The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1870-12-03
FREE TRADE nv MoNEH:'
Action of the Chamber Of Commerce
and BOARD OF Trade.

1
| md BOARD OF Trade. :
The proposal of Mr.. Wilkes, OF Anderson
TO repeal the law of 1855, which repealed the clt
nsury laws or the State and established FREE
trade In money, has given rise to oonsideraoi
discussion in commercial circles. In genera
those who have money TO lend care very htu'
about the bill. as they have the certainty sha1
whatever may be the law OF South Carolina, the,
will get for their loanable capital, here OF else
where, precisely what 1t Is worth. The mercnanE
and factors, however, who depend upon th'
banks .or the means OF easing up their country
| correspondents and or moving the crops, are &C
lively opposed to any re-enactment Oh the usui,
laws. which would make money oesrer anc
harder to obtain, to their own detrimens ana ina
| OF the whole state This feeling caused meetings
| to be held yesterday by the two bodies which, 10
themselves. represent the trade and commerce o.
Charleston.
The Chamber OF Commerce.
| This Chamber which, unlike most large bodies
does not move slowly, met yesterday In the hal
OF the Chamber at the corner OF East Bay anc
Broad street The meeting was large one and
was composed Of the leading representatives q
the financial and commercial interests OF the
city.
The president Robert Mure, Esq, briefly stated
the objects of the meeting, remarking that IRE
Chamber which had for so many years advocateo
the repeal or the usury laws, could hardly do less
than take some action when those laws were pro
posed to be re-enacted. The whole question was
one with which the members OF the Chamber
were familiar, and he would, therefore, leave the
matter in the hands Of the body.
Mr. Robert Murdoch offered the folio wing reso-
lutIons, which were unanimously adopted
Reso,ped. That In the opinion OF this Chamber
any change or repeal OF the present State laws
with reference to the subject OF usury would, az
this slime be unwise and detrimental 10 the lnter'
ests OF commerce.
Resolued, That a committee Of five be appointed
by he nreSid ent to menorihiEe eae Legislature
Il behalf OF the Chamber on this SUBJECT
The following new members were then duly
elected by ballot: Edward Sebring, Jno. b. Stein
never, Jr, W. B. Shaw, Thos. R. Eggleston, A. s.
Johnson, NJ L. wilkins and Henry Siesnng.
On motion, the Chamber then adjourned.
The Bourd of Trade.
AN extra meeting OF this body was he'd last
night at the Board of Trade Rooms, and was well
attended.
The president, D. F. Fleming, ESQ.,, said that ne
had called this extra meeting at the urgent re-
quest OF o number OF the members, in order that
the Board might express i's opinion upon the bill
before the Legislature for revtvng the usury laws
OF the State.
Mr.. W. S. Hastie moved that committee OF
five be appointed to prepare q memorial upon the
subject Of the usury laws for presentation to the
General Assembly. Adopted.
Mr.. George S. Cameron moved that the commit
tee be instructed TO take o position adverse 10
any repeal OF the law which repealed the u'ury
laws Adopted.
The chair appointed as the committee. Messrs.
WIS. Hastie, E. W. Marshall, Henry Gourdin, G.
S. Cameron and R. S. Bruins.
The committee retired, and soon afteward
made their report In the shape Of memorial and
resolution as follows:
To the Honorable the Senate aI:S House OF Repre-
sentatiues orthe State Of South Carolina:
The Board OF Trade Of the City Of Charleston
representing the mercantile. mechanical and all
the Industrial interests. respectfully submit to
your honorable bodies, that they have observed
with deep concern the introduction OF T. Dill IN
the lower house to repeal an act entitled San act
to repeal the usury laws OF the state, approved
December 18th, 1867
And 1t being, In the opinion Of this board, OF vi
tai importance to the prosperity OF the Stale or
South Carolina that the law with regard to the
usance OF money should not be altered or amend
ed beg most respectfully and earnestly to appeal
to your honorable bodies against any change In
the law as 1t now stands.
On the termination OF the late war this hoard
was organized, with view to concentrate the
energies OF our merchants and planters, and re-
vive the dropping spirits Of our people. our rail-
roads IN every portion OF the state were amose
DESTROYED; our cities laid waste. and the mark OF
war upon almost every village and hamlet III the
state; our large banking capital OF fourteen mil
lions utterly destroyed, aud the credit ol our
fact little left US but the lands we occupied, with.
ont, in many instances, the means to cultivate
them.
with all these difficulties to surmount, this
board, In connection, with prom inent citizens.
made urgent representations to the Legislature
OF the State, and the result was the passage oil
the law as IL now stands.
Immediately upon the passage OF MS law. capl-
tai ioweti in upon u.s. our railroads were rebuilt.
our plantations aud farms put under cultivation,
and prosperity began to show itself ID every por-
ton Of the State.
An experience OF four years convinces us OF the
wisdom OF the Legislature that enacted the law III
question, aud warns us against the great error
OF disturbing L..
so soon as this Law was passed by South Caro-
lima Massachusetts having In vain attempted TO
keep her capital with n her own borders. by rails
Ing the legal ra:e Of Interest 10 BIO Per cent
per annSm. ab!ogated all laws with regard to In.
tereston m oney.
Georgia is now striving TO get into the same
position.
England second to no country In the world in
her commerce and manufactures, and the wis
dom with which she Is goveruedS and where the
rate CT cl'mterest ls lower than IN any other coun.
try ON the globe, has long since left money an
article Of merchandise IN her markets, "Tortll
what 1t will bring"
All OF which is most respectfully submitted.
(Slgnedl w. S. HASTE.
HENRY GuiIRDIS, COMMITTEE.
G. ). CAMERON,
: R. :. BRUINS,
The memorial, together with q resolution order.
ing that copies be sent to the president Of the Sem
ate md speaker of the House OF Representatives,
was unanimously adopted.
On motion OF ". B. Shaw, Esq.,, the president
of the Board of Trade was authorized to take such
other action as might be necessary for properly
representing the opinions and interests OF the
body. The Board then adjourned.
A GeorSin View of the Usury.. Laws
What our Nsighpors in.esavannnh
mink q =
caring upon thssubJect of the effect of usury
l. upon the material -praspaflty OF commu-
! !, the savannah News Iass the following just
{ .torIal: ~
We have inttpated In previous article that there
we're two catses that precluded the acquisition
OF the wholesale tradein Savannah; one was Pc
culiar nearly to thetState OF Georgia namely, the
retention on its statute book OF restrictions on
the trade in money; and the other affecting the
Southern Statessgenerally, namely, the want Of
circulation, from the effect or partial diStrihu
tlon OF the currency created under the act OF Con-
,II,.lt 81 huyn t-tpo Ia,r