view, the argument is all on one side, and all that can be required to convince any unprejudiced mind of the folly and injustice involved in usury laws is a plain statement of their operations.

The only excuse that we have heard of for opposing the repeal of the present interest law in Missouri is, that under the former law the merchants were in the habit of claiming ten per cent. interest of their customers, and inasmuch as that rate was allowed by law, the customer could not refuse to pay it without endangering his reputation as an honorable and fair dealer. And hence it is infered that if the former law be re-enacted, the maximum rate of interest will again be claimed and established by the merchants. To this there is a ready answer: it will be in the power of every one to make his own contract, and it will be as convenient in all cases to stipulate in respect to the rate of interest, as to settle on the price of the goods to be purchased. But even this objection will be removed by repealing all limitation, and leaving the entire subject open to contract. That is doubtless the true principle and the correct policy. But where no terms are agreed on let the law fix a reasonable rate by which the rights of the parties may in all cases be determined. This is the policy adopted by Wisconsin, and we were pleased to observe that it was approved by Hon. R. W. Wells, Judge of the U. S. District Court, in an able article from his pen on the subject of usury, published in the fifth volume of the Western Journal, page 288. The Wisconsin law is in the following words: §. 1. Any rate of interest agreed upon by the parties in contract, specifying the same in writing, shall be legal and valid. §. 2. When no rate of interest is agreed upon, or specified in a note or contract, seven per cent. shall be the legal rate.

Such a law, we think, would remove the only plausable objection that we have ever heard urged against the repeal of the interest laws of this state.

In fixing the rate in cases left open by the parties to the contract, the average market rate for a series of years would seem to be the proper criterion; but it would be better, perhaps, to establish it below than above that point.

Money is an article of commerce, and is moreover one of its principal agents. It is one of the properties of money as an article of commerce, to go to the market where the demand is the most extensive and unremitting; but as an agent, it goes where, after deducting all costs and risks, the highest price can be obtained with the greatest certainty for its services.

If one State or nation place an arbitrary price upon its hire and that should be below the rates which can be obtained in some other country, it will leave the community where the price has been thus depressed and go where better wages can be had. But the high rate of interest occasioned by usury laws, will not bring money into a country except such amounts as may be introduced by the speculator and hard dealer; who having no respect for the law are willing to risk its penalties for the profits which they hope to realize by evading its sanctions.

But it is useless to enlarge upon a topic which must be plain to the understanding of all intelligent, unprejudiced minds. We have endeavored to discharge our duty touching a subject which, in our opinion, is most intimately connected with the prosperity of the State in a pecuniary point of view; and one which, as we believe, affects in no small degree the moral and social condition of the people.

By preventing the transfer of money from other countries to Missouri to be let out on interest, the usury laws operate materially against the establishment and growth of manufactures, against the development of our mineral wealth, against the operations of commerce, and against the progress of all works of public improvement; while the evasions which daily occur familiarize the mind of the citizen to a sense of disrespect and even contempt for the laws of the State.

A law so fruitful of evils, and so barren of benefits except to a class of individuals caring little for the common welfare, is a reproach to the State. And should the next General Assembly refuse or neglect to repeal it, that body will do injustice to its constituency, and stultify itself in the estimation of the enlightened Public economists of every civilized country..

In view of the subject in all its aspects, we say to the people and to the General Assembly of Missouri, renounce entirely this relic of barbarism and superstition. Let trade in money be as free as in all other commodities; place the conscientious and lawabiding citizen upon an equal footing with the unscrupulous lawevading usurer; and the certain consequences will be—a greater abundance of money and less temptation to the people to evade or violate the laws of the country.

ARTICLE II.

Limited Partnership.

The object of limited partnerships is to enable individuals possessing capital to become interested in mercantile, manufacturing or other branches of industry without hazarding the entire amount of their estates.

There are individuals in almost every community who possess industry, skill and other qualities fitting them for the management of business, but destitute of the means necessary to enable them to carry on their vocations upon their own account. These qualifications may be justly regarded in the light of individual capital, and also as constituting an important element of social wealth.

The prosperity and happiness of communities, under every form of government, must depend in a great degree upon the nature of the associations between accumulated capital and industry. Hence it becomes the duty of the legislator to enquire whether there be anything in existing laws calculated to hinder accumulated wealth from forming more intimate and profitable relations with industry, intelligence and moral worth.

