Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1871-06-08

TIE question of changing tie eonstitu.
tional law in reference to the subject of
interest has excited no little attention in
this session OF the State. The genera !
opinion, We believe, is that the present.
law is detrimental to the interests of our
people. A high rate Of in terest is W it'll
cat doubt az injury, but whether the law
permitting higher rate than 6 per cent.
mas tendency to increase the price usual
ly paid t9E Ibe use of money is question
upon Which there is considerable d if
ference Of opinion. The attempt to limit
lie late of interest by legislation, we all
know, has heretofore failed. Whether
the Immediate repeal Of the law would
afford the relief which many Of cur cit
izens expect, or would throw them more
completely under the power OF spectators
and grasping capitalists is question
which should command our serious con-
sideration we annex al article from
the Richmond Dispatch u pom this subject:
\ writer for the Alexandra Gazette,
who seems to speak the views of the
people of Northern Virginia, advocates
the alteration of our State Constitution go
as to strike from it that section Which
provides that tive I've per cent. interest
upon money may be charged in Virginia.
The people Of the Valley, we learn, are
also generally in favor Of getting that
section out of the Constitution as soon as
possible. Now, neither in the nature Of
of things nor in the teachings of political
economists, can we find anything to jas
,fv the idea which these people entertain.
We cannot imagine SHY men should not
be just as free to buy and sell money, or
the privilege of using money, as they are
to bug and sell horses, houses, and lands.
1t seems to Us that every man ought to
have the privilege Of deciding for him
self how much he is able to pay for any
article that he needs. It would appear 10
be the height Of folly to enact law pro.
.yding tina. John Smith may sell a horse
worth hundred dollars for fifty dollars,
but forbidding HIM to sell for sixty dol
lars single bill for eighty dollars which
lie might take for the same horse Yet
usury laws, when put into practice, rarely
accomplish more than the forcing Of men
to evade their provisions. Theoretically,
it is folly to enact them. But as we
know that theories often o5stinately refuse
to be put into practice, snd will not bring
about the results which, according to
human reason, they ought to, we do not
Insist upon it that our theory Is correct.
We believe, however. this theory agrees
wit{l the facts in Richmond. 1t is COM
inoneaew-a -days to see advertisements in
the city papers Offering to lend thousands
of dollars at ten or twelve per cent. per
annum-not small sums, but thousands Of
dolars-.jest such amounts as can now be
borrowed Al ten to twelve per cent.
These arc interesting questions. Our
Chamber of Commerce might render a
valuable service 20 the general public by
Investigating the operation Of our present
interest law Ifit works injuriously, it
ought to be -abolished. IF adyantageously
he people ought to be informed upon the
subject for the indications now are that
they will elect to the noxt Gener Assem-
bly, but few men who will oppose chang
ing the Constitution in this respect.
The Danville Times gives its testimony
as fellows:
HMoney is almost free in Virginia now.
We say free, because II per cent. IN
tcrest may be contracted for. and that is
all that money is. or probably will be,
worth. To attempt 10 rule it down to 6
per cent. is not right. It will sometimes
get below and sometimes above that We
ireiiocd frat when the law said per cent
.tncn nevertheless paid 10 and IL. 10 say
that money shall not bring more than 6
per cent. is to encourage en- evasion OF
the law, and fosters immortality. Money
is coming into the State now and let the
matter rest where it is That is all that
We have to say on this subject, except tina,
We hope the Legislature will not attemp
TO alter the law"
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