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

70 he sufficient to improve the river navi-
cation above Buchanan. Circumstances
during the war prevented its expenditure,
and that sum Is still reserved.
The resolution further inquired at what
rates the certificates Of the State for the
$500, 900 were sold. Mr.. Ellis states that
no part of them were sold at less than par,
and large part Of them were sold at
premium.
The communication was referred to the
Committee of Roads, &c.
BILLS
we're introduced and referred:
By Mr.. EvANs.-A bill to amend the l4th
section Of chapter 81 Of the Code Of Viz
ginia edition 1861, in regard to rates OF
toll on turnpikes.
By Mr.. WooLDRrDGE.-Incorporating the
Ashland Savings Bank.
BY Mr.. EvANs.-A bill to amend and re-
enact l4th section chapter 81 of the Code
Virginia edition Of 1860 in regard to rates
of toll on turnpikes.
By Mr.. SMITH.-A bill concerning the
Eastern Lunatic Asylum.
PETITIONS
were presented and referred:
b. Mr.. ROBERTSON. of William II. Mi
nor, for the refunding Of fine imposed
upon him.
By Mr.. CHILDREss.-Of the President,
Directors, &C., of the Montgomery White
Sulphur Springs.
RESOLUTIONS
were introduced and referred:
By Mr.. CHTLDREss.-Into the expedi-
ency of authorizing administrators and
fduciaries having estates in their hands
ready for distribution to distribute the
same in kind, under the supervision and
control Of the courts Of chancery.
By Mr.. SMITH.-Inquiring into the ex-
pediency of reporting bill for the relief
Of Park Slater, late sergeant of Williams
burg.
THE UsURY LAW.
The bills modifying the law upon interest
and the motion to rscommit, came up as
the unfinished business Of yesterday.
Mr.. GARRETT, who was entitled to the
floor, declined to discuss the question, and
urged a vote upon the recommitment of
the subject now. He would not move the
pending question if any gentleman desired
to discuss it, and therefore gave way to
give any gentleman the opportunity who
desired to do so.
Mr.. WHITE did not speak from motives
of personal qualification, but must reply to
some remarks made on yesterday which
alluded to him in manner which he con-
sdered discourteOus. He was young and
inexperienced, it was true, but he was not
the only member who had "waSted the
time of this House," although others had
made more elaborate speeches.
He considered the usury law as Interior
ing with the right of property; it defined
and distinguished between certain kinds of
property. While allowing full scope to the
possessors of certain species of property, it
imposed letters and restrictions upon
others.
The opponents of repeal quoted history
in defence Of their position, but he thought
it easy to prove that England was in the
hands of the usurerS until the repeal OF the
usury laws.
In Greece, Scion, the wisest Of ancient
lawmakers, swept away the restrictions
upon interest, and he wished that there
were more Solons at the present day.
When Rome had low rate Of interest,
usury ran riot, and it was not until the rate
of interest was increased that money be-
came plenty.
A gentleman had said his people were
not so degraded as to desire the aid of for
eign capital; his people, in refinement, in:
telligence, and patriotism, were fully equal
to, il they did not outstrip, the constituents
of the gentleman alluded to.
He alluded to the high rate Of interest
allowed by the laws Of California, aud the
remarkable progress and prosperity of that
State. That ten per cent. could be paid
for money, and profitably, Chicago was
living proof, as that magnificent city, the
great emporium of the Northwest, had
been built up by capital borrowed at ten
per cent.
He inveighed against the usury laws as
powerless for good, but mighty for evil.
They fell with peculiar force upon the ne
cessitous part OF the population. He urged
that money tods q commodity, worthless eI-
cept as q medium of exchange and to
facilitate commerce. He quoted from
Brougham, Wayland, and others in sup
port of his position.
If this were so, why fetter one commo-
dity and give the largest license to an
other!
These laws had been, and would be in
all ages, evaded whenever the necessities
Of the period demanded their evasion but
the risk of evasion fell on and was paid for
by the borrower. Our people were i'm
poveriShed, and money only could aid
them in reganing the path to prosperity.
"Strong arms and stout hearts," it was
true, Virginia's sons possessed, but these
laws paralyzed their hearts and unnerved
their arms. These laws were equivalent
to a complete embargo on foreign capital,
for it was futile to talk Of obtaining money
in Virginia at six per cent. when the Co
vernment of the United States and every
neighboring State were paying a higher
rate.
The time was when New York and Vir-
ginia were rivals for population and power,
commercial and political; but interest in
New York was almost unrestricted, and
houses went up like magic, ard capital
poured in, while our emporium, which
ought to have rivalled some of the largest
northern cities, still langushed, neglected
and comparatively paralyzed.
Our people had stout hearts and strong
arms, and were equal in brains and intel
lect, industry and energy, to any under
the sun, but they were hampered, fettered
hand and foot. Loose their letters and
give them an opportunity; let them en-
ter the arena and compete with others in
the race for wealth; let them enter upon
a new era of prosperity, and regain in the
future the losses Of the past.
When Mr.. WHITE concluded, the pend
ing question was demanded and sustained.
The first question in order was the pro-
position of Mr.. CRUMP to commit with in
structions, as reported in the proceedings of
the House of Thursday. 1t was put and
j. 4 L.. IL &c