The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1871-01-01
Tho Usury Lavvs-Shan They be Re
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As our readers have Observed, Mr..
Wilkes, 3 member ofsshe State Legislas
.nrs from Andersen, has introduced 8
bill torenew in. hisState the laws pre-
scribing the rates at which money shall
be loaned. We concur in the opinion
expressed by the large majority of our
contemporaries, that such legislation
would be most unwise. The principle
Of free trade, we take it, applies to
money just as it does to any other arti-
Gle in the market. Usury laws, sumptu
ary laws and laws of that kind belong to
Legislative regime which ought to have
passed away. We do not agree with
our very intelligent correspondent,
Farmer" who, in the PHOENIX, of the
30th ult., approves lir. Wilkes bill.
Our correspondent says that the question
is, has the repeal of the old usury laws
OF South Carolina benefited the State?
We reply that it doubtless has benefited
oil the interests of the State, and the
agricultural qnite as much as any other
interest We have needed, and do now
need here, the influx of money capitaT
from abroad. If little had flowed hither
with money rates rs high as they are
and have been, still less would have
come ut prescribed low rate. If North
ern money does not como here in streams
to suit US, OF eighteen per cent. per
annum, will you get it by fixing the rate
at sevcn per cent? If money is not
abundant in the market at one or two
per cent. per month, will it be ut seven
per cent per annum? If the money in
the Northwest rates at ten and twelve
per cont. per annum-if the Northern
capitalist can invest his money in North
ern stocks and realize his ten and twelve
per cent. per annum-will he send it
South to receive for it the low rate pre-
scribed by law?
We admit that the rate of interest is
too high. We regret it. We desire 10
see the rate promptly diminished. But
of this we feel just as sure MS We do that
the sun rises and sets, that this result is
not to be reached by revival of the
exploded usury laws. If the true princi-
pies of political economy teach any ything.
they teach that money is worth-like
corn and cotton-just what man want
ing it is able or willing to pay.
The laws of trade should be allowed to
operate unfettered, or else the public
good is damaged. The rate of money is
too high, but the reason is political inse-
curly. Give US good, honest. reliable
Governments ut the South, and the
money rates will be reduced, and tho
public interest subserved.
If Mr.. Wilkes desires, rs we have no
reason to believe he does not, the welfare
of the State, let him seek it, not by the
effort to revive old and discarded princi-
pies of legislation. BUT by the effort to
lessen the expenses of the Government,
to abate its corruptions and cxtrava-
gances, and to introduce u fair, Just and
honest spirit into its administration.
Let him do this-let him secure the re-
duction Of our taxes, and he will do far
more good than by his tilt in behalf of
the usnry laws. We do not question Mr..
Wilkes motives. But we do question
his Judgment, and that most decidedly.
Mr.. Henry Graddick, the engineer on
the Wilminpton Colnmhio md Auoucto