The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-01-18


ch.rseter. The friends Of the tsary law
Commended that it was analogous 70 other
COW sSsr.,nins men in their yocations- =
.r"h - railroad, telegraph, and other re-
o.r;ations. There was really no analogy.
Tha rcrnlation and restraint were put upon
them a. corporations; for the comforting
mon them certain privileges to.a certain
extent conflicting with private rights. Mr..
KELLEY deprecsted the existence Of laws
for which there was no respect In public
opinion. The tendency was demoralizing.
The usury law was one of these; law
which was 80 violative of good sense and
the sense Of right that there was no respect
for it; law which imposed heavy penal
ties where there was no crime, and which
was in such bad odor that 1t could not be
enforced. ..g -sSlra s.r
He concluded with reference to the
PROSTATE condition Of the country, and
especially of the paralyzed state of the en-
terprise Of Richmond, which should have
miles of manufactures on the James river
instead of the few mills which now stood
opposite the city. Why where the sgri-
cultural, commercial, and manufacturing
interests of the State paralyzed 1t was
the want of money. Adopt the means to
invite it-take off the restrictions which
repealed it, and a change would follow.
Agriculture, commerce, and all sorts of
industry would soon revive, and prosperity
prevail.
Mr.. KELEY's remarks were listened to
attentively BY the House. We have pre-
sented only very few Of the points he made
in the course Of his speech. He admitted
that one objection to the bill had weight
with him, and that was with reference to
the probable course of creditors, should 1t
pass, in demanding an increase OF the in
terest upon debts due them. To meet
that objection, he meant, at the proper
time, to move an amendment to the Senate
bill. ,-
Mr.. KELLAx opposed the bill and amend
ments. To repeal the usury law would be
to let loose the shavers upon the country
to Cypress the people. Creditors would
demand renewals of the debtors bonds,
and they would have them or foreclose
mortgages. The bankers and traders of
cities would be benefited, and the country
would bear the brunt. Mr.KELLAM spoke
of the poverty of the country and the ina
bility Of the people to meet their liabilities,
and deprecated the repeal Of the usury
law at such time.
Mr.. TowNEs, in view of the judgment
that the stay law was unconstitutional,
thought the bill the very best thing for the
poor man. He regarded it as the poor
mans law. He contended that any man
would be willing to pay little more inte-
rest to get money to save his property from
ruinous sacrifice or to improve his land.
AS money could not be had at six per cent,
unless YOU raised the interest the people
were ruined. By all means we should at
least make the experiment. If not success
full, it was not like the laws Of the Modes and
Persians it could be repealed in twelve
months. Mr.. TONNES very earnestly urged
his views somewhat more at length than
here represented.
The question was then put upon Mr..
WHITES amendment, which proposed
a complete abolition of the usury law, and
was decided in the negative-ayes, Is;
noes, Is.
Mr.. KELLEY offered the following as an
additional section to the Senate bill:
Provided, however, that no higher rate
of interest than six per centum shall be
charged, allowed, collected, or demanded
on any contract, claim, or debt Of any kind
or description whatever, created, entered
into, or contracted before the passage of
this act, and provided that no renewal or
substitution of any obligation, contract,
liability, or claim existing at the time of
the passage hereof shall entitle the party
to whom interest is due to claim higher
rate than six per centum, and in case OF
the claim or charge Of such higher rate
than siA per centum on any debt embraced
within either of the aforementioned pro-
visos, the party SO claiming or charging
shall be liable to all penalties prescribed
in the Code of 1860 for the violation of
the laws regulating the rate of interest at
six per centum.
Mr.. CRUAP moved to recommit the bill
and amendments to the Committee on
Finance, with the following Instructions:
RESOLVED, That the Committee on FL
nance be instructed to report bill amend
ing the 4th section Of chapter al of the
Code SO as to authorize any rate of in
terest which may be agreed upon between
the borrower and lender in writing, pro-
vided that the said rate o. interest, when
secured by lien on real estate, shall not
exceed ten per centum per annum and
providing further, that no loan shall bear
higher rate of interest than six per cent.
for longer period than two years without
a renewal thereof in writing.
Mr.. CRUMP then addressed the House in
q very able speech of over an hours
length, in which he discussed the merits of
the whole subject. Throughout his effort
he commanded the close attention of the
House. A prominent point in his speech
was contrast between the former happy
condition Of society in Virginia, with its
peace and order, its indifference to all other
pursuits save agriculture, its virtue, dig
nifty, unselfshness, liberality, geniality, and
hospitality, and the condition that has been
wrought by the recent revolution. His al
fusion to the past was feeling and eloquent,
arousing the warm sympathies of the
House. He described the necessities Of
the new condition so different from the old
one, which wouldan never return. Money
must now be the servant of the
people, and they must make the most
of it. The laws and usages of the
country must be adapted to this
new condition. Farmers must become
inanciers-money must be employed in
cultivation-the intercourse between labor
and capital must become more intimate,
and the citiesand the country must become
more closely identified in interest than
ever. The repeal of the usury laws he
considered an important part Of the policy
suited to the new condition. -
Judge CRUMP discussed the question in
oil its phases, and gave an interesting
~ oxah - &c u. nyfn hIa