We admit the common law principle which makes each and every member of a partnership liable for all the debts of the firm to be just, both in an individual and social aspect. But we are persuaded that the policy of the common law may be modified and improved without materially affecting the justice of its operations. By authorizing individuals to enter into limited partnerships under proper restrictions, one ground of objection to subjecting their means to the management and control of others will be removed; and it is reasonable to conclude that if such a law existed, the number of associations between capitalists and individuals possessing only business qualifications, would be greatly enlarged.

Such a modification of the present law would tend to diversify the pursuits of the community by removing a part of the difficulties which lie in the way of enterprising, intelligent and worthy men who happen to be destitute of pecuniary means. It would afford a safe and most gratifying way of enabling individuals to assist their relations or friends in commencing business upon a solid basis, instead of leaving them to struggle with the almost in

surmountable difficulties incident to every branch of industry not based upon a reasonable amount of capital.

While we do not claim for this measure the degree of consideration due to a system of banking, or to the repeal of the usury laws, yet, it is to be regarded as an important feature in an enlightened and liberal system of public economy. Within the pe

riod of a few years past, Missouri has entered upon a new career. She has undertaken works of great magnitude, and doubtless of great utility; the prosperity of the people at home, and the character of the State abroad, depends in no small degree upon the successful achievement of her schemes of improvement, and it behooves her legislators to discard the prejudices which have in times past retarded her progress, and adopt all such measures as are calculated to invite capital from abroad, and call into active and efficient service every useful faculty of the people, whether physical, mental or moral.

ARTICLE III.

Valley of the Ohio.

BY MANN BUTLER, ESQ.

Continued from page 172, vol. XII. No. 3.

MISSION OF FATHER GIBAULT FROM KASKASKIA TO VINCENNES IN 1778. HIS SUCCESS IN REDUCING IT UNDER THE GOVERNMENT OF VIRGINIA. CLARK'S NOTIONS OF INDIAN NEGOTIATIONS. GREAT INDIAN COUNCIL AT CAHOKIA; CEREMONIES, SPEECHES. RECAPTURE OF VINCENNES BY THE BRITISH. CAPT. HELM. GOV. HAMILTON. BRITISH PLAN OF CONQUEST FOR THE WESTERN COUNTRY. CLARK'S PLAN FOR RECOVERING VINCENNES FROM THE BRITISH.

For the gallant and well executed movement against Kaskaskia and Cahokia, Clark with his brave officers and men received the thanks of the House of Delegates of Virginia, "for their extraordinary resolution and perseverance in so hazardous an enterprise, and for the important services thereby rendered their country."*

This vote was as follows:

Monday, 23d November, 1778.

Whereas authentic information has been received that Lieutenant Colonel George Rogers Clark, with a body of Virginia militia, has reduced the British posts in the western part of this Commonwealth, on the Mississippi and its

This is the first public testimonial of Clark's services to his native State, and the republic at large; and well and most justly did he, his officers and men deserve them.

But though Clark had met with a success so much beyond his means and almost beyond his expectations; although the country was apparently subjected and even attached to the American government, yet, his uneasiness was great. He was fully aware of the critical delicacy of his situation; and the necessity of exerting all the address he was master of, to maintain his position with service to his country and honor to himself. A close understanding was cultivated with the Spanish officers on the opposite side of the Mississippi; as every influence was required to counteract the extended influence of the British.

They had distributed the bloody belt and hatchet from Lake Superior to the Mississippi and Ohio. In this long chain of intrigue with the Indians, Post St. Vincent, now better known as Vincennes, formed an important link; owing not only to the warlike chararcter of the adjacent tribes, but also to their contiguity to Kaskaskia, and the settlements of Kentucky.

Yet its capture was utterly beyond the power of the handful of troops, "joined by every man inKentucky;"+ Clark therefore resorted to other means. The American soldiers were instructed to speak of the Falls of Ohio, as the head quarters of the army, from which the present troops were only a detachment; that reinforcements were daily expected from that point, which was fortifying; and that when they arrived, more extensive military movements would take place. Some such artifice was deemed necessary to excuse the apparent rashness of invading the Illinois with so small a force.

Courts of civil jurisdiction were likewise established by Clark, which were held by French judges freely chosen by the people, leaving an appeal to Clark.

About this time, M. Gabriel Cerre, who was before mentioned, uneasy that his family and property should be alone kept under guard, at Kaskaskia, and fearful of venturing into the power of

branches, whereby great advantage may accrue to the common cause of America, as well as to this Commonwealth in particular;

Resolved, that the thanks of this House are justly due to the said Col. Clark and the brave officers and inen under his command, for their extraordinary resolution and perseverance in so hazardous an enterprise, and for their important services thereby rendered their country. Test. E. RANDOLPH, C. H. D.

† Memoirs of Clark.