Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1871-06-10
COMMUNICATED
,s,uc s,s,,ry HaWS-NO 3.


liant and modern, have passed laws against |
ns,1ry, In China there arc no laws limiting inc
Interest on money. and many money lenders
'.omc to Canton from other PROVINCES ana open
SHOPS. They are said by travellers, /" 'NG M
yrrv pcnuriolss manner. and are c'ics 'bIoGu-
suckers. So that i'll this respect. to- inc
brathcn Chimcc is peculiar, Which is why
rrmark that with all respect to th" I1nI OF
..rhrap labor ouf mother country: "d f'nS-
i,nd IL hc,tc; authority for II, on this sub lcct
T'hr statute of Anne, enacted about one nun
Jrcd and fifty Years ago, and now III force Is:
in nv humble Judgment. perfect law, It's pre-
nmIic bears upon inc subject now under con
, sheraton. and is 50 applicable to the present
times that YOU will pardon ne inr Quoting 1t
fulN: 'Whcrcas the reducing ot interest 10
ten. aud from thence to eight, and thence 10
six in the hundred. has. by cfPcr"nc'. been.
f1und very beneficial to trade, ANA improve
mcut of lands; and whereas the heavy burden
orthc late long and expensive war h,th nScn
chiefly borne BY the owncr@ Of the Land OF fhiS
I.;rmiom, l,v reason whereof thcy have been
npcrssitat2l to contract very large IcDiS lhefc
| Lv and lv the abatement in the value OF tAelr
Iands, are become greatly Impoverished; ana
,yhcrras. bv reason Of the YrW mf!fSf "n0
,,,oft Of money made at homc.thr foreign trade
has been neglected. X:
The practical men Of that day found That ut
six Der Ct the lenders of money, Oil tlc "i,I,it
Lncnmc rich faster than any other class. VIZ 't
own government il issuing hrc per eG.'
bonds and is gcttinga plenty W I"H.u. az 10y.
The raIc of interest in most OF the states IS SIX
prr cent. In the great Empire State OF New
Work. the legal rate of interest Is only seven per
cent. while. in this war-Smittcn and poverty
! stricken Commonwealth twelve per ct. Is III
lowed BIZ law Twelve per cent, or any rate
anDroachng it is utterly rltnults. anu no agrI-
cultural people can afford to pay it. Few per
sons who have not made financial matters 4
study. have any idea Of the po'r..' ri iat.TsI.
I confess my sublime ignorance on the subject
Until experience taught me some OF Its severe
lessons. Let ne illustrate il. Suppo%, You
give a son on arriving at the agr oil II years
5000. which was not considered a large Tor
tune to give child in Virginia before the war,
and he loans i! ont at 4! T. per cent: n Al
lowed now by our statute, and collects The IN
tcrcst annually and invests 1t at the same rate,
whit will lie be worth at 81 which yon kno"
is not an old man by any means: No" want
my readers 10 guess before making the calcua,,
ton. have asked able lawyers. Judges: and
GOOD business men. who were not specially II
miliar with financial matters, and they have cs-
timatcl il ut 10000 and S3ih"' ana '"
lirvr the hi@h2at was SIj."h'.
Now what do YOU say five thousand dollars
will amount To in forty years At l.. per CT. col
lerring the interest annually and reinvcSrng.?
We'll | will tel! You: &iij.0WI. >nn S'c It
doubles itself at this rate in about Fix years. and
tint; ,fthe Young man was asleep all the Tune
nnIy viking up once. 4 year and collecting ms
interest and rcinvcsting. he would have nj the
ace of siyty-ona ncarly huJ' miH"! 81 Hg',
ktr2, Now is there any business III liz: world
that can .tand such L d"Hnurng element
a. that" l. no: the calculation enough ta star
tie men who arc in debt and arc Paying my
thing Ike these rates. l. it not enough to dis
courage yolln" man who has capita! from 90
inc mo any Kind of business Farming "'
merchandising won't pay in comparison and
Won see what Il premium is offered tn" capita;
ist I,v the present law 10 become 4 money lent
or anu note SHAVER
II things 90 on much longer ~ they ~. gu
ing now the agricultural interest OF the whole
country will DC destroyed and business general
ly be laraIyzed. The whole power Of the ic;l,.-
raj and State government is welded III the IN
tcrest of the bondholdcrs and capitalists: and
every thing done to crush the producer. the
lahorer, and the man of small means, 10 make
the rich richer and the poor poorer. The gov
crnmcnt at Washington has been taken posses
sion Of by the money power and Is fast bccom-
Ing mnnied aristOcracy, the most dangerous
enemy Of republic. Our gifted President,
his rift cntcrprizc" Cabinet and most Of his
place men are mere igurc-hcad representatives
Of Wall street. Money has been called the
sincws Of war the party in power arc trying
to make ii the sncwS of peace: too. The Tea
turc in our State Constitution, which was tore
ed upon lis allowing these high rates OF infer
est, was inspired by the sam" locality. For
the first time in the history Of Virginia her
Legislature is suspected Of being hrlhrI, and
wealthy corporations have brought To hcarup
the representatives Of the people all tn. corrupt
ing influences of the lobby One Of the members
OF our lust General Assembly. poor colorcd
man who Was fool enough to be found ont, was
convicted Of bribery by their own body: and
others we're no doubt equally guilty / he peo-
rhe of Virginia are groaning under TIE burdens
Of public and private debt. and the present rate
of ibtercS, adds greatly to their grievances.
Thcy want ,yLiri from il, and seeing that the
late Legislature neglected their highest inter-
rstS in their corrupting sruafIblns about rail
roads RS one of the humhlcst Of her citizens,
/ have CHOSEN to call attention to this subject,
and to dn all in my power to relieve our dear
old commonwealth from this incubus oil cXor-
bitant interest, which in the opinion % her
most enlightened citizens is bringing run upon
a large portion Of her people. 1t may De call
ell interference IL: piNdtc "!t!"'i " "'' '"'
compelled to sri land, to bcseech ms represen-
ta'iyr> t" pass law which Will add to ITS mar
kct value. besides promoting the public good,
but | an neither ashamed nor AFRAID to 90
what believe to he my duty Som ShyocS
may call ne = dcnlagogue because = nave
boldly advocated the repeal Of this oDnoA' 'ous
clause Of the Constitution 10 relieve the pc y
pie OF Virginia. ESQ the kings and mobiles Of
England, II France, 81 Rus>i;t. and or nearly
all the iespotc governments Of Europe and the
! members Of the House Of Lords and Commons
Of the Parliament which passed the statut" of
Anne. 50 appropriate t" these time ara drna-
gogucs too. for they have favored l,Sr!rT laws
and low rates oi' interest.
Judge me not unScntic.
OF manner; rude and in>olent Of ap,cri
If when thu public satetE Is in question.
NJ zeal flows warm and eager from my tongue.
hrliey that the nrr.1Tt high r1tr III in rrns,