The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-01-21
The trsury Law.

The House . Dc,egates, by a most de
cided vote. on Saturday last put an end Z
oil hopes Of any modification of the usnr!
law at the present session Of the Legis'a
ture. Mr.. LEE, one Of the delegates ITO"
this city, near the conclusion OF 'ne pro
eeedings on the subject, proposed elgn'
DER cent. a. compromise, out II met WIN
~ e.,or AZ the hands Of the House. The
ans, defeat of the Senate bill legalizine
,n,ere., As high as ten per cent. was some.
what surprising for the large majority by
which il was Observation-Disclosures to fty.
.i, This exhibits an astonishing change
since last winter, when the House passed
he hill once. and reconsidered and reject
cd |, afterwards by nearly tie vote.
What has occasioned this change among
the legislators We do not fully understand
hut one argument, which weighed power
fully with the House, was that in the pre-
sent doubtful condition of political affairs
in this country capitalists will not hazard
their money in the South either in invest
-ments or loans, and that to increase the
rate of interest would only disturb our
own internal financial affairs--enhance the
value Of the little money We have-and
make borrowers and debtors pay the en-
HANGED interest, while it would bring in no
capital from abroad. This was, indeed, q
very plausible argument-especially with
those who believed that money-lenders
we're only receiving six per cent. upon
their money at interest. OF course tins
was q great mistake, with reference to a
large part of the money loaned. Yet we
are not prepared to say just now that there
is not truth in the idea that even an ad-
vanced rate Of interest would not attract a
great amount of capital to Virginia. Capt.
talists are exceedingly cautious and dis
trustful. They would hesitate long before
trusting their money to the political uncer-
tain,y now paraly zing the southern States.
Certainly eight per cent.-which was the
highest point it was possible to have in
duced the Legislature to go-would not
have excrted a very great influence so long
As capitalists could buy Government stocks.
The class Of persons Influenced by this
view, added to the large number who were
educated in the belief that there is great
moral law against usury which could not
be violated without emitting the violator
to all sorts Of wrath and retribution, utterly
overwhelmed all efforts at modification OF
the usury law. This horror of usury-a
crime that is varied in every land by the
varying legal Understanding the Jews to
take interest at all for money-and in this
country: per cent. in Virginia, in New
York, and 10 in Louisiana, while the Fede-
raj Government pays 7.30-is cherished
with as much earnestness as is the super
stition in the effects of the moon upon the
times to sow and the time to kill meat!
So we may content ourselves with the
opinion that it will be yet some time be-
fore Virginia gives up the idea of regula-
ting the value Of money and becoming the
guardian Of people in the matter OF Dor
rowing money, who are considered entirely
of "sound mind and disposiGg memory F"
on all other subjects, and left to take care
of themselves on those other subjects.
Well, let us take heart and go on perse-
veringly. The defeat of the effort to in
crease the price of money will tend to
make us the more economical, and we may
make in that way as much as we would
have made by borrowing little money.
Let none despair, but let all apply their
energies to the grand purpose of rebuild
ing their fortunes, and the aggregate exer-
tion of community SO working must re-
deem any nation, however PROSTATE it may
be.