The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1870-05-05
Tae Walleg Nirginiau.
STANTON, VIRGINIA.
Thursday, May 5, 1870.
usuRy LAws..-rwELyE PER CENT!

There has been great difference OF opin-
ion in regard to the wisdom Of laws restrict
ing the rate of interest on money to six per
cent The debtor class have generally been
anxious to stay the hands OF the grasping
creditor. Men who have money to lend,
have, on the other hand contendcd that they
uught to have the right to dig the people as
deeply as they chose. In the radical conven-
ton the wishes of the moneyed men prevail
ell, and the Legislature is now prohibited, by
tho Constitution, from passingany law limit
ing the rate of interest to less than twelve
per cent where the parties choose to con
tract for it.
We areamong those who regarded this change
in our system as disastrous The experience
Of the world has been, that the money lender
will Cypress the borrorer, unless the law in
tcrvcns for his protection. And we appre-
bend it will be fouud that our views are cor
rect Creditors viii now take debtors by
the throat, and say pay me what thou owest'
or give new bond for II per cent. instead
Of six. Men having money to lend, will avail
themselves of the pressure in the money
market, and demand the highest premium
allowed by law Debtors are provcrbially
sangune They think, if they can only get !
relict from the present pressure, or obtain the \
command Of little active capital, they can N
do wonders Misled by this dclusive hope, \
they will borrow, at extravagant rates of in
terest, and put off the evil day as long as they
can. But it must come at last, and come
with all its accumulated burthens. Ruin
will be the consequence; and then men will
begin to see the folly of their course and the
in;ouity of the laws which let loose the
Shylocks TO prey on the community. Better
FIR better, let loose so many lions and tigers
in our streets, than half dozen money-lend-
ers, with full liberty to fattcn on the distress
es of the community The lions and tigers
might rcnd few unfortunate individuals,
before they were shot, but the money lenders
will devastate whole households, and bring
ruin and anguish to the hearthstones Of help
less women and children.
Under our present disastrous law author
izing II per cent, we expect northern usur-
ers to become, as it were, absolute landlords
of large portion of our landed estates
The sanguine land holders will mortgage them
at rate of interest which will be equal to a
fair rent, and thus in effect, become mere
tenants. When the seasons good, the
tenant may pay his rent (called INTEREST,"
but when an unlucky frost or drought comes
or from any cause, the crop fails, the rem
(alias interest), cannot be paid, and then thu
mortgage will be enforced, and the unhapp.
tenant sold out of house and home.
Have our readers thought of what fata
cancer interest at II per cent. is
Make the calculation, and you Will hno III"
the man who borrows 500, at IL per cent
nayable annually, will, if it be compounded
have to pay, at the end of six years moi
than s19S to discharge his debt. Ii the II
terest be payable semi-annually, the debt wi
be more than doubled in six years
", warn our people to beware OF this
mons rate Of interest. It will be fatal
all who borrow, for any length OF t'me'
that rate. A trading man may borrow,
60 or 80 days, at that rate, to make spee
ation, which will yield quick return L
no REGULAR business will bear it. Mercha
cannot borrow at that rate and thrive
chanes cannot. And woe! to the farm
who makes the rash experiment! Run IS
him certainty. Large farms will not, as
general rule support i fa@jlRr hardly sun
e &c nav g'f family expenses 49,, uto to
10 l pr, Wore our farmers then no ~
w. -. handle not the unciean "a
T. i worse than the leprosy OF w.. .l I'D, hoav
rhass loathsome diseases waste ''e 49, 49,.
tr;ns death in their train' But Nv wv
oflas ; a mpoverishes the fanny
cont. ln'e,e 80 If the moral nature
'n ;.as and children out Of house aaa as
s;ses the desperate to drunkepn o.st
al, sa.as misery and ruin Or0au.s a,r
Spfea ava Where people are lnv0i!
Inc ': :. u;,, be far better to face the's
a au1t;es suuaroy, at once, and SELL l p.;t0
heavy sacrifice, rather than soO pstt
..rtnre Of protracted suffering. ~, p'' :
'0f " own and have the residue =
MAJ, ~ .,hr.nce than hold the whole
~ mortgage for half its vaia .s,s st
ss,a renrescnts that Prome'aeu - :
from Heaven, ard 2 pan,. ,S MI,
from ned to i've aluass with vu's1
stautlv tearing his vitals. we :
link that this fable typihes the m man
us money at IL per cent Inc
, uill snaw his very heart-str'ngs' as
he lives -----
RICHMOND MAYoRAIrY u pishmo
:, h T.roR OF ELLISON -E.enn aaa
i 1aN rH Supreme Court OF A p i
a;n;a decided this morning az az - l.
! sb hat the enabling act passed, . 1y :"
.nrs was constitutional, and N, ina. IA.
E,yson and not George C man Oh
e'l n,ayor Of this city, and that an !.