Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1857-03-04

COM NJ U N I G A r IONS
THE UsURY LAWS.
NUMBER TWO.

1t has bee me an ndsputablc fact that monopo-
lies in the hands of any class inurc a, community
generally speaking; and hence any law that has a
tendency directly or indirectly to place any branch
of trade under the control of set Of men, should
he viewed with jealous eye, and every departure
from the Laisscr farc' (lct alonc) principle
should have peculiar circumstances of State policy
for justification. Pray, what plea is advanced tt
bar or palliate the charge above advanced. We
have no doubt but that the intentions Of the au.
thors of our Usury Laws were good, so far, sc
good-and hell itself is paved with good intcn,
tions, is an old Portuguese proverb, but in neither
case does the animus diminish the consequences
Who arc to bc held responsible for virtually ia
king from the borrower the privilege of 5eUine
the market and thereby making the best barsa
possible for himself; nay, tic very market itself
is destroyed, and with it, the best safe guard foT
protecting the poor: in its stead is erected ruin
Gus monopoly, having for its basis the straits and
en- recnc:cs OF the wrctchcd, and supported at the
expense of obclent and conscientious men. In.
stead of appealing from one to another as in pur.
chasing an, other article this odious restriction
and dire necessity often forces a man, however re-
pugnant to his feelings to knock with suppcnt
hand and throbbing heart, for admittancc at the
door of him he once hated, but is now compelled
to call Ecnefactor, to alleviate his pressing wants
The great moral consequences flowing legtimately
from this legislative ntcr1o>ition are much to be
Ia, ],
ranked as dead letter law: only now and tlic
there happens an instance of man so forgetful OF
himself, to tramplc under foot the private con.
fidcncc rcposcd in him.
Now the secret t,ntency Of laws evadcd or in
capable Of being enforced, is to sap the very foun-
dations of our political fabric, by Introducing a
disregard for the most solemn Acts spirit
characterization and contempt for some, and dis
respect for all Laws grnerally-thc final consc.
quenccs of which, no ono can properly estimate.
Again, stern necessity having forced the pooI
and unfortunate man to borrow above the lega
rate recognized by our Courts, or see his entire
stock of worldly goods sacrificed to an cXactns
creditor lie chooses the former alternatives am
seeks some monied man to whom he offers pre-
MUM. to violate the Law, by way of an illegal
pcr cent, in order to relieve him from his present
embarrassment This Icing done, the Law hold.
out enticngly bribe to the borrower, to induce
him to refrse payment come into Court, and plead
Usury (But be it said to the honour Of this COM
munity, that there have Ecen but few among us
who have cnsconced themselves behind the Statute;
and in those instances there were, We hope palia-
ting circumstances; of such cases We could give
cxamplrs.) This is nothing more nor less than
patronizing infractions of private confidence, en-
couraging breaches of trust, and promoting spr-
it of suspicion and disbelief in all matters of con-
tract which are among the greatest drawbacks
that can bcfall any community, and the greatest OF
all calamities to commercial people 1t is evil
dent then, that the geater solictude shcw in leg
islating for this particular class Of men (poor and
unfortunately the worse is their condition; and the
sooner it is dispensed wit and the admirable prin-
cpe of let-alone is acted upon, the better for all
Unfetter the money market by pulling down its un-
natural and impolitic barriers Legislative re-
strictionsG eprcssure Icing removed it floats like
every otl.cr commodity, upon the grand principle
of Demand and Supply above mentioned, fluctua-
ting according to circumstances
Suppose, for instance, that the rate of interest
wee to rise above what it is at present-the con-
clusion would be- that investments in Stock have
been more profitable tl.an loahing; but as inter-
est rises, 20 does ths inducement for converting
st5ek dsS mstrs messm, aad sIso the easoa.: