The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1875-12-16
TIE USIRI LAW.


pending. On previous occasion, We
stated our reasons for not being in favor
ofsuch law as follows:
First-That it was "a just in tina. money
j. commodity, being only the repre-
Sentative of the value of wheat, corn, or
ANYTHING else, and there is no more right
in placing restrictions upon the profits
of money than upon agricultural or other
productions.
Second-That it would be dead let
ter since experience hu, always proven
such law- to Ice imperative. For no
man will pay Tor money more than he
can afford, and when he co,, afford
to pay high rate and profit
by it, he will DO 50 in spite Of law rather
than not get it. And then if afterwards
he pleads the usury law To- avoid the pay
Inout OF his interest he will destroy his
credit forever, and when disaster comes
the second time, lac will lind uo means OF
relief
Tnird-Tnut 1t would Ice disastrous to
persons in all occupations, and especially
the farmer. For it would drive capital
away from the State across the river into
1870.
ONO ana >" money """"' i'''''''"'"'''!
become tight and scarce; rs consequence,
=. prire would rapidly advance. hard
.,, ,I'.,. J No. ,I...
'''''' "'''' '''''"' ''
""'''' '''' ~ ~
than w'nid The farmer lh's'
were our objections and We Coutrnded
Cha, r.. L., and r,irn.t I,v which
,.., ..,,
'''''' " P'''S'''' ''''' ''''
"hVlhte all these troubles, ""uiu Ue I"
establish fixed legal rate Of interest
when there Is no agreement. but permit
AMI I.,Jo. 60 ,,,.I,o
~, ..,...,.u,.. ;..,.,.;.,,.,I.;
any contract "h''h I"'Ir 'h"''''"'' !"
tervsts would Justify. These views are
,.,, ,.,p Tb,,. ,r,. So ,IJ So the hills
I,..,,.
ana nave b''h "''''''''" ny '"' "'''N' VIII
III support o' """' WV ~! W. P'o""''
extracts from the writings Of celebrated
nautical economists and others. which we
,.,--oI .5.. =
o''''''''''.' ~ ''' ' ''' '''''.'' "
our l'Es'aV"I''
Ihc interest If money c'U.,t be N.r,d by
lcqoi cHac'o,c,,',.
1T may Toe laid down rs 'naXim, that
whenever great deal can BE- made by
III" Use ol money, great deal VIII COM
monty be- gwen tor the use OF 1t; when
ever little can bc male by 1t, less will
commonly be given for it,
ADAM Hh''th ; w "''h "' N"t'""S'
Pcaoife, for Uluy increase tie Pr.rc fos'
NANCY.
ain some countries the interest OF
money has been prohibited 10y law. This
regulation, Instead of preventing, has
been found by experience. to increase the
price Of money. The debtor not only
beng obliged to pay Tor the Use OF the
money, bat to insure his credit
"r from the penalties "i ">urE.
Adam smith.
yss .,,yf.l,,..oJ tie Ltrisa G,sodrau-
tame 10 N, J.,yorrras .rcii as tie ic,ut,y.
"Wbnn the law doe. not cnforc, the
n.rf,r,uance of contracts # pul, nil Dor
RIVERS nearly upcn the same iooting with
baukrupts or people of doubtful credit IN
better regulated countries. The unccr-
tsinty of recovering his money makes
the lender exact the same u>urlous IN
terest, which Is usually required OF those
in doubtful credit. Adum Smith.
Erection, from resfr,,to,, m contracts f,r
the USc II oaCyPromo'cs commerce dHd
bo>acs.
"M"hleSl"I'u "''r'"uu'> the "r'''he oi
commerce I" the prescriptions OF loans at
iutercst, which was undoubtedly on"