Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1871-02-02
Twelve Per Cent.

The Shenandoah Valley in its last is
sue, speaks thus bensibly of the rate of
interest, in this State, and of its ruinous
effect: rE3,5 "a. =. .-r ,
From all portions of Virginia comes
up the one cry, IN regard to tLis-7-.' Re
peal.' Is it not the part of IF isdom
when a law, from which much benefit
was expected, has proven, upon trial to
be ruineus in its effects, and oppressive
IN its operation to repeal it? Has not
this law. in its practical results, not only
disappointed the hopes of its friends, but
accomplished the worst forebodings of lis
enemies ? In our opinion the law. as it
stands, is not sound in principle, is dis,
astrous in practice, and is especially OPP
pressi,c at the present time. ~
The finances of.the State are in pros
trate condition, the ante-war debts are
hcaping interest upon themselves, while
ths people Impoverished by de-
struction of capital, which they had not
the power to control, sroan in aDticipa-
tion of increaseditaxes, lands are .depreci-
ating in value, and yet this law, III eff
feet, premium Of sic per. cent. to the
eredit,r to enforce With rig6r the imme-
date eolleetion-ofh his old debts, in order
that;he may loau the money at II per
cent. The State cannot be reached IN
this way; but, suppose she we're as az in
dividual, would she not be bankrupted by
such Law
q Where is the justice in the proposition
the State says money is not worth more
tban6 per cent, and consequently will
not pay more. but if The necessities of the
citizen force hm to ruin, let him go p!
The laws against ursury are founded up
on experience. they are as well based as
those against gambling and the opera
ton OF acts which change. the operation
of long established law should be narrow
ly watched. Iz.a..s.
No farmer or other person can pay II
per cent interest ithout inpetiliing his
credit, and without Cypress ion. 1t is
mans nature to try experiments to re-
lieve necessities, aud experimenting with
such laws as this, can have but one gen
eral result ruin Of the country the
building up of the non-producer at the
expense of the energy, enterprise and Ia
Dor of the laboring and business man.
The II per cent law, ifthe Homestead
law be. declared void as to the debts con
tracted before its passage, will mean hui
initiation, poverty and distress to many
families; if the Homestead law is sustain
ed. it will mean resentment.
It has brought no money into the coun-
try--there is no probability that it will dc
SO. 1t was dangerous experiment al
best, and no time should be lost in re-
pairing damages One would suppose
that the Legislature. if it can do nothing
to remove financial distress of the State,
would at least be careful enough not tc
add .to. it. Theory is one thing prac-
tire is another, Which shall guide
VIII the Legislature shut lis eyes and
dream about what ought to te the results
of the II per cent law, while the business
and credit of the citizens. is going to nc u
practical ruin Facts, are facts, Whethe.
we like them or not, and theii character il
not changed by our shutting our eyes and
refusing to look at them. ~ ssds 4
The people should say TO their rep.
resentatiyes: Repeal, or we Will repeal
you, next time!" Aia 800