The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-03-07
A National Interest Law.

a NaClOuat 1atSlcst Low
Amongst the powers which we have re-
peatedly sasd Congress ought to exercise as
the law.making department Of the Govern
ment Of what the war proved to be ma.
ton is that Of enacting a law making the
rate OF interest upon money aniforln all
over the country. Being compelled to &C.
cept all the disadvantages OF consolidated
form Of Cover nment, we are In favor OF
ayailing ourselves Of whatever benefits may
result from the new state Of things. NO one
knows better than we that proposition 10
pass so act Of Congress regulating the rate
of interest would have been hooted at by the
leaders of the Democratic party before che
<tlste unpeasan,uess ~ opened their eyes to
the fact that the Federal Government has
whatever DO wers 1t chooses 10 claim and
to exercise. It enters the States and makes
puppets OF the State officers. It reaches out
its long arm and grabs WINsLow even In
England and sets him down in Boston. Last
week, in Baltimore, Its grand jury indicted q
number Of Maryland election officers for
having In some way offended or iojured GER
tain eeiored gentlemen-Uncle Sans pets.
Likely enough these officers will be sent to
the penitentary. Almost certainly they will
be heavily fined. The same week, in Phlla-
delphia, white man was arrested, tried, ana
convicted Of having offended against the
laws of this consolidated despotlsm in re-
fusing to allow FIELDS Cook, negro, to eat
- - al
beds. This week the United States Senate
will probably decide that the negro PIscHBAch
shall represent the Z" sovereign State"f e. so'e
reign State ~ of Louisiana in that BODY, ano
.nousliy receive therefor six or seven tnou'
sand dollars OF the money paid here in Rich
mond as tax upon tobacco grown oy Firg''
mans upon Virginia soil owned BY Virglnians.
pr>cgB.cK was elected senator by Leglsla-
tura which was made up Of members chosen
by fraudulent returning board, and holds
his certificate of election from Governor
who owes bis office to the fact that United
States judge usurped powers not belonging
to hissoffi.e, end thus secured the so.caled
Goyernor Ia bis stolen position. And our
argument would not In the least degree De
impared in force il PINcHsACK were refused
a scat, since every one can see that the otale
of Louisiana is not to be consulted IN Tue
matter: that the Senate will do rs it p'eases;
and that Whateyer the decision may be, all
the Safes are bound to submit to 1t I; and.
moreover, that the United States Senate can
any 1ay seat LEWIS LINDSAY as senator from
"a n
the State or her people, LEWIS having quite
as good a title TO such seat IS has PINCH
RACK. The fact il, the States are poWerless,
and it is folly TO deny the fact. Let us recog-
nize it. and u'ilzs it. Let us accept the
good along With the evil OF such state OF
things.
This brings US back to the point that what
ever may have been the powers OF the Ma
t;onal Government before the war, 1t now
has power to enact national interest law.
Our attention was yesterday recalled to the
Subject by receiving copy of letter writ
ten upon the toancial question by Judge
Jous BaANNoN. OF West Virginia. Before
the war MIR. BRANNoN was for years chair
man of the Finance Committee of the Viz.
e,nia Senate. He was Democrat Of the
Statesrights school. lie was strict con.
siructienst, and held that the Federal Gov
ernment could exercise no powers not clearly
granted to it by the States or peces 'ariIy TO
be infefeed from the language of the FedeTal
Constitution. Like US, however, he has seen
bis ideas as to the powers of that Govern.
ment set at naught, ridiculed, hooted at, and
totally disregarded whenever it was neces'
cary to do no in order to damage the South.
He, therefore, proposes to avail himself OF The
present cep dition of things so far as he can
make it subserye the interests of the South
and of his State. Judge BRANNoN says:
believe the country would soon be re-
Iicved with a lowered rate of Interest, en-
forced by effective laws, operating alike in
oil the States. If this can be done, money
wouid not then be, as it is DOW, used princi.
pally for speculative purposes, for speculative
enterprises can oaly pay the high rate OF in
terest demanded, but would be used for more
beneficial pur poses TO the reasonable benefit
of both capital and labor
Can Congress pass general usury law?
7 utterly rcjNc. the proposition that money
which Is issued rs such by the authority Of
Government, should be regarded as COM
modify ,pithout control as to the value Of its
use for purposes Of loan. If the power ex'
ists in the Federal Government to issue 8
currency, and TO mike it q legal.tender in
pa7ment Of dents, it can hardly be then cues
toned that 1t possesses the power to make
and enforce usury law. The omission Of
the Constitution to provide authority
on this SUBJECT resulted, no doubt, be
cause it's trainers never considered they
were proposing government with au.
&hority to issue paper.money. True, the
Government can borrow money, and this
implies authority TO issue evidences Of loan.
I do not believe the Federal Government
possesses the power to issue paper currency,
but no such ques ion can now DO made, as
Congress and the Supreme Court have dis
posed of this question, and having made the
money and declared and enforced it as Ie-
eal.tender, it Is now the duty Of the people
to treat it as the only money, and legis
late UPON it as such. Those who have
claimed and exercised this great power
cannot now hesitate to exercise the
minor power to make and enforce uniform
effective usury law 10 every State. In Yea
zie Bank us. Keupo 1t was held BY the Su'
preme Court the Government not only had
the right to issue currency, but to tax The
currency Issued by State authority out of
existence ; and Justice Strong, who delivered
the opinioa Of The same court In the legal.
tender cise reported 10 12.h Wallace), re-
marks: "IJ IS not easy TO see whv, if State
bank nott c,n be taxed out of existence for
the purpose ot,ndirecty mskipg United States