Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1857-02-25


the Chair and unanimously adopted.
On motion, the meeting adjourned. .i.,.s
". C. AlORAGNE, CHAIR.
Z. BLAND Scc'ry.
From the Advertiser.
THE UsURY LAWS.
NUMBER ONE.
Mn EDITOR AN attempt to demonstrate that
our Usury Laws'' are nuisance, and against the
policy of our Government, it is hoped will not be
considered out of place The fact Of hele being
no effort made by our Legislature to modify orre-
peal them at the last Session, would argue, in the
absence of sectional strife, or more momentous
questions, a want Of due regard for the internal
welfare Of the Sate-werc it not apparent that our
Sessions are most scandalousy short 1t rather ex-
cites our wonder, under the circumstances, that so
little has been done that should have been let alone,
and so few things left undone that should have
been attended to; and we strongly suspect that the
force Of these impoe laws in this State is attribu-
table to basty legislation, consequent upon want
Of time
expect to be candidates for the next Term, that
notice is here given that our humble exertions will
be directed in bringing this Question to an issue
If there should be among them any of those willy,
ambiguous politicians, whose conclusions (li they
should ever be so fortunate rs to arrive at any are
based upon the opinion of the majority, and to the
asceraiuing of which their sole aim is directed
Aey will certainly thank for this kind suggestion
That modification Of our Usury Laws is neces-
sary, but few will dispute; that they should be
abolished We hope 10 prove beyond the shadow OF
doubt.
In the first place, it is proposed to notice few oil
the arguments brought forward in their favor:
Secondly, 10 show their immoral tendencies: And,
Lastly, state succnctly, our reasons Tor being op
posed 10 Usury -Laws-based principally upon the
right If property, and the general Laws o! Trade
We hope to be able, not only to neutrallze' the
force Of the reasoning in support Of Legislative III
reference on this subject, but 10 draw from the
same premises quite opposite conclusions OF Course
there must be law regulating those contracts
where the parties have said nothing about the rate
Of interest but as this is palpablc, we will pass
on to the grand argument Of protection to the poor
man, the filaciousness Of which is easily detected
hy the mcrcst tyro in Political Science Let us ex-
anime this socalled ags that is thrown around him.
Interest on money is regulated by the profit OF
the capital, and tie risk in lending; but when til: /:
Law steps forward and prohibits the taking Of bn
6xe per cent, it introduces another clenlsnt that
operates directly against the borrower, as it conpes
him to ensure the uSurcr against The consequences
o" \ violation Of that law-an element in the last
degree injurious 10 the very persons s"r whose
benefit il was made # also has tendencies to i'm
morality, Of which We desire 10 speak presently
What becomes of this powerful barrier against the
cxactons Of the monicd arstoclacy! Does II con-
sist in Offering the assistance Of Courts Of Justice
If so, the repugnanec 10 call for their aid and the
facility with which they can be evadcd, almost
amount to . nuity
There is another item which, though not often
taken into account deserves the consideration OF the
apoogists Of Legislative interpostion in this branch
Of trade. aludc TO the odium that attaches to The
secret violation of the Law. This is no small item
as i, has been quite sufficient OF Itself to deter iht
mole sensitive from engaging in such traffic. This
is incidental, for so soon as she obstruction oil th'
Law is torn down, and interest thrown on the
broad basis Of Demand and Supply, regulated by
their principles, and viewed in The same light will
other commodities OF the market, Immediately is
absolvcd from all odium.
Again, it places power in the hands OF lew
who are enabled, if so disposed, 10 iyranize over
the unfortunate; and there are always snflclen
number Of persons who are inc1pabe Of restraining
themselves in the exercise rf it, when the reward
is money And as the fear of the consequences o.
a viu!aun of the Law, and the dsapproba'lon con-
selucn TO its evasion, are quite sutheirnt to drive
the more law loving citizens from the market, 1t is
vlau that, the very class Of men which the law
intended to check are left undslutrd masters o
this prus,aLle field "r operations. Here we have
IN instance Of hasty aud unwsc Legislation. If The
remedy proposed for previously existing evil ha;i
proved powerIcss, it would be objectionable Ut ne
ccssi,y-Lut, what niu t We say When il increases
the evils ten fold.
The same emergencies that compel person to
borrow. forces him tn ace rt of jus; such terms as
may be offered The avarcious rr"portionIng the
terms to his embarrassment But says Our orpo
ncnt. the law gives redress To which we answer
BY quoting the opinion of distinguished Economist
Of our age, that q" Il is needless to say, that such
laws can ever be enforced Men in want of monty
vii; pay what they please for it, aud ti"sc wh
choose t., pay enough for it, can generally borrow.
D ,cs not our own experience verify the fact lI:s
results from the remedy being suicidal, FOR wl"
would ever place confidence in him who hal once
sought protection from the Courts OF Justice 10
the more high nlindcl the degradation AMI shame
,ha, follow breach of honor and veracity, are
quite sufficient preventive To an appeal to l.a". IN
order to avoid Il Solemn PROMISE y. /. Il.
Continued from last week.