The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1891-12-16

ooZen, ARTICLES OF merchandise at any
center that, as soon as it is known TO be
so, there is movement of those articles
(as If by an invisible, but irrisistable
handy towards that center from eyery
direction? And what is tho result?
There is soon "Qlut in the Market"
and what was bringing one dollar last
week will only bring seventy-five cents
this. Now do not say that the raising
OF tho legal rate of interest in Virginia
is going to result in 'glut of the
market" would not make such
prediction as that before l had bought
myself good big block of Roanoke
real estate, but l do say that, unless
something changes the laws of the
universe, il you will secure tho pas
sage OF law allowing the collection of
per cent, where there is contract to
that effect, that in another year you
will see very different state Of affairs
here.
trust 1T is not my nature to make
an idol OF any man, and to set him up as
the one man whose opinion is of any
value, but l say it without the fear of
contradiction that the present president
OF tho Norfolk and Western Railroad
Company has, with his associates dono
more in the last ten years for tho re-
facilitating of the State and for the de-
than has been done by all the Virgin
ians in Virginia in the past twenty-five
years, and what does he say when asked
about matters of supreme Importance
humanity speaking? He says that "the
first thing for the State to do, after set
thing her debt is to raise the legal "a te
of interest" Is tho opinion of a man,
OF whom that can be Jruthfully said,
worth anything?
When mon mako such broad state
ments practical men usually look mar
rowly, If they can, to see if they discern
any hidden motive, and n statement Of
that kind coming from q man who had
money to loan might not make much of
en- impression, but can this be said of
Mr. kimball? Why, whenever I have
seen his name for long tino it was in
connection with his efforts to negotiate
loan in London. And what was he
going to do with the money when he
got it? Commence shaving paper? will
not answer that question. / will lust
ask anyone here who may want the
question answered, just to get now on
what was ton or twelve years ago, tho
bankrupt Atlantic, Mississippi and Ohio
railroad, at Norfolk and ride out to
Bristol, and then to come down to New
river and ride down to Pocahontas, and
he will have the question answered in
way by far moro convincing argument
than can use. Am / saying too much
when say that l think the opinion of
the man who has been tho moving
cause in bringing about such transfer
nation is worth considering by the
whole State. The first thing for Vir-
ginia to do after arranging her debt is
to raise the legal rate of interest"
Now the question comes up as to how
hpin +1>,
latitude which have claimed for N.Y.
self, and by your indulgence have exer-
cised, permits my making suggestion,
Will say that the specdiest way will be
10 have the governor send the leGisla-
ture special message on the subject in
advocacy of tho plan, and then, by
means of the press, so present the thing
to the people that they will see the
reasonableness of it, and possibly it NAV
be accomplished more easily than we
think.
l have never sympathised with a great
deal that have heard and read about
Roanoke. Roanoke is the creation of
the Norfolk and Western railroad, and
but for that money which was borrowed
in London there would have never been
any such place, bat / do say and be-
lieve that Roanoke stands to-day the
acknowledged exponent of. what i'm
ported capital has done for the State,
and Of what may be done elsewhere il
more of it can be had, and as more cant.
tai is now the crying need of the State
why may not the rest Of the community
be willing to pay some attention to a
voice coming from this direction, and if
that voice is raised in advocacy of less
restriction in the matter do YOU not be-
lieve that it will be needed?
Mr.. A. c. Denniston said: "All
countries live under fetiches, but none
IS more absurd than the fetch of usury
In different States the causes vary. In
New York the law is severe, rendering
null and void all contracts for the paw
ment of usury, but the law is a dead
letter and any man who pleaded it
would be driven out Of business in Vir-
glnia. Corporations are debarred from
pleading usury. thus practically ex-
emptlng them from the operations of
the law" Mr.. Denniston thought chat
carefully drawn bill might be enacted
into law
Mr.. Glasgow was of the opinion that
not only should the interest law be
modified, but that legislation should be
had looking to the more effective col
lection of debts.
On motion the chair delegated to
judge w. 5. Gorch the preparation OF a
paper to be read in January, pointing
out the changes in the statutes ncces-
sary to the modification of the interest
and tho debt laws.
The subject Of a session of the Fed
eral court in Roanoke was next brought |
up and informally discussed. Colonel
Lewis warmly advocated the scheme |
and thought 1t entirely practicable.
His position was indosed by several |
lawyers present. Mr.. Eston Randolph |
stated that the Federal court brought |