Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1871-01-13
Usury.

sI JcTnilS no QlCSCIono oi more NlLal lu'ppi-
Mt,nce to the entire people Of the State will be
Wrought before the present Legislature, tha"
lithe Bill to repeal the Act Of 1866, repeating
kI.he Rsury. laws of this Stntc. With great
difficulty, and after numerous eloquent dc,
demonstrations Of the golden fruits Which would
I11ow stcndy into the State, but for the usury
Flaws, the Act was repoaled. That none
iof these expected benefits have resulted.
Everyone will admit On the contrary il is
believed generally that our c'nlition and pros
,lpccts have boon damaged by tho change, and
Etlat under tho present system of interest, We
sEcan never enjoygcncra prosperity. This is our
sEdecidcd opinion. We arc an agricultural
sJi a : Il
Ev"ue OF money Is regulated hy law. Can
our tAsnie's. pay the present rate aud realize a
profit ON the products Of their farms? Is it
mot arpnrcEt that tho cntrc profits Of the
farmer are swallowed up in the cxnc,iois
of tho capitalist, and the real wealth ant
prosperity of the State are not increased? 1t
is contcnded, if tho present law be repealed,
money cannot ba ha and the wheels Of tr.dc
will be obstructed. Tho circulation Of money
depends not 50 much on the rate per cent as
tho security afforded for its loan People in.
west in United States bonds, TT seven per
icent rather than loan to us at twelve or
twcnty per cent, and in fact every one will
suspect those who apply at high rates. We
think it far. better to begin our operations On
q small and sure scale, adding our savings
annually 10 The side of production, than for
years to keep up tho appearance of hollow
and artificial prosperity: Under the present
System, We may labor and strive and sweat,
Season after season, but to find that VIC are
poor still, and that al our hard carnings 60
sbroad to the enrichment Of the capitalist
Docs tho present law boncGt tho merchant
Fl sea. thon the greater the relsDn for it's g.
peal. If tho merchant operate on capital
borrowed at twelve to twenty per cent, then
&ho.'nust rcaizo, MS profit an his sale, tl,s per.
Sfentasc oyer and above his Legitimate profits.
ssfhis must come from tho farmer, who is the
St2nsumer and in this waya Il large amount is
{iu 'trartod from the channels Of production
and transferred to the foreign capitalist to
Hbc impovclishment Of tlln State. 1t may be
staid that in some cases "A," by borrowing
Shoneyat twenty per cont, can realize prof
n, bet tbisis ar exceptional case and proves
{iothing, for in nineteen outsof twenty cases,
}EElo borrower will ronp ,Pecuniary ruin: IF he
FSe successful, is not success at the expense
anmc citizen in distress and to the injury
5crhaps Of the Stntc2 Itmny be again said
HAT he, who ventures at q puinons percentage
ind loses, has only himaclf e, blame; hut is
y not true that tho rain Of any individual
) detrimental to- the general prosperity, mas.
hue, ns the Statotiss bnta collection Of in
|iyiduals. Toprescnt law liz; in few words,
fprotcctlon 10 the rich and pewerful and
H. oppression the weak.nnd poor; and IN
.fhct az no period infthe history Of the State,
fonld tho repeal Of tho usury laws have
perntfd 9grsater rdctrimcnt than at the timo ii
sns effected. hAn individual. 10 failing cir:
e1umstanccs, horrows With difficulty and only
ftfruinous rates, butsi IL general prosperity
tpAyailss around him, hc may hy this means
live himself md recstnblsh his credit; hut
3then ths entire people. of aStatc arc reduced
y comparative poverty. its wealth. and stand,
lhg must, be the.Guits Of creative industry.
snol, time there ism disposition to borrow
RsS R6g slseep up appearances withoataany real
\ trsss Sia #e.ltli, Such Is our condition
ebalay The State - poorer than'in 1866. =.
u SO not more plentiful than at that