Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1857-03-11
For tho Advertiser.
THE UsURY LAWS.
NUMBER THREE.

| and to show that they have an injurious lhnuehee
on any country.
In former article we confined ourselves to the
immoral tendency of Legislative interference, and
in noticing the arguments upon which this inter-
position is based; which, though apparently Jor,
are found when thoroughly examined to be against
any restriction whatever. We except the case be-
fore stated when no specified rate of interest exists,
that is when the per cent is not stipulated
1t is our object as far as practicable to disentan-
gle and separate the arguments, in order that the
force of each may be the more easily appreciated,
and consequently the conclusion to be arrived at
more rational.
In the first place, let it be supposed that the
profits arising from trade are such as Justify bor-
rowing at ten per cent; but he who loans cannot
receive but seven. There being no induccment to
lend the supply ce'ses and with it the equilibrium
which Supply and Demand have tendency to Gre
ate Thus the power to regulate itself being ta'
ken away, very disastrous results may ensue; Tor
even suppose tho profits arising from capital con.
tinue to increase, common sense teaches that the
But here is an interdct to prevent this, and so no
adequate compensation can be had for the use OF
money, and nothing to attract it from foreign mar
kets-soon the most serious effects are felt Inc
plain and simple remedy is, to throw down the un-
wise restrictions and place money upon the sound,
broad and simple principles Of Demand and Sup
ply, and Immediately springs up e safe guard
against the great fluctuations between the profits
of money loaned and those arising from operations
in business
It is evident then that there are laws regulating
trade, which are as immutabc as those governing
the physical universe; and likewise, that viola
ton of the former is as surely followed BY rctr,
button as in the atter-neilher can be disregarded
with impunity
Again, it seems quite strange that fiXedness
should be given to the profits arising from the use
of money, when of all other commodities interest
possesses the greater number of contingencies for
its basis II it is impolitic Gas most persons will
admit) to fix the market value of aaycommodity:
fortiori, We should beware of placing restric-
tion upon money To this real usurpation OF the
right of property no man would tamey submit if
exercised over him in palpabc way for instance
if farmers were prohibited from receiving anything
above fixed price for their cutton.
This oppression would be so evident, that this
class of men, (the bone and sinew OF our land)
would evince their opposition by open defiance; !;
it is plain that the authors of any such measure as
this would havc-autc an unpleasant storm raised
about their ears-perhaps be looked upon with com
passion, as mad men, What justification is there
to be found for aw prohibiting person from
getting the maket value of money in opposition to
every thing else l-where exists the difference up
un which the distinction is founded ?-why allow
him to sell his cotton for so much as the market
will afford, or for so much as another is disposed
to give, and at the same time refuse him the priv
lege of selling the use of his money? If this dis
tinction is not without difference, or in othel
words if there exists any reason for this invidiou
exception of money, We acknowledge our obtuse
ness-it lies beyond our intellectual ken.
One of the supposilions upon which usurious re
slrcton is based, seems passing strange; namely
that every one is not the best judge of his owl
businessa -subvcrson of an old and much respected
maxim. If there are occasional exception to thi:
4 good old saying the principle we arc compelled te
recognize However kind the intentions (and how
often have we seen bad events peep out of the tai
of good purposcs) that dictated this interference
there arc but few who would not most respectfully
decline the proffered assistance 1t is an asSump
on of foresight on the part of its orignators, that
is scarcely pardonabc-arrogating to themselves
a knowledge of all the circumstances which should
surround each man, his straits and emergencies
the sudden and unexpected drafts upon his credit
and the opportunities for driving an advantageous
bargain. But yet more strange, in surprising thai
all men are possessed of the same business capaci'
ties the same inclinations, and All equal skill in
turning over capital. How many arc there, who
can borrow at ten per cent, and realize ffteen-
how many who realize ten per cent by investing
their capita in business operations. but still
would prefer to lend if the profits were the same;
examples illustrative of this arc numerous.
This sub mudo guardianship over private COLI
tracts is in opposition to one of the principles
which all Republican governments arc desirous OF
promoting-sct-dcvclop reliance upon ones
own faculties and energies, without the intcrfcr-
cncc of the government pro or con. This has for
its foundation our recognized law Of permitting
each citizen to do what he plcases, so it does not
Interfere with the rights of othcrs-as near abso-
lutte freedom of action to every man, as can exist
consistent with due regard for the same privi-
lcgc granted to cye'y other person.
Who is there to tell the injury thus inflicted up
on the skilfu and energetic of every community
the amount of capital lost to the general wealth OF
country, for what are skill and industry, but the
generators of wcalth-thc elements Of prosperity.
They see occasions when with money in hand they
could realize ten, fifteen twenty and perhaps fifty
per cent-but the Law torbids lending above seven,
so they are dSarn,cd doomed to look Oh in mac
tion, as opportunities for making competency or
fortune glide from their grasp they turn away
in silence, with deep but just Indignation at the
injury they have sustained.
We will now concude-hoping that our Usury
Laws will soon be erased from the Statutes that
it may be seen that the pleasing idea of scf-gov
ernmcnt may be illustrated in matters of private
contracts Then will cease that hue and cry which
some arc ever ready to raise against money lenders
saying all cases) the resort Of the improvident and
vicious, as an easy way of rddng their conscicnces
from self accusation For with what grace can lie