Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1857-11-05

circulation. Our State seems 70 nave aonorrenee
of gold and silver, for to absolutely Danish them
from circulation, they fiji up their currency with
paper, even to 81 bills. That the currency un
der 500 should be specie seems to me so manifest
proposition, that am at loss to- argue tit
seems like proving On axiom. I will conclude up
on this point by nlluding to the example mud ex.
perience Of those great nations that stand at the
head of ofcivilization, England md France, where
one could suppose the subject Of currency would
be understood, if any where. They permit no
small paper bills. They woudas soon permit the
plague. England allowed NO bills under $50,
France none under $40. So such on this poin'.
2. As fur ther provisions to prevent over Issues
by the banks, Would repeal the present penalty,
Of five per cent due the State suspension and ln-
stead thereof substitute the following provision:
every bank bill on which species refused, to bear
m interest of ten per cent, until specie payment
is resumed. This will bea better safeguard, l
think, than the present Eve per cent, penalty, be.
cause it will be more apt to be enforced, and will
be what it ought to be, q compensation in DANA
ges to the parties injured, by having depreclaa:
ted currency in possession of the bill.hoders.-
The present penalty amounts to Lothing in my
opinion. The State will in all probability release
it; at least, should desire to see them do 80, and
such is, I think, the general wish. The provision,
suggest, could not be released by the State, and
its enforcement might safely be leftto the prompt
ings of individual interest. -
| 8. Require the banks to retain in their vaults
specie to the extent Of third of their circua-
toE. This provision would have carried our
banks safely through the present crisis. tits this
which gives the New Oorleans banks so much
back. bone at present
| 4. My next proposition is, that the usury laws
be repealed, and the banks as well as all individ-
uals be permitted Is loan their money out at what
ever they can get for It. 2
The usury laws prohibit the taking Of more
than seven per cent for the loan Of money. Sup.
pose the Legislature were to enact that tho owner
of house should not receive more than rent
equal to seven per cent. Society would exclaim
with one voice, such legislation is an infringe
ment of the right Of property, and absurd in the
extreme. And society would be right, too, for
there is no difference in principle between the CO.
ses. fit is wise to permit the owner Of house
to receive what he can for the use of it, why is II
not wise to permit the owner Of money to do the
same thing. The usury laws are the relics of q
bsrbsrous age, and belong to the same school OF
legislation as prohibitory tariffs Theyall 20 up.
on the idea that the people are only grown up
children and need guardians. I do not agree to
this idea. think the people have sense enough
to take care Of themselves and each one under
stands his own interests better than Government
does i am free trade man, and favor the lsrg.
est liberty to capital and industry, having an earn
est conviction that if trade is left Free whether in
goods or money, it will regulate itself wisely
money is worth more than seven per cent, let the
owner receive it; if it is worth less he will not be
able to get it. Rfree trade in money is allowed,
the great principle Of supply and demand will reg
ulate its price with unering certainty. To make
| 10 hoy tn mi
tai to unrestricted competition. By our law the
banks cannot receive more than six per cent, On
their discounts As money is worth more than
thiy they cannot afford to loan at this price, and
hence seek custom beyond the limits Of the State.
To prevent this evil, say abolish the usury laws,
and let the banks loan their money ont for what
| they can get. The result will be to make them
desire q home business, es it would be more under
their own eyes and consequently safer. By abol-
ishing the usury laws we viii open new field oi
profitable investment TO the people and the banks,
and infinitely release our banking system from tht
jeopardy tits placed in by being exercised in othel
States.
s. The banks of South Carolina should be con
fined to the banking business Of the State o.
South Carolina. They should be permitted this u
its amplest range, but not one step beyond. IN.
practice of our banks having agents in New Or
leans, Mobile or other cities loaning money ane
dealing in exchanges and having officers in New
York shaving notes there, is to my mind mon
strous and should be extirpated by the roots
should be absolutely and peremptoily forbidden
and forbidden, too, by penalties that could en-
force obedience. Can anything be imagined mort
prejudicial to the interests of the people Of THU
State, than for our financial safety to be constan
tly put in jeopardy by speculasions Of agents snd
bank officers in distant States? It is Q game q
which the people Of South Carolina have every
thing to lose and nothing to gain. do not thini
it pecessary to enlarge upon this proposition. By
permitting cur banks to speculate in the various
forms of money, making in distant States, we run
all the risks Of the financial disasters of those
States without any counterbalancing advantage.
The people cannot possibly gain anything by this
Operation, and yet they may lose great DEAL
Banks are institutions chartered for the public
good. As the public good cannot be promoted,
but may be vastly prejudiced, by this transference
Of our banks to other States, say it should be
hibited-C Chester Standard. t-jEss