The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-12-03
The Virginia General Assembly

For this is the ancient and dignlfled title
of the body--meets in the Capitol on to.mor-
row. As the members have had years eX-
perience in legislation it is to be hoped they
will profit by their experience and avoid
some discreditabe things which blotted the
journal of the last session.
The same questions in great part which
occupied the attention of the last session will
be presented to this. We have not heard so
much of Relief" this year as we heard
during the gear in achich the delegates acre
elected--we infer because the game of
denagoguism was ended when the election
took place. Aspirants whose merits were
rather short splced them out with promises
Of "Relief" which they ought to have known
they could not render, as the last session
plainly proved. Those who electioneered in
that way supposed they redeemed their
promissory notes by offering resolutions and
making squirt or two; but we conjecture
that if they ever come before the people
ngain they will discover that they have made
an error. The man that acquires 4 seat in
the General Assembly in that manner will
not be let off without some better proof of his
good faith. Hardly any earthly wrath is more
terrible than the aversion of the deceived to-
wards the deceiyer. He who excites popu.
lar expectations and hopes which he after
wards disappoints is one who has little
ground to expect forgiveness.
The financial question will again occupy
the legislative mind. 1t will find the diff
culties heaped up by another year in its way.
The Supreme Court has the question of tile
obligation of the State to take the coupons
of the funded bonds in payment of taxes
under consideration. We will not presume
anything in regard to its decision, but we
suppose that tribunal commands its wonted
respect at the hands Of the Legislature, and
that its Judgment will be looked to with the
interest to which it is entitled.
/ There is considerable fund in the trea.
sury, that awaits the order OF the Legislature
upon which the banks are paying four pei
cent. Of course the banks can't pay four
per cent. and lie content with sic per cent
from their debtors. And yet the last Lcgis.
4 laturc, Which approved the amendment OF
the Constitution with the view of limiting
tile rate of interest to sir per cent, required
tue banks to pay this four cent, which inevi.
| tably forced the borrower from the banks to
pay ten.
The Legislature will probably carry out
the Object of the amendment to the Constitu-
ton and declare six per cent. the legal inter.
est for the use of money, and make all inter-
est exceeding that usurious.
Without going into the abstract argument
1--we will merely say that other States fix the
legal rate ut higher figure, and that in all
the great commercial communities much
| higher rates are paid. Therefore we cannot
expect that capitalists will bring money to
| Virginia to invest. They can do better else
where. Indeed, the State has authorized
various corporations to pay eight per cent,
and in almost every instance the value of the
corporate bond--or the value of money-has
been determined either by the payment of
interest higher than six per cent. or the sale
Of the bond at much under par.
Now, these are facts not 10 be gainsaid.
They will not "down." Aud it is Just Us
vel for the Legislature 10 look at them.
Some ofthe States make ten per cent. legal,
some eight, some seen, aud so on. Virginia
need not suppose that the lo,rest bidder takes
the money. She offers the capitalist no spe-
cial inducements, She tsaas him as sharply