The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-01-19

pDfue, mary lawS were ppcessafy anc
assisted to encourage economy ana tnaI
accumulation which led to natiopal wealth,
TO commercial enterprise, to manufactu-
ring, and all things which money fosters I;
and that then came the proper time to
abolish usury. At such time people
who had passed through this period OF pu.
pilage under the usury law were too smart
TO continue il longer, 1t having served its
purpose, and they not being disposed 10
allow it To interfere with the rate OF inte-
rest since they became money-lenders. he
challenged the opposite side to point TO Z
single instance where the rate OF interest
had been untrammelled until that condi-
ton of wealth was acquired by industry
and economy which made nation inde.
pendent In finance and commerce., ana
which enabled Il to become lender OF
money aud a regulator Of commerce. 1of
Mr.. TURNER assumed thst ii there was
one thing on earth that ought to be regu'
lated. II was money. The United States
Constitution delegated the power TO coin
money and regulate the value Thereon ana
though il was a free use Of that authority
70 make greenbscks, still the Government
might establish iron as money II 1t thought
proper. The Government, few years
since, changed. the value Of silver coin In
order to check its expectation 70 foreign
countries where il was held at hlgner
value. Our Government did this by de-
basing the silver coin. If this be so, how Is
It that we cannot regulate the value OF
money by statutory enactment:
Mr.. TURNER commended that there was no
analogy between money and other KINDS OF
property. He asserted that its value was
sscertained and fixed, and there was no
danger of its Huctuating. -
Gentlemen said that people should not
be restricted in their moneyed transac-
tions, because they were able to protect
themselves and manage their own affairs.
Why was the statute book crowded with
acts prohibiting men from thousands OF
acts for the protection of society," Are
men all honest all virtuous2 Will none
steal or murder? Shall We leave all men
to their moral sensel Mr.. TURNER would
not live in country where this moral feel
ing was the only security. The object OF
this usury law was the protection OF peo-
pie who had to borrow money from the ex-
actions of the avariciOus and unfeeling
wealthy who had money to lend. 1t was
in conformity with wise public policy.
The usury law had been declared dead
letter, and the gentleman from Richmond
| (Mr. EvANs) had eulogized the brokers OF
the city, and in the next breath had de:
clared that there was no money loaned
here save at usurious interest. Mr.. TUR-
SER could not understand how high-mind.
ed and honorable gentlemen could, day by
day and hour by hour, violate the law OF
the State. But he believed the gentleman
was mistaken. He had been assured by
some brokers that the fact was not so. The
large dividends of the national banks o.
the city had been referred to as evidence
of usurious charges for loans. Those bank:
were based upon Federal securities, yieId.
ing 7.30 per cent. interest. They received
ninety per cent. Of that basis deposited
with the Government in their own notes
and they were therefore receiving double
interest, and were able to declare large
dividends.
Mr.. TURNER, alluding to Mr.. SCoTT's re-
mark that the application of money to ag
riculture was not yet understood, said thai
he could not see how lands that would not
bring six barrels Of corn to the acre could
be benefited by borrowing money at ter
per cent. The thing, said Mr.. TURNER
| lies in a nutshell. There is no money
here, and nothing wherewith to bring il
here. The system of borrowing for relic
was the system OF the spendthrift. 1t was
to borrow upon expectations-upon crops
Suppose the crops fail, how is the Dor
rover to meet his obligations? This wa
not the policy of the wise man, but that o
the spendthrift, and he did not want tc
encourage SUCH policy. This would moi
revive the country from prostration. Tho
only means-the only hope-was in the
perseverance, the industry, the strong arms
and stout hearts Of the people. These
will ultimately lift our State from hel
fallen and PROSTATE condition and restore
her to prosperity.
Mr.. TURNER criticised the memorial Of
the Farmers Convention. Without mean
ing to affirm the statement, he had heard
that that convention constituted in but
small part of the farmers Of Virginia
without intending to cast any imputatior
upon them-for they were respectable anc
honorable conference.-the said that some O
them belonged to a party of gentlemen
who six years ago said that the body-polltit
was suffering under terrible disease, anc
their remedy was the death of the patient
Their remedy having utterly failed then
he saw no reason to rely upon their prac
tice now, and he must be excused for re
jecting it.
Mr.. TURNER said that, from report, The
members of the Convention were not very
well agreed among themselves, but thel
conclusion was to borrow money in order
to retain their ancestral homes" Those
were not to be sold. They were to be
worked on borrowed capital at ten pei
cent. This policy-this mortgagng o
lands at this rate-would reduce the land
! holders themselves to serfs to the money
lenders. When that time comes-when tt
preserve the patrimoniai acres the land o
the State is covered with mortgages, these
landholders will wake up some fine morn
ing and discover that their "ancestra
homes" and "patrimonial oaks y had al
passed into the hands of alien creditors.
1t had been asked by the gentleman from
Petersburg whythe rivers of Virginia were
not vocal with the hun and whirl of manu-
| factories, and in the spirit of his remarks
he seemed to attribute the absence o.
manufactures to the usury law. Mr.. TuR
NER argued that our people had beer
essentially an agricultural people, and thai
their tastes and habits never tended Il
manufacturing. That was the cause of the
absence of those mills. Mr.. Turner wen,
on to say that neither the laDguishiDg con.
dition of agriculture nor commerce was at
tributable to the usury law. Maritime
commerce we never had great deal Of
and agriculture languished from no human
cause. Nothing but the products of the
soil-nothing but the bountiful yield Of the
earth-could revive agriculture or restore
the country to prosperity. For this sort O