Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1871-06-07
tOMMU% IL.AIEIi

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Tur uyrnY Law OF EIRGIHIA.--l con
pratularc the people Of Virginia upon the TACT
that during the present year an opportunity
will he afforded them 10 strike out the j. per
cent clause Of the Constitution, and restore the
Tsllry laws and rate Of interest existing before
the war Leaving the Legislature winch pas
scd this measure at the close OF the late session
bv q bare constitutional majority to settle their
account: with their constituents: | come now
to the consideration of the policy OF the sury
laws generally, as Indicated III my last lGt'er.
Il has been held that money Is like horse
or any article Of merchandise and that We should
bf allowed to get Tor it what it will bring and
that all Isury laws should be abolished. There
never was, in my judgment; greater 1;IIlacy.
IF vou will give my horse Of my merchandize
the power to pay debts: then | will agree to
the propositions but such is not the case and
they must be converted into money to be le-
cal tender The best horse in Loudnun COUNT
will not pay small debt You must sell him
first and then apply the proceeds
If Our lands at their assessed Value would
ray debts then there would be some force in
this reasoning hut they will not do it unloItu
nate]y. and land has to be sold ami too often
sacrificed to raise the money, which under the
law Is the only thing that will discharge the
lien Now if the Government will put my
property or merchandise upon the same footing
as money in thi: respcc; then | will agree, that
money shall be as free a merchandise: and the
holder shall receive for it: use whatever he can
get. Otherwise the rate ct interest allowed
i:,r IT, loan or fnrhnaranrc should be restricted
and the [ %itry laws rigdly enforced. BESIDES
this, government regulates the amount Of mon
cy which shall be in circulation. and provides
that there shall Er only a certain NUN Der 81
banks with limited circulation. But it in
poses no restriction upon the number Of horses
ur bushels OF wheat 4 man il: 10 raise, and when
the supply exceeds the demand prices fall.
Money is given 4 scarcity value by legislation
while any amount Of competition l. allowed as
to property. productions, and manufactures;
Money Is something that a man j., compelled
to have and there are no trnrr words IN holy
writ than that the borrowers are the slave Of
the lender. The money lender may talk of
the freedom and Iairncss Of the contract but
the borrower is compelled to have the money
and must make the best bargain he can.
Money is indispensable to the business Of every
man; this is not truc Of articles of merchandise.
Advantage is taken OF; the borrower neccssl-
ties lie has II" will I'll his own: the terms
arc dictated by the lender. 1t is ,he poverty
or necessity OF the borrower which tn1 often
consents to the contract ana not MS Judgment.
Money has too much power arcad y, even IN
dcrrigd restrictions without permitting ITS hold
ers to exercise an unlimited control II con
nccted with labor and the objects of industry,
itmay prove blessing but rs an article of
mere traffic. 1t becomes Z curse to society.
The fundamental distinctions between money
and merchandise are universally acknowledged,
| for while people are content to borrow money
on special terms OF security. all are earnest to
sell merchandise on credit and without such Sc
curity Purchasers Of merchandise are polite
~ and urgently solicited to buy. while borrow
crS Of money arr tremendously permitted 10
make their propositions.
Other arguments might be adduced IN favor
of u>ury laws but know that newspaper n
tcle" to be generally read must be brief.
In the next number the rate and power Il
interest will be discussed Jt-Nlr:.
L0UDnrE Co.. June .. ISL.