Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1873-02-17

ton, capital, as has been the case in EDaI,rs
wi. be accumulated here aud the rate Of n 'r"'
est will either fall OF itself as natural scouo,ra
ducug it. BY this bill, we are practically so.
has furnished u.
But it is urged that the passage Of this IN,
will cause lands to ircreas, in value. and tb,.
there will be reader sale for them. do m,t
believe it; it is we'll known that canilal viii J.,
placed where greatest p'olit can be derive.
from its investment. have shown thar iii
crease to an alarming extent the amount IF
will be absolutely demanded by men engaged
in business, to enable them to carry On their
operations. ana they will pay larger intcrr,,
than could possibly be derived from nycstmrr,
in land. The true plan would be TO make H..
laws in respect to usury as liberal as pos>i,,.
that, would have the effect of bringing l,ryr
amounts Of capital to Virginia, more than
would be needed for the carrying on # bu>in.,,
and the excess would, in all probability. be- IT,.
vested il land At any rate the farmer wiui
be able TO borrow money at Il low rate oi innr.
est, which would enable him to impr6ve HI.
lands, and 50 find for them a reader sal viii
those seeking permanent investments. tina.
they now can IN their Impoverished condition
IF should. however, DC !hc pleaSura Of TN.
House to pass the bill as reported from H.
Committee on Courts Of Justice, trus: thai !;
will at least pass the amendment propo>in.r.
make distinction III regard to coumr?cg
paper. Sir, if the passage OF this bill viii H.
ure to the benefit OF the fArmcr-whch i,
not believe-some little regard should be yai:
to the cities The country is u>t as muc!. ii,
pendent upon the cities As the cite, are UPON
the country and | do not hesitate to say tia
unless some reservation Is made III the case q
commercial paper, that you will DC cr!pp..-
every merchant who is doing business o.
capital derived from bank acconmola;i.n l.
the city that [ have the honor to rcprc<cm-.
large number Of our business men are con
PEELED to 90 to the banks for acc mmoia.ior
Most OF them, ruined by the var, have b2r..
enabled by the aid Of banks to build up II rr,s.
porous business, and have competed with Bal
tmorc for the trade IF the country.
Let this bill pass; Ter the banks Ct ny ci,y
place their capital N other States, where ,h"r
will derive a larger profit, which they n,ay
do-and tell you, sir, that You "itI he In,
an injury to the business prospects t" AcXN
lria, that it will take years to citdcc a ruja
Gus in its effects almost. as the late wag.
What [ have said respecting .tlcy.nlria. :
equally applicable to all the other cities of hi
CONFERENCE.-The A leading manulartucr 81
Richmond appeared before the ComniuroN
Courts of Justice when this bill was un'r r'-
>idcration, aud stated that he was a hogrownr
to the amount Of some three To four hu:dre!
thousand dollars 4 Year; that before Thu C"T
stitufiou went into effect he was pr>hr.! f.
capital: that since it, adoption, capital IL.
been abundant, and he has been aide 10 .!
what money he wished at from pine 10 ian pr
cent; aud he gave il IS his ,lrlihrT!'r oIinI,n
that if the rate of interest wa- tiXcs! At ~ ~.
cent. that his business would hc >,rjoH'.
damaged.
lis views are tie views Of every h,l,n
man with whom have convcrscd
Borrowers, Is many nt them are. Ties woj!r
gladly have the rate Of intcrcs; fixed M six pr
cent did they think they could command r!l.
tal at that rate; but. knowing that thcy cas-
not, they dc>ir" that the rate shall BE- a> il i.
In conclusion, Mr.. Speaker, in what Iays
said, have only uttered my sincere c"nWr
tons after patient thought I'm! car, FIJI invest
CATION of the subject. have not spoken r.
the representative Of city Only, but, Il,
trust, with true regard for all the interests ID
this Commonwealth have been actnatrd b
no wish TO promote the prosperity OF bank
ba,kcrs or the lenders Of money hut ~ n
earnest, honest ard heartfelt desire for The
prosperity Of our whole State. which thin.
can best be attained by aiding business m"
and borrowers generally.