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

tldsriew wilil txke s9oo,ppe pnt PC ths
pockets Of the people, and put y inso Wy
Golfers Of the banks. 1ci.... sITI A.. q,
Mr.. TraSfI continued bis remarks ~
imposition 70 the bill q, one not, cslc ulsscu
IN rive relief. He admitted the distress
and the gloom of the times. he couiu
hear the hovlings of the tempest ana tpe
snroes Of the sea but through all ne coro
bear a stili small voice like that when
came across the waves Of the sea OF CAN.
lac CRYING. Is Peace, peace, be not afraid
Mr. HERNpos followed in earnest sup
port of the bill. We have room enly ior =
mere synopsis Of his remarks. lie sara
that we had lost our money, ana al gu,
property but our lands. With those ana
our own industry We had the founda.,ons
10 rebuild our fortunes; 5 but gold ana slive.
were necessity for every community ana
every man. The question was, could the
Legislature do anything to aid the people
IN their distress 70 obtain this desidera-
tumi Mr.. HERNDoN regarded the aboiition
| of the usury law as. the measure best cal.
culated for that purpose. He considered
that law a sort OF Chinese wall, that kept
money from flowing into Virginia. Every
where ont of Virginia ten per cent. was
the prevailing rate, and you tell the peo-
ple of Virginia that they shall only pay SIX
per cent. He pronounced the usury law
an internal old-fogy law, clutching us by
throats and prohibiting us from paying
more than six per cent, when. every other
community was paying more, and thus de-
MED US the opportunity to borrow at all
| This was tying us to dead body and pa
rayzing our energies.
Mr.. HERNDoN alluded to the challenge
of Mr.. TURNER to show an instance where
a people had abolished usury before they
became money lenders by their wealth and
prosperity. Mr.. HERNDoN pointed him to
Holland and the Duchies, which had at
tanned to such neutrality-suspicious.
aud eommercial--which were ut one time
the money-lenders of the world-and all
without the aid of the usury law. md.
Mr.. HERypoN discussed the question OF
the effect Of abolshing the usury law upon
interest contending that it would ulti-
mately reduce it; and he urged the claims
of the agricultural community upon the
Legislature. They wanted money-that
was the desideratum-without which the
State must go down. The proposed remedy
should he tried. 1t could do no harm. Nine
months would be sufficient to prove 1t, and
in niue months the Legislature would be
again in session. :,
Mr.. DICKINSON followed against the bill
He said we have been in revolution seven
years, and might continue in it for fifteen
we were taking leave of one and entering
upon another. 1t was proposed to cut
loose from the past and its institutions
and from the usury law as one. He avowed
his conservatism on this subject, and wa:
not vet ready to cast off a statute known
everywhere the common law had been ex
! tended. He entered upon an Argument &c
show that the farmer could not borrow
money! at ten per cent. to cultivate nj
land and asserted that nine out OF tel
who did this would be ruined. Gentle
men said that if We fail top pass the law yot
consign the people to beggary. Mr.. DICK
IysoN thought if this were the only remed!
we might say now, Dear Virginians, yot
are consigned to beggary." The law con
signs them there; SO that in either even
such was their fate.
Mr.. DICKINSON touched several Other
points in his speech, and when ne con
cluded, the House adjourned, on motion
Mr.. GARRETT, without taking vote.