Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1858-02-10

under t. e pressure of suspension, their capital
wonld 90 in floods in that direction.
I would abolish the usury laws, not to make
money plenty, or scarce, but tn protect the poor
from the rich to put our capitalists on footing
with the banks; to render it unnecessary tnr
our banks or large capitalists, to transmit their
funds to other States where the Customary rate
Of interest ranges above the limits Of our legal
rates.
When tie rate Of interest is high all over nnr
country. our commercial emporiunls will bequite
as much in need of all of our money capital. as
when interest is low. / would, therefore, repeal
the usury laws, 10 give moncy capital perma-
nenL and profitable home in Charleston that
would transfer much Of our capital. now in Wall
street, New York, to locate itself i'll our com
nrrcal emporium, 10 unemployed in purchasing
tic mercantile paper received by .jobhing houses
from the country trade. In Short would re-
lrcal our u$nry Laws to make legitimate business
for banking that Charleston may become the
commercial outlet and inlet for Southern trade.
and thus enable us to tliScntLral ourselves OF Il
childish dependence Oh that ever-nllaicd: bloatcd
and speculative city, New York, where we go to
purchase more than half Of or supplies, and
where tic best merchants paper is often sol'l at
from ~ To 10 per cent. discount Some months
ag,. long before the suspension, WAS conversins
with suuIe gentlemen III Augusta. when one oi
t!lra. :, President o! 4 bank. said lie knew Of
The sale Of Il first rate Georgia note i'll New
York 1T &c per cent. discount; that the gentle
men who made the lDte Vas a. %OUd and solvent
Il customer as the State Of Georgia could pro-
,luce-so good, that if his bank were lending
money, he would not ask lam for alI endOrSer
on Il loan OF ten thousand dollars. This same
man went 10 New York and purchased cIg:it
thousand dollars worth Of goods, gave his note
at :; and months, which paper was sold at a
discount ui ST per cent. per anll;,;n. recc veal
the impression from the way the bank President
talked awnt it, that lis bauk was the purchaser.
Now, let me Ask you Of what avail are orr
ll,l,ry laws? Are they rot in the way Of far
legitimate banking, positive evil AMI clp-
upon the freedom of trade? WHO paid this 81
pc: cent? Can any body doubt that it came
out ol the CONSUMERS pocket? 1t does secm TO
lrc like strainiug at a ;gaH and swallowing Il
caIci. to refuse 10 permit a bank to icnd Her
money at : per cent, or an Individual capitalist
ut ID. that !; merchant, by SD borrowing, may
90 10 foreign countries lar beyond where li!S
credit would reach, to purchase his goods on the
hest terms tlr,t cash would procure, whle it Is
,nrEctIy l.ri,i,;iaf,. and ir. il ti,c eyes o cycry
hoIr, 10 follow linn to New York, where he
CAN buy OH credit, and there purchase bis note
=, M mar cnnt ,ii.rount
" ynn !, ,r,J;ye certan canita]sts 70 associate in
c,rnnr,t;nns 70 de1l in usurv, Lv wholesale,
,,,,r rlI,,. ,,bn ,,os tnh;io h,:,iuh tine
In"r i watcbci @ tI,r,,rh the kev-bole and made
-,
v,ii" " % tho 'rI, h,,fu: institutions arc aI,oweI
=, ,aIs,. IN .,',l 80 ,e,. cnnt interest a, ,s,ir
'.,,utor. mi n.c,,. rcns,;rr nj. nr,i .i,,n",, =
,,,,,, r.lI.,v. ,,i,n L,s h,. L,.I Ia;mr oar wi
!.I'n sD ;,,,t .,,,,,n1 IN t.,!;s 40 -. S.;l)
a"'v, : :; ..,I,,,,,, # nay a nG|c;y.l IN i,;;,,
Lv a Jo.,., men, who are ablc and willing TO rnv
rIat muca for tic Use Of 800 dollars Iir ono
,,,. rh,. l,v- .a,.s In .,oH ,,,t receive more