The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-06-05
The IJsury Laws.

.,.,.or for The Alexandria Gasette, who
.ooms to speak the views OF the people On
N,r,,crp Virginia, advocates she alteraVio"
If orr state Constitution so rs 10 S',,",
r.o,p IT, that section which provides ''''''
tno,ve pc- cent. interest upon mone! ~. .,,o
n.arrcd in Virginia. The people Oh 1no
W.,,oy we learn, are also generally III 'a,o'
of getting that section out OF TIC - ..,'s. =,
tom rs soon as possible. Now he''''.i ~
,ho nature Of things nor i'll the te"c'''"s'
Of political economists, ca" we h,'" ~
thinc to Justify the idea "h'en 'ii.So
,,,onlc entertain. We cannot ihlaS'hc VII!
won should not be just ~ free 10 ou! anu
s.,, money. or the privilege oil using money;
os,,,.x are to buy and sell horses. houses, anu
,.,ds II seems to us that every man ougat 10
hayo the privilege Of deciding for mmseh
no,, much he is able TO pay for any article
that he needs. 1t would appear 10 DE thc
,.;,h, of follv to enact law providing
INF .JouS SMITH may sell \ horse worth
bu,arcd dollars for fifty dollars, but lor-
bidding him to sell for sixty dollars siiiste'
hill, for eighty dollars which he might take
for the same horse. Yet, us'ry Jaws, "'ie''
nut into rractice, rarely accomplish more
than the forcing of men TO cvade their pro-
y;.;ons. Theoretically, it Is folly 10 enact
them. But rs we know that theories often
obstinateIy refuse TO he put into prac'lce'
and will not bring about the results WHICH
according to human reason, they ought TO-
We do moi insist upon it that our theory lscor'
rect, We believe, however, that th's tneo's
acrees with the facts in Richmond. III Is
common nowadays TO see ad'ertise,
ments in the city papers Offering 10 ieho
thousands OF dollars ut ten or Twelve pa
cont ncr annum, whereas before our pres
sent constitution was adopted no advertise
ment Offering to lend money NJ leeai ra'e'
ever appeared in the same papers, SO lar a.
we can remember. twas then not unusua
for money to be loaned out at t"ehey-oh.
per cent. per annum-not small sums, ID"
thousands of dollars ust such amounts III
.,op now be borrowed at ten to twelve pei
cent. IN,
These arc interesting questions. V't'
Chamber of Commerce might render Val
uable service to the general public by III
yesticating the operation OF our present III
terest law. If it works injuriouslY, II ough'
TO be abolished. If advantageously, the
peoplc ought to be informed upon the SUB
;ect for the indications now are that theI
will elect to the next General Assembly pu
few men who will oppose changing INT
Constitution in this respect.
The Danyille Times gives its testimony:
as follows:
..Moncv is almost free in Virginia now
We saw free, because Il per cent. ln,e res
may be contracted for, and that Is att tn o.
money l., or probably will be, worth. 10
attempt to rule it down to u per cent. l;
not right. 1t will sometimes get below arc
sometimes above that. We noticed .na'
when the law said per cent. men never
theless Maid 10 and Il. TO say that mon,!
shall not bring more than q per cent. Is 10
encourage an evasion of the law, ana los
tiers immortality. Money is coming into the
State now; and let the matter rest wnere
it is. hut is all that we have TO say Oh
this subject, except that we hope the Le .
eIslaturc will not attempt to alter the law.