The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1874-01-31
Interest upon Money.

should nc eHtueS A
between lender and borrower. We DO mol
c,,;m TO have said anything novel upon
lection which has been discussed for cen.
,nr;o. and therefore we shall not be liza
tlo :, ,bc impntation Of self.conceit When
we say that the arguments against nAeo
rate and against making it penal offence 10
charge higher one. have not tecn answered.
nor can they be. 49,,
Tho Ground of fixed rate is twofold:
First. moral: and secondly, ccorom'ca'.
Briefly As TO the
First. The pious advocates of nsury
law with penalties look to the Bible Tor au-
thoritv, and yet it gives them none whit
ever. In the Bible sense, any charge Tor
the use Of money was usury.' The word
meant intercSt-a gain upon money. nor
was il prohibited by the LefItlc"i ID" nor
denounced by the prophets, except IN re-
gard to charity. A man was prohibited from
charging uSuy or Interest,". e., ah!thihS
If a>l--for the use OF money loaned to poor
man who was in distress. But, unfortunately
for Nil classes of advocates Of Il fixed rate
with a penalty attached for charging more
than tina, rate. there was nearly always
couplcd with the injunction against caarS-
ing the poor and neccsSitous for the Use OF
money that additional injunction against
charging the poor man any profit upon corn
or meat or any other article Of food. Money
and produce were placed upon precisely the
same footing. The holders Of both were en-
Joined not to make profit upon them when
lending or selling to a brother an necessity.
There is positively nothing whatever in
the Bible to comfort the economists of these
times who advocate fixed rate of interest,
and penalty for charging any higher rate.
Secondly. 4, to the economical point,
there is 4 great range for discussion; bll'
really and practically very shallow fonndl-
ton for the u>ury.law mep. There is no
GOOD ground to make distinctions between
different results of q mans labor. The mali
who works for wheat may sell it at any
price: and the man who takes his pay in
money ought to have the same freedom to
do the best with II. II -four rises in the
market. dealer who has the article on hand
m,v gain in Gay dollar Il barrtl-sal
ABOUT twelve per cent. per diem.
Money is as liable as oillcr things are TO the
fluctuations OF demand and supply, and it
never has been controlled by uSury laws.
Those laws have never been respected, but
Lave subjected the ncccs>itOllS borrowers TO
Of into oh
charged TO cover all risk. This fact alone
ought TO lie conclusive against such laws.
We did not Sc; out to discuss these point. |
On main object was TO set forth the COM
plex;ty and annoyance growing out Of the
varying State laws upon tn" subject. Lou
i,iana has ten ceat>, Mary land >iN (Which
Baltimore respects not, Virginia six with
permis ion hy conract 10 go up to cight),
New York seven (Which New York city III
r.glv diSregards), other States eight ; and ali
vary the terms Of the penalty. Now, these
variations in laws which undertake to fix the
value Of money amongst States which are in
uch constant and intimate intercourse a>
are the States Of this Union arc matters OF
very serious public Inconvenience, and bear
heavily upon the interests Of the people.
Capital is repealed from one place AID Grawu
TO another regardless Of the laws Of trade,
and people are oppressed and distressed moi
from any fault of their own, but because of
the local regulations concerning money that
are uncongenial with commerce and iUjuri-
Gus to business.
Uniformity ofall regulations affecting COM
ton Of trade and entire contcntmcnt of the
intercourse between the States. Our people
compain loudly in foreign lands because
they have to show their passports when they
rroSs boundary line. Yet here, through
varying regulations bearing upon commerce,
we are ever subjected to Inconvenience much |
more serious than the simple act Of showing
j pass.
What is the remedy in the case under dis
cuSsioD: |
Let Congress pass Il law regulating inter-
est, and that ends the discussion. We are
for freedom in money. But if the majority
is against us, let it prevail; but let the Ia"
he general, and operate everywhere equally.
Save the nation from the injurious and veza-
tious irregularities of State regulations.
Congress has given the nation currency.
Let it now set the value upon it as far as the
rate of interest can. We know no one act
of Congress which could be more benefcent
= Interstate commerce than the establish
nent of uniform rate of interest for the
whole United Suites.
We trust that the present Congress will
give its attention to this important subject
We ardently desire to see the Federal Gov
ernment wisely controlling things Of general
nature bearing upon the common interests
Of all the people, and as wisely leaving local
concerns to the States. The question Of in
tereSt for the Use of money is general one,
and should be settled by Congress. 1t has
given Us the currency we have, and the
banks are all created by it. The regulation
of interest seems logically to fall upon Con.
gress as duty-an obligation 10 the coun-
try at large.
We published a telegram from Washing
ton yesterday saying that Mr.. j. j. DAVIS,
Of West Virginia, is u Democrat. This is 4
missta.cment. He was el, c,ed by the Radi-