The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-06-09

The Richmond Dispatch, in speaking Of
the alteration Of our State Constitution so
aS to strike from it that section which pro-
yides for the payment OF twelve per cent.
interest upon money, says
eve cannot imagine why men should
not be lust as free to buy and sell money,
or the privilege of using money, rs they are
to buy and sell horses, houses, and lands.
1t seems to us every man ought to have the
privilege of deciding for himself how much
ne is able to pay for any article that he
needs
Nothing has so depressed our material
interests and retarded the development Of
the industrial pursuits of the State Is the
- Der cent. Interest law. The capitalist,
actuated by love Of gain, has set quietly
down, with all his capital invested ut Il
ruinors rate of interest. He has no desire
10 invest in houses, lands, or engage in
manufacturing. The incentive he once
had to invest in such things has been
DESTROYED. He cannot see the proprlefy
of ri>king his treasure in business, with
Ill the vcXatlon and uncertainties incident
thereto. when he can take his case and rel-
/ ize twelve per cent. for the TIE of his mo-
nev, But the Dispatch claims that lnau
is capable OF deciding for himself how
much he is able to pay for any article that
he nceds.' We grant this. But the "abil-
/ ty" to know certain things is not valid
| reason for such legislation us makes the NIT
terial wants Of the people prey to the mo-
eg.lcndcr. That the present interest law i
a serious obstacle to the proper development
| of the industrial pursuits Of the people, we
think no reasonable mind will deny. Ca II
| those who borrow money 1T the present
rate Of interest realize any profit and per-
| nuncntly establish any particular branch
| of industry SO far from sure and steady
increase III any branch OF business, the
| borrower is constantly in dread OF IL smash
up, and of the lender pockctnS the whole.
| But, says one, it Is folly to borrow money
| ut the present rate of interest unless we are
certain OF realizing Il heavy profit in the
use OF il. We incur risk i'll clnnarhll1 in
any enterprise, and il we act upon the
I principle to risk nothing, Stagnation of bu-
| .inc>> necessarily tolloWs--Which proves
| ronclu>iyclv that when money Is used as a
commodity" business inevitably suffers.
| We know of immigrants who came to
| Virginia to purchase land and till the soil,
out such WAS the temptation held out by
The present interest law they abandoned
| Chcir intentions and loaned their capital
rccalnc CONSUMERS instead of producers.
| Does the advent of population and capltal,
n such cases, add new value or stimulate
| production: Certainly not.
| We may talk and theorize as we may
| ,hout developing the State-invtins lmnl-
grants to occupy our surplus lands sNns
| our hidden and protitless wealth. an eAr
rlangcable value, charging the basis OF
tuxallon, and atlording the people general
rclicf-but all in vain unless the various
departments of industry are properly sum
ulitcd and cncouraged.-Nar7on Hero1d.
rvo nuhl;sb the above that our readers
may see what is to be said ON the other side
Of the question. At the same time we
would make a single remark The only two
objections to the present law which are
Given above are, first, that capitalists sit
down in idleness and lend out their money ;
and secondly, that certain immigrants have
come to Virginia, and, instead of tillins
the soil, have loaned their capital Now,
in the name Of reason, if all this money is
in use, what difference does it make to the
| community whether it is so employed by
| the owners or by those who borrowed it'll
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