The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1854-10-25
The Condition OF the countr >.

alton to the condition of the country more
PARTICULARLY did we allude to the scarcity of |
money, and the want of accommodation in |
'ur banks. We have since thought of the
subject. and put our poor craniuu to work
% see If se could propose a remedy.
Although unable to devise any new
scheme, We can coincide with the views en-
pressed by others. a writer in late num-
Der OF the Charleston Evening News, pro-
poses to abolish the usury laws. He says
ave would not cucumber every bank
charter with numberless restrictive clauses
the greater the number the more difficult
OF detection, becoming, therefore, in the end,
evasive and nugatory. But we would ere
ate alongside of the ban ks ~ power greater
than the banks themselves, with all the pri
vileges conferred upon them by their char
ters, and all those they assume in spirit of
reckless indifference. That power is u free
money market. II is the abolition Of the
usury laws. "The Stats, however, still to
maintain the legal rate Of interest as regards
the banks themselves, in compensation of
the privileges they receive under their rhar-
ter.
"The necessity for the abolition of the
usury laws is, we think, admitted by all, and
scarcely therefore needs d discussion. Estab-
lish free money market, and You have
new, independent element introduced for the
assistance and the relief of commerce.
Speculative capital, If we may so term it,
enters the field and takes the chances of
greater or smaller returns, according to the
risks of its Investments. This new element
acts for itself. Controlled by no arbitrary
management or direction, and Legitimate
competition becomes the safeguard against
those extortiOns and abuses wlirh are the
necessary consequence of penal system in
matters of usury. Money, like commerce,
should be left to regulate itself; and free
money maket is, after all, moth ing else but
free trade applied to finance.
We agree with the writer in the News
Restrict the banks to certain rate of inter
cat, but allow the people in general to loan
or borrow at such rates rs to them NAV
seem proper.
An argument which gentleman used
once in our presence, while this subject was
under discussion, was, that interest alone
brought men to bankruptcy. Interest accn-
mulated 80 fast at I per cent, that in short
time it exceeded the principal, and therefore
he was n strong advocate for the continuance
Of the present usury laws.
AS tho writer in the News, says "money
like commerce, should be left to regulate
itself" SO say we. The Philadelphia cor
respondent of the Charleston Courier, in
speaking of the election in Pennsy lvania US
es some such expression shat 10 an aristo-
cratic government, it would he impossible
for an election for so many public offices, to
pass of so tremendously in civil rs well
ns political matters, may we be guided and
controlled by the spirit of repulicanism.-
The present usury laws serve to place on us
yoke, which it's very trainers sought to
abolish. They scrre to fe.tcr US with stron-
ger bands. If buy barrel Of sugar at 8
ptrcnase mad s-crs. have not The hsi'ifatIff fatIff "a
obtain what price ] can ! Certainly. So
let it be with money. IT have in my pock.
ct book, thousand dollar, and nv neigh.
Dor thinks that money is worth to him 10 OF
10 per cent per annum, let me hav 1.-THE right
10 loan him the amount at the per ccniage
agreed upon bet reen us. Perhaps had he
not procured this money, he would have los,
to great extent. In other words, by Dor.
rowing one thousand dollars ut an interest
OF ten or fifteen per cent, he has saved loss
equal to thirty or fifty per cent. If man
is in his sober, rational senses, will he be
willing to give more for money than il ia
worth to him!
We have no doubt but many Of our coun-
try merchants would save money, by pro
curing the commodity, at twice the present
r.te of interest. He can buy his goods
In New York cheaper with the cash, for the
Jobber there is not forced to sell his eusto-
mer's paper to the Prcs'den of our banks
We alluded to this matter last week. Some
may say by this course the New York mer.
chant looses ,ustomers--the men so treated
will not be apt to purchase at these same
houses again WY God bless you, the
customer is rs ignorant rs Il still.born babe.
10 the FIRST place, he gives his note payable
at such bank, and when he pays, he pays
the bank. Suppose b. goes to New York
from Lancaster, purchases lot of goods
and gives his note payable at one of our
banks he knows not but another, not the
one at which his note is payabl,, purchases
it. The financial Operations, through which
passes are unknown to him. lie has 10 pay
it when II becomes due.
The banks we opinc are not in favor of
the abolishment of the present usury laws.
They can pay greater dividends, rs the wires
at present work. , he writer in tho News
suggests the propriety of limiting the banks
to declaring certain dividend: say diyi-
dend Of per cent, and in all cases they
shall not declare dividend over that. We
hardly see the necessity for this. We are
OF the opinion, that II individuals who act
for themselves Individually were allowed the
priviledges which the banks enjoy, and which
was intended for the good Of the
people, the said banks would cease 20 declare
such good dividends.
When the stock Of a bank commands more