money crisis and crash comes,
where there is no Usury Law. they are charged
10 the absence ofhe Lac. Yet the worst panics,
the most dis lstrous revulsons, have occurred
where it was in fun force-money has risen
even as high rs sixty per centum-and goid 10
enormous premiums-yet none OF us irie"''
have ever attributed these things TO the usury
Law. Nevertheless. ii is bad RUE tna' W.
not work both ways If the want of the La"
makes interest rise 10 ruinous rates. w"
lation 10 run riot, ought not its existence ~
prevent these evils? Most assureoiy. n"' 'No
truth is, il has nothing TO do with theih.
MONEY must have its price in the market just
,s bacon and lour, and the Usnry Law cannot
prevent this 1t may, and does, make the
interest beyond what is legal all the higher By
driving out Of the market the more wealthy
capitalist who will not do irregular things nor
incur the risks of the law.
The theory of the usury law is, that every man
who borrows money is non co,npos and needs
guardian therefore the lawgiyers proceed 10
provide one for him. In other matters IL Is
the policy, especially of a plain, CONSCIENTIOUS
straight laced class of these theorists, 10 leave
men 10 manage their own affairs after ther
own fashion. and they declare that Govern
ment should III terfere with them as little as pos
sible But the moment citizen goes forth TO
borrow money, they cry out" CATCH THAT
oman: HES MAD. w ITCH HIN. HE'S DANGEROUS.
HE DOESN'T KNOW WHAT He Is DoISa. he
WANTS TO BORROW MONEY. If He
OFFERS MORE THAN SIX PER CENT, OR If ANY
"NAN DAREs TO CHARGE HIM MORE, BRING EITHER
'soR BOTH OF THEM HERE. THEY MUST BE con
.sFIHED. HAVE THEIR HEADS SHAVED AND EPCT IN
50. STRAIGHT JACKET ~ In this way the theo
rists show that they are more sane themselves
on any other subject. How on earth man
can be more trusted TO do any other act OF
daily business and not this is unaccountable
on any principle that we are aware Of AND
how any and every eXtortlon now the most
enormous profits in the sale OF necessarles OF
life. as well as everything else, are 10 De toie-
rated 4; and the moment man receives more
than six per cent. for his money, he is TO be
punished for it, is an Inconsistency unsup-
ported by any sufficient reason that we nave
ever heard.
The most enter rising commercial nation
in the world has discarded all restrictions upon
interest Tor mercantile paper, and her great
National Bank raises the interest at will,
hayin. pun i, up IL times 10 ten per cent. This
is done 10 check overriding and over specu-
.t,,tN flt.,
foreign shipments Of specie, increasing the
amount of money, and soon bringing down the
raising the interest only tends 10 further adj
yances and by their theory there should be no
end 10 steadily increasing rates until the
U.ury Law is applied 10 stop them There
could be no more absurd theory. High prices
diminish consumption-they check trade-they
restrain everything, every enterprise--sare d"d
rate of interest," Here our economists say that
ercept this wonderful business of borrowing
money That is not amenable 10 any known
law of trade, and can only be checked by the
Tsury Law The bare statement OF the
proposition is its best answer
We beg the Legislature 10 consider the
necessity of the times TO relax the treatment
OF the borrower, SO that he may do something
to rebuild his fallen fortunes. lie is not so mad
as they mag suppose. Let him loose for time.
Ii lie shows himself incapable of taking care
of himself, they can take him up again.
If the Legislature, through its liberality,
gives freedom TO capital, it will flow in here,
and soon the whole country will feel the benefit
of it. The country wants money to pay for
labor. Richmond and other towns are the
reservoirs from which il would be distributed
through the ordinary conduits, and enterprise
and industry would receive new impulse,
and the State be rapidly restored to prosperity
&While we write the telegraph brings us the
information thai THE BANK OF ENGLAND HAS RAISED
ITs RATE OF INTEREST TO EIGHT PER CENT.
And it is done to check the outward no" OF soio ny
checking over trading