The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1866-11-10
USURY Ia WS.


the Board Of Trade and Chamber Of Commerce
upon the subject of the laws limiting the
amount Of interest to be taken for the use of
money. We have long felt assured that if the
subject could be seen for the first time without
the influence Of traditional prejudice, it would
seem strangely inexpedient; strange that, among
people encouraged to the most constant COM
merce, there should be restriction pat upon
the use Of one of its most common and ncccs-
sary constituents, and that while money is n
necessary condition Of commercial operations,
ono man may not take OF another receive, no
matter what their necessities, more than q GER
tain arbitrary amount for the uso of it.
That this provision of the law is arbitrary
and unnatural is sufficient reason Of itself
why it should be discontinued. Systems, to be
efficient, must be free; and it is manifcstly i'm
portsnt that the system Of trade, so necessary
to the well being of civilized society, should be
fetterod by no restrictions which may impede
its easy action. But there ere circumstances,
at present, affecting the commercial condition
Of our people here, which render this restric-
tion particularly onerous. Almost completely
without q medium of exehange-coin having
been carried of, and Confederate currency rem
dered valueless by the results of the wort
was q matter Of necessity that we should pro-
cure such medium, and we have little with
Which to do 80. There was but little cotton in
the country; we have no other article of export,
and nothing else to offer therefor but our credit
or our lands. For our lands there we're few
purchasers, and they could only be sold at
ruinous sacri6ce-for that sum, in fact, which
the few capitalists ready for such investments
might have the charity to offer. Under such
circumstances it was matter of the lost i'm
portance that we should be at liberty to sell our
credit 1t was only in that way that many Of
us could take single step in the way of busi-
ness,-that plantations could be started, build
ings repaired, or implements or materials for
trade could be procured. It was not only
the privilege Of men TO offer for tho medium by
which these objects ns much as they were worth,
but it was to public interest they should do 3d.
There hove been places cultivated upon our sea-
beard, within the current year, ut an expendi-
ture Of $4,000, upon which the prodaoI will bo
$4,000 There are other places which might
have been cultivated, but for the wont of
money, upon which the results would have been
the same. There have been trades started, at
the expenditure of q little money, upon the
profits Of which men have been living in oom-
fort, with the promise of competency, while
cnterprising men, without 1t, have been in de-
pendence and want, and it is eminently impor-
tant, therefore, that men should be unfettered
in the use Of credit.
There Is q general unwllingness to
violate the law. Men dislike to ask, or offer,
what the law win not allow, and capital
will not come to such precarious security;
if it shall, the capitalist will be sure to ask q
premium sufficient to cover the extraordinary
risk. If secure that they oan enforce their CON
tract for n higher rate of intorest, the owners
Of money will bring it to the market in amounts
sufficient to supply the want; but without that
legitimate operators will DO kept away, and
mon with abundant securities in property, en-
terpriBe and character will be left to the mercy
Of those who, willing to risk the chances If
o legitimate business, will have only tho more
abundant opportunity to prey upon their neces-
stiles.
It ia said, however, and the saying involves
everything in the shape Of an argument that
if men be at liberty to pay whet they please for
money, they will ruin themselves. But is it the
Office of the State to protect men from the
consequences of their own Judgments in the way
Of trndes Shall they make no bargains because
they may bo improvidentf Shall the State issue
declaration of minority, or commission of
lunacy, against oil its people2 Shall they be
allowed to make no bargains of which tho State
may not approva2 Is the State shrewder than
individuals in the management of their private
interostsf That is not the preeept of expert
ence. Who has wntched the conduct of States
in the management of business enterprises will
bo constrained to confess that they are charac-
terized by n plentiful lack of wisdom;" and
there is scarce o measure intended to effect
material interests that does not ruin the miser-
ablo victims of its benevolence. Or if it be not
the purpose of the State to issue q general
commission Of incapacity, is there any reason
why II should bo issued In this special matter2