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

WV" VIC u"oe u iew fenarkS IN re-
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 hava since thought of the
'ubject. and put our poor Uranium to work
% see If re could propose a remedy.
Although unable to devise any new |
'ehcme, We can coincide with the views ex- |
pressed by others. writer in late num-
ber OF the Charleston Evening News, pro-
poses TO abolish the usury laws. He says:
1--WE 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 a. power greater
than the banks themselves, with all the pri-
vileges conferred upon them by their char
ters, and all those they assume in IA spirit of
reckless indifference. That power is "A free
money market. II is the abolition of the
usury laws. "The State, however, still to
maintain the legal rate of interest rs regards
the banks themselves, in compensation of
the privileges they receive under their char
ter.
"The necessity for the abolition of the
usury laws is, We think, admitted by all, and
scarcely therefore needs 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 ae arbitrary
management or direction, and Legitimate
competition becomes the safeguard against
those extortions and abuses whirh are the
necessary consequence of penal system in
matters of usury. Money, like commerce,
should be left to regulate itself; and free
money mnket is, after all, nothing else but
free trade applied to finance.
We agree with the writer in the News.
Restrict the banks to n certain rate Of inter
cat, but allow the people in general to loan
or borrow at such rates rs to them may
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 so fast ut I per cont, that in short
time il exceeded the principal, and thei efore
he was 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 Pennsylvania US
es some such expression shat in an aristo-
cratic government, il would be 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 rcputlcanism.--
The present usury laws serve to place on us
a yoke, which it's very trainers sought to
abolish. They serre to fe.ter us with stron-
ger bands. If buy barrel Of sugar at s
pdrcnase mat y"cr Nave + not The ifiihSft "a
obtain what price can Certainly. So
let 1t be with money. If have in my pock-
ct book, thousand dollar, and my neigh
Dor thinks that money is worth to him 10 or
Is per cent per annum, le, me hav the rig hi
to loan him the amount at the per ccntape
agreed upon bet seen us. Perhaps had he
not procured this money, he would have los,
to great extent. In other words, by bor-
rowing one thousand dollars nj an interest
Of ten or fifteen per cent, he has saved loss
equal to thirty or fifty per cent If a man
is in his sober, rational senses, will he be
willing to give more for money than il is
worth 70 him!
We have no doubt but many Of our coun.
try merchants would save money, by pro
curing the commodity, at twice the present
rte 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-
mcr's paper to the Pres dents 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 80 treated
will not be apt to purchase ut these same
houses again WY God bless you, the
customer is as ignorant as still-born bIbe.
10 the first place, he gives his note payable
~ 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 be knows not but another, not the
one at which his note is payable, purchases
it. The financial oppcrntions, through which
passes are unknown to him. He has TO paw
it when Il 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. Jhe writer in tho News
suggests the propriety Of limiting the banks
to declaring certain dividend: say a diyi-
dend of 8 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 net
for themselves Individually were allowed the
privileges which the banks enjoy, and which
prviledge was intended for the good of the
people, the said hanks would cease 20 declare
such good dividends.
When the stock Of q bank commands more
q. 4