The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-02-28
The Usmy Law.

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wsAAAAopsd thai NE were dons WAN snls
suhjset for the present session OF tne ~.
ture. But, strange 70 say, the hoss =. 80
eatss again ON yesterday s 80 A.
hcSnrs, Ths vote on its passage WAS forty
49,. "a sortv.one. II was rejected yesterday
nv sor,v. ave 70 thirty .eight-showing fail.
m, osr Of sss votes In Ne aggrsgass. -~s.
We profess not 70 understand these extraor.
d,rsry changes on 20 important measure.
n annesTs that Governor wIss's message OF
.one wears slnce, when he sent In three several
communications 70 the Legislatnre--one Of
them many columns long--in opposition to the
repeal Of the Usury Law, was quoted freely
In the debate yesterday. Even II that mes
sage were conclusive, which II Is not, 1t was
made at time 50 entirely different In every
particular from the present, that 1t does not
apply. To wise, and liberal minded gentle
man, who does not allow himself to be carried
OF by prejudice, we need only mention the
fact that In all the great cities with which we
hold commerce. more than six per cent. 10
Maid for money, and that the Federal Govern
,nent (now supreme over this land) pays
seven thirty one. hundreth per cent. This
would be suficient, with . really practical
and unprejudiced man, to convince him
that the law ought TO be modified. Then the
English Government has left commercial
paper 70 such interest a. may be agreed upon !;
and the Bank OF England raises its interest as
money flows out Of the country, In order TO
check mere speculation, and in that way 70
stop the exports ti0n Of money We have
seen that great bank lately raise interest TO
eight per cent, while il has often reduced II
TO three per cent.
These are facts no argument can gainsay
We cannot borrow money here to restore our
city and, through its trade, to stimulate the
industry Of the country, unless higher rate
than six per cent is authorized /. e., we can
not borrow ut fair rates. Our people will have
10 submit 70 extravagant shaves by men who
will charge excessive interest to indemnify
themselves for the risk Of the penalties Of the
Usury Law. The shave will be to the very
bone. Everybody knows this. Everybody
knows that usurious interest has always
been paid; and they know what sort
Of usury that is which is exacted in spite
Of the law and the dangers Of it's viola.
ton. They know, too, how a man may buyta
note for half or one fourth Of its face, and the
law cannot touch him
What sort Of talk Is this, then, which Is ever
rung into the public ears, about the horrible
consequences of repeating the Usury Lawf
II is all prejndice-prejudice and nothing
else There is not one syllable Of good sound
argument to sustain it.
But II there was, this is not the time for it,
We are hopelessly paralyzed without money,
and we cannot get it unless we pay what
other people and the Federal Government
pay! That is. or should be. enough! The Legis-
lature should not adjourn without modifying
the law which is now Stacking, and claiming
the enterprise Of the commercial communities
Of Virginia. They have chartered railroads.
spread wide the doors TO our commerce, and
chained down our own peoplei Can they
leave them thus?