Abbeville press. [volume] (Abbeville, S.C.) 1860-1869, 1866-11-16
THE UsURY LAWS.

We see that the Charleston Chamber 4
Commerce has appointed Committee for the
purpose of preparing memorial, urging uron
the Legislature at the next Scssion. the policy
of modifying or ai,olishing the present Usury
Lawa measure Of this character failed At
the last Session, but the movement is now
urged on BY q force Of public opinion. ma
tured by the experience Of the los, year. and =
growing conviction of the impolicy of the
prospect Of success
Usury laws hive so long formed a part o
,he code Of civilized nations. that the! come
down 70 US, sustained by all the p,cj jn.lic"s ot
the past hut the progress Of fieeIrad. ard
more enlightened principles of political econ
eise entirely sweeping away their restrictions.
The distinctions upon which they are fouuded
seem to be entirely arbitrary aud unnatural.
Why should money, which i'd itself commod-
ity subject to constant variations in its mar
ket value, which is controlled like everything
else by the law of supply aud demand. be
alone subjected 10 Procrustenn rule, which
no one thinks of applying. 80 far ns to rrgu-
late the prico Of corn, wheat, nnd coiiun :
There might be some valid reasons assigned for
Legislative interference in regulating the pri
ces Of rrovisionr, and eua' ding against spec
ulaton in the neceheares of life, bot we can
imagine no reasons for regulating thr value Of
money, which would not be opposed to those
we'll established principles Of political econ"-
any which character re modern civilization.
Again the special circums.an Q; orr co.:
d:'"os and the action OF our neighhors sceu, 70
t",ce upon US the necr. si'y of ;'a1;fyiug .rr
n,ury laws We are impoverished and ai,.tus,
""tirely Pros'rated. We have Resources, hu'
70" m"ney 10 Develop them. We have agri-
cultural and manufacturing Interests, which
Fer the highest Inducements to the success ul
i.vrs'ment Of capital, yet would We restrain
-" en'e'rrfsng P,oPrietors from realizing
~'-r al" "v+i again the Cast al his outlay, by
Al sqo"'ed and arbitrary rue, which
aik.s :t.r"ri,aLle, and illegal for him 20
~ NOR ,ar per cent. for the use Of hor.
r"~.l cnr,ai.
1t is the duty and policy Of the Government
- invite the inarx Of foreign capital, and it
80 d" this most effrctua'iy. by enar,ing prop.
{. ava for its recovery when due, and by
-:.;'or:zng the borrower to pay the interest
;''':ch 'he lender may Command rlsew here anil
=. ';rh the profits of his investments would
'.'' j's'if, h,m. in st pula,ing 1t would GER
=: ) he strange exercise Of Legislative wis
c"'A. to c"htinoe upon our statute look a set
:: lht:qu.ted enaetmenfs which. whether tn ev
we're ever justified by tue circumstances
.Sh'e', ri to their adoption, are behind the
s"i"'t IT The age, and are incompatible with the
pcca!t" e1igenoies If our situation.
AN additional consideration FIR our action
- :" De io"ad in the factii.a; our sis, -r state
'e"' g'a and North Carolina, are relnxiug their
restrictions andiuv',iug capt ', i.to ,h-ir mids.
u 7e are not 70 be entirely .lis'nnc ed. let us
;"'''w 'heIr example, aud conform to tn. u.w
order OF thiugs-an re. ogzs that law from
""lch money itself is ~, exem.,t. ,ba. rio
vaus OF an article is what il will bring.