The Greenville enterprise. [volume] (Greenville, S.C.) 1870-1873, 1871-01-25


create our own capital and credit.
Ibis is, the only road to prosperity.
We see the novelty Of money
plentiful in New York at six and
seven per cent, while here il is
two and three fold that, though
We are removed but a little over
one days journey from that Ell
DoraLo. In the face of this, we
are told this will finally regulate
itself. If we were rich and pros.
perons, the repeal Of the usury
laws, would scarcely have been
felt but we are like the man in
failing circumstances, and under
the present arrangement will so
continue. Repeating the usury
laws, under such circumstances,
was opening ont the food. gates OF
oppr ession on an impoverished
people. The State owes it to itself
to close up the delusivc door and
protect its great interests embodied
in the occupations of productive e
industry, until prosperity and cred
it are re. established.
The advocates of the present
law offer two arguments for its
continuance. LIST. That money, like
everything else, is w rth it's mar
ket value; and I'd. That if the
nsuary law be re enacted, it's de.
sign will be defeated by fraud and
concealment. That the latter po-
sition is not correct, the past has
exelnplified. In rare instances the
law might be avaded, but general.
ly it would be obeyed. 1t would
be as etfectual as the law against
smuggling or any other purely
statutory regulation.
AS to the first position, money
differs materially in many respects
from other commodities. Nearly
all the products OF industry are
perishablc and must be sold at
some price. Money, on the con.
trary, will not depreciate or waste
by keeping. 1t has value which
ten or twenty years hence will re
,n"i" unchanged by wear and tear.
The possessor retains the article,
and loses the interest only. Here,
then, is an induccment to withhold
it from circulation for a high rate,
expected to be extorted from some
person in Strengthened circumstan.
ces, TINS defeating the design of
the law. Again, all the ordinary
products OF industry are exposed
in market overt at every shop win
dow, advertised and their prompt
sale encouraged. So tha:, open
competition obtains a fair profit
only. Money, on the contrary, en-
cept in cities, is secretly lodged in
the strong box of the capitalist,
and when discovered by the needy,
is often taken at a price above it's
market value. Even in cities but
few deal in money, and these may,
at any time OF great distress, COM
bine TO extort exorbitant interest.
Again, if we need capital, let us
remember the advice often given
to young men who are idling
about towns, longing Tor capital,
that in their will and muscle and
energy, Goo has given the capital
if they would but develop it. So,
too, has the State capital in the
will and energy and muscle Of her
citizens, backed by a genial soil
and climate.
Again, usury laws have come
down to us from hoary antiquity.
Since history became authentic,
we find them in force in nearly ev-
cry age and nation, and in is,
out OF thirty-one States, there were
but two. Iowa and California,
where statutes regulating the in
terest on money did not exist. In
seven other States, there was a
maximum rate per cent, varying
from eight to twelve per cent
The remaining twenty-five had a
hXed FER cenlage with penalties
tor an excess. Such laws may be
a grand tallacy, but in our pres
ent condition we co not so believe.
We hope, if the Act of 1866 is
not repealed, a new law will be
PASSED fixing the maximum at a
rate not above ten per cent.
[ Wahalla Courier.
DANTE.-Boccacio the great Ital-
ian poet, thus Describes the i'm