The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-10-06
DANIEL.
So,,nd Views.


There is An organization IN Alexandria
under the namc of "The Reform Club"
whose platform contains some good plauks.
The CLUB declares itself generally in favor
of internal improvements and progress IN
NIL branches of art and enterprise. 1t de-
clares itself against a modification OF the
present law with regard to interest upon
money loaned, and pronounces thus strong
~ against Reputation
eve are III favor of manfully and honestly
having our State debt, and do not intend
that tho Old Dominion shall be branded as
u Iepudlator."'
Both these propositions are sound and
wise. The freedom of men TO contract iol
the loan of money is a right that cannot DC
denied without dctriment to commerce
Restrictions upon this right are as I'M
proper as would be restrictions upon tho
gains or profits in business of any or I'LL
kinds. The State has not been injured by
the law as it stindS. Money would not
have come to Virginia to loan without IT.
Capitalists would never have dreamed OF
bringing their money to Virginia for ILL.,
vcstment ut 8 per cent. No where IN Thu:
country since the war has money been
loaned Mt that rate. by permitting into
rest at Il higher rate we have been enabled
10 borrow money. 1t has flowed into the
State So freely that the rate has been re-
duced to eight, and never now goes above
ten in any bauk, we believe.
Had the & per cent. restriction prevailed
money would not have flowed i'll SO abund-
autly, and none but those who would risk
the peualty of the old law against uSury
would have brought money into the state.
They would have charged more for their
loans than baS been charged under the new
law. and their limited discounts would have
left us in sid condition. Our houses
would not have been rebuilt. and we should
be now crippled aud discouraged for the
want Of means to pursue our vocatlonS or
To carry out our enterprises. If the farmer
complains at s, 10, or IL per cent, let him
understand that he could not have borrowed
money at all mt less. Now that is the qlIcs-
ton, was il better TO borrow ut 10 or T. per
cent. or not TO borrow ut all? That Is II
question for tho farmer to dooide. We "l
the cities could not get money at q per
cent. We could not carry on our business
at any such rate of interest. The law now
authorizing interest at II per cent. or less
brought money into the State, as we said
above, and we were not only enabled to
rebuild our stores and dwellings, but to 80
OH successfully increasing our trade and
rapidly restoring our city to prosperity. II
is now upon the "ncw departure" Of
steady growth in all the branches of indus
try and wealth which make cities thrifty
and great.
Is not this directly beneficial to the agri
cultural community? A great city is /;
fountain whose streams irri.atc the sur.
rounding country for distance proper.
toned to the resources of the fountain.
The land within that circumference is
made TO flourish and blossom as the rose
The farmer finds ready market for all his
readily converts all he has into money
through the steady demand in the city fol
all he has.
SO that the increasing of the maximum
limit Of interest has benefited the cities
whilst the farmer has not suffered, because
be could not have borrowed money at al
at +, while he has been immensely benefited
by the growth Of the cities of the State
which have thus had the use Of large CAPT
tai that would not otherwise have come tt
them at all.
The views Of the AleXandrians are wise
and just on this subject. and their spiri
and patriotism on the subject of prescrvin
the honor Of the State by paying her deb
are worthy of admiration. When it come
to that that Virginia ialters on this subject
she may, as Mr.. DANIEL said yesterday, b
well compared to the eagle, who. losin
the plumage that has alike adorned and sur
ported him in his flight. is fixed to th
earth. Virginia's honor once gone, she can
not rise again. But we will not indulge q fea
Oh this subject. Virginians, when assemble
in the Legislature, cannot look one anothe
in the face and agree to iDtlict an inetface
able stain upon their proud mother. Whist
ever may be said Of past legislation, the
will not do that. NEVER!