The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-01-29

MEBTIXa AT THE CITY HALL.-Pursuant 10
notice, meeting was held Oh Saturday eve
ming 10 take into consideration the proprlety OF
memorialiZing the Legislature regarding the
repeal of the usury laws. memorial was |.l.
circulated, to which was appended long list
OF the names Of prominent citizens. The Iol-
lowing IS copy of IL:
"To TIE Honorable Gs.,rot Asssm1lyGf tie State
Of Virginia:
The memorial Of the undersigned respect.
fully representative the present usury laws
operate rs au incubus upon every enterprise.
and constitute the great obstacle 10 rapid
development OF the resources of the State.
" That the effect OF these laws is 10 prevent
, the introduction Of capital from abroad, ana 10
drive what little capital, rs 10 investment,
/ elsewhere, thus decreasing the supply OF
money, forbiddiug anything like competition
among lenders and actually largely increasing
the rate Of interest, instead Of limiting II.
THAT the current rate Of interest now paid
in the commercial centres of Virginia is from
! twenty-five 10 fifty per cent. per annum out
side Of bank discounts, which are extremely
limited; and while this IS the case there can
be no such thing Is prosperity for merchants,
manufacturers, agTicuituTists, or any other
4, industrial class
THAT the only way 10 make the rate OF
interest l0lO is TO open The door 10 capitalists rs
widely rs possible, that the supply may
exceed the demand. and free competition
among lenders may reduce II 10 its proper
level.
q And your memorialsts pray that laws
relating TO usury may be amended In accord
amce with the recommendations contained IN
the message OF the Governor
The meeting wus nota very large one, though
composed mostly of the best of our citizens.
Mr.. Thomas W. NcCauCe, on motion Of Mr.
f Z. Townsend, was called 10 the chair.
Mr.. David |. Burr stated the object OF the
meeting, and moved that the Chair appoint Il
committee Of five TO draft resolutions, which
motion prevailed.
The Chair announced the following commit
tee: Npssrz David l. Burr, B. W. HaXall. J..
l.. Townsend, L. w. GrGUhs aud II. w. Fry
The committee retired, and after an absence
Of some moments, made the following report:
Whereas propositions for the amendment
Of the usury laws are now before the General
Assembly. and II is Of vital importance 10 the
industrial interests OF the State that wise
policy in this direction should prevail, and the
general opinion Of the mercantile community
will probably he Of some weight IL dctctml
ming that policy, hc il resolved, as the sentI-
mcnt OF this meeting
" First That there is no occasion for changing
the present legal rate Of interest, provided II
is made lawful TO contract, by written agree
meut, for the payment OF higher rate. In
settlements where there j. no contract, SIX per
, cent. viii answer as Well is any other
standard.
"S.coad. That limit Of Ten per cent. upon
contracts in writing would answer 10 legal
purpose and ii would he better 10 let the legal
rate act a5 the standard, without the influence
which this maximum might exert. Yet II i
probable that a less rate than ten per cent.
would bring the requisite capital into tnt
State, and this IS 4 subordinate qursll OF nc
great practical importance.
4" Iiird That such amendment ui the usury
laws rs will enable The people or \iEElult 1c
compete with the General Government anu
the people Of other States III the introduction
OF capital here is indispensable ID The lie ana
growth Of every pursuit winch makes up lht
L I Ia 1
j. is no prOleC ton To the lender gains cXOrbl-
tant interest, but operates either rs 4 prohlOl'
ton 10 prevent his borrowing money al all, OF
else greatly Increases the rates, 10y couIih!nl
. the number Of lenders 10 The few who dlaTc'
gard the law, and by imposing Il risk, for which
| the borrower has 10 pay. III the prcse. con
ditiOn Of Virginia the want Of capital II the
great drawback to the development OF every
interest. How 10 provide itat the cheapest T"'e
/ is one of TIL. most important questions ol
day. She has vast mineral wealth waiting . Je
brought TO the surface, wood LANDS IN "t!ltCl 4
high state Of Improvement, manufacturing
and commercial advantages sufficient for NJ
empire, and an mtelll gent, energetic PopulI
tiun 10 use these advantages. Yet, win nj
these, capital is Indispensable 10 make pro
grcss. In the present state OF the law, IL Is
hopeless 10 look for development or improve
mput 10 any considerable extent. Inc Il"
citizens of Virginia who may be termed capi
talistS have every iuducemCnt 10 lend thcu
! money abroad, except where they eTade IN
! law Thoac who evade the law are protected
in their monopoly of excessive rates by tn
exclusion OF lenders from abroad. And the
large capitalists Of III" country who lend or
the Longest time and at the lowest rates hu
respect the law, are forbidden TO come oVcI
our borders.
Fo,,rtl That our representatives IA tn
Gcnerel Assembly be earnestly requested L
use their efforts toward such modification 0
the usury laws as proposed i'll the bill 10"
before the Senate
The report, with the resolutions, were nnoni
rnously adopted rs n sense Of the meeting
! After which the meeting adjourned.