The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-03-14

But these war "reminiscences "itt I!No ohi9
in the traditions Of the past, and the men
who "wore the gray" and those VINO wore
the blue" will now Iniugle freely in develop.
ing the resources Of this section, anu VIII
send many richIy-ladened cargo to enrlch
orr own beautiful ... RICHMOND.
The QTsury law I'm the Virginia LcGiz-
lature. ..
Messrs. Editors, House of Delegates
having passed one bill on this subject, ana
the Senate having passed subStltute-dlf-
tcring in two important points-it becomes
a matter Of interest to the public that the disa-
creement between the two Houses should be
reconciled. I think slight examination of
the Senate's substitute will recommend it
greatly to the favor of every sensible man.
desire to call brief attention to Its main
features $500.
/. This bill Is almost verbatim copy Of
the law reported to the Virginia Legislature
of 1Sl9 by John NJ. Patton and Conway
Robinson, Esqs., who had been appointed TO
revise and codify the laws Of Virginia. That
law for proposition rather will be fonnd in
a note of Mr.. G. W. Muntord's to the Code
edition 1860 at p. 624, pre!aced with these
words "In note (p. 10 to ia Of their
reports the revisers stated the purport OF the
modern English statutes, and also cited the
statutes of other States Of the Union, to
show that the old rule, under which man
who lent hundred dollars at al interest OF
one dollar more for year than could be re-
covered without contract was TO lose not
only the dollar, but the hundred dollars
| which he actually parted with, was now very
generally exploded. They recommended
another rule as better sustained by the ell
| lightened opinion of modern times, more
! equitable, and better calculated to diminish
| litigation, and conducting more to the well
fare of the State" Then follows their re-
commentator, which has been now adopted
! by the Senate.
/ This proposition makes six per cent. the
legal rate, but allows parties by stlpuatlons
written in their contracts to bargain for as
much as eight per cent. 1t also provides that
| all excess Of interest shall lie deemed Illegal,
and cln in no case be recovered by law. so
| that if q man chooses hc may agree III Wiling
and be bound to pay eight per cent. but
usurious bargains.
This proposition has, therefore, the follow.
ing clear recommendations
| !. 1t is q fair compromise bet,cccn The m
terests and uie,rs Of all the conflicting par
ties 1t places the maximum OF legal inter-
est on two per cent. above the old rates
which are the lowest demanded by any party
or interest. 1t places even this maximum
under restrictions, and goes more than half
way between the twelve per cent. which has
prevailed for three years past and the six per
cent. which prevailed by the old law.
u 2. It abolshes those harsh and uujus,
penalties which have never been popular
with any class of our people. 1t is an utter
, mistake to suppose that the people demand
! that these old penalties should remain on the
, statutes Of Virginia. Their enforcement has
| never been recognized as right or honest
e Suitors who availed themselves of the law
enforcing those penalties have uniformly
f sought TO sustain their action before the pub
J.. lie BY urging some harsh and unjust conduct
0 OF taeir creditors other than tie mere eX.
action of usurious interest and juries uni
G verssI!y incline against the cause Of any man
0 | who thus seeks not only protection against
{; usurious eXtortion, but exemption from the
0 payment of what is honestly and legally due.
J.. Counsel conducting such cases have always
d to resort to the aid of the Judge by asking
|. the cleareSt and most stringent instructions
t in behalf of their clients case. This new
d law proposes TO give the borrower a perfect
0 protection against usury. He cannot IN.
der this law ever be compelled to pay
S usury unless he wishes to do SO. This is all
i the popular mind calls for-all that it will
J.. justify.
e 3. But the most palpable benefit of this
law is the induccment it holds out to banks
, aud other lenders of money to put do,on the
f current rates of interest. That rate is now
, in Richmond and other commercial centres
; about nine per cent. This law proposes to all
., lenders of money to put down that rate to at
!. least eight per cent. 1t furnishes palpabe
; inducement to them to do so--ofering the
. laws protection to all contracts in which
; this lower rate is stipulated-wi withholding
c that protection wherever more is excited. AS
: between eight per cent. and nine per cent,
where the former is legal and the latter lie
gal, it is easy to see that lenders will prefer
S the former rate. And thus the object Of all
who seek a lower rate Of interest will be pro-
$ NOTED. s..
e 1. Then, too, let it be remembered that all
e radical and sudden changes of laws. especi-
G ally of laws nrLiAL -~oH'atoso essenTlaI an H.
retest OF all the people, are to be deprecated.
f Let us not by such Legislation suddenly de-
: range all the currents of money and of COM
i merce. II weare to return to six per cent.
let lis do so gradually, and not ruin thou
t sands Of honest and hard-workinS men by a
t sudden and most disastrous revolution in The
G laws. FEsrISA LENTE.
e How MAN WITHOUT ARMS CHAsTIsEp HIS
r WlFE.-Gruce Greenwood writes from WasL.
: iugton to the New York Times 81 am told
that there used to be employed in the Coast
fl Survey, opposite us, an old little monster
e without arms, who yet performed the duties
n Of messenger, going back and forth with a
q letter-bag fastened about his neck. This
r srmless Quilp, strangely enough, had wife
4 | nnnd DC wives 90 hnt nrra sinnallu friNinn