The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1871-02-16
The Usury Question.
II.


The Greenvlle Enterprise devotes halfcol-
umn last week to the position we have assumed
upon the usury question. We have neither
time or inclination to engage in controversy,
much less upon subject whose decision is so
far beyond our control. But our neighbor has
manifestly attempted to cast discrcdit upon our
opinions by unfair illusions, and the bump of
resentment is pretty largely developed upon
our editorial Uranium The reference to "our
city exchanges" was purely accidental upon
our part, and we think our Greenville friend
ought to be aware that the opinions of this
journal are not controlled or influenced by the
leading city exchanges" upon any subject, on
ly so far as we render homage and respect to
ability and wisdom wherever found. In the
course of a lengthy editorial career, we have
had occasion to differ with our "city exchange"
at divers times, and we have as stoutly deien-
ded our opinions as ever did the far-secing ed
tor of the Greenville Enterprise. Again, under
this head. 1t affords our friend much conso-
lation to know that, although the AntclAgcnccr
is opposed to a revival of the usury laws, the
Anderson delegation in the Legislature gives it
their support. We have not the slightest OBJ
lection to this being the case. These gentle
men are responsible to their constituents, and
if they honestly believe it to be the true inter
est of this section to revive the usury laws, we
shall not blame them for holding such opinions,
nor do we believe they will censure us for
thinking otherwise. So much for the un-
thoughted insinuations of our cotemporary.
We hold that money is worth what it will
bring in the market; that restrictive legislation
on this species of property is no more justifiabie
than upon any other; that it is not morally
wrong to receive the exact worth of money in
the way of interest; and finally that experience
has not demonstrated the utility or non-dtility
of usury laws in this State. The three first
propositions it is useless to argue, and We have
not seen anything brought forward by those IA
voring Mr.. Wilkes bill to shaken our conf
dence in these opinions. The last assertion, as
to the experience of the past, is easily main
tained. Before the war, the yaunted usury laws
were in full operation, but we have yet to learn
that an iota was added to the capital or popu-
lation of South Carolina by their existence on
the statute-books. Neither did they prevent
usurious practices, as they are called, and
where men demanded higher rate of interest
than law permitted, they generally managed TO
secure it, without trouble of any kind. Since
the war, without any restrictions upon money,
the necessary capital to renew and enlivcn
commerce, the hand-maid of agriculture, has
steadily flowed into our State. Seven, ten,
twelve and perhaps fifteen per cent have been
paid upon this capital, mainly by the farmers
of the country; but without this arrangement,
We know that hundreds and thousands would
not now enjoy the fruits of their labors during
the years when assistance from some quarter
was absolutely essential. But even when high
rates of interest were demanded and received,
in the commercial world, the ordinary business
of the country was transacted upon the basis
of seven per cent, and all along We have known
men to obtain capital from money-lenders at
this rate. Now, what does all this prove? Our
experience and situation at the times stated
were totally different, and it does not serve to
guide us for the future by pointing to the past
history of the usury laws in this State
But, says the Grcenyille Enterprise, there has
been no permanent investment of the capital
thus brought into the State and our own home
capital is being carried off by the people to
other Southern and Southwestern States, and
even to New York? 1t is sufficient answer to
only intimate that the causes which have pre-
vented foreign capital from being more perma-
ncntly invested in our midst arc identical with
the motives actuating the removal of SO many
citizens, and may be summed up in few words
For the first three years after the war; capital
was afIrighted and people wandered of because
there was no sound and permanent government
and precious little security for life or property
For the past three years, the government has
been permanent enough, sticking like "a leech,"
but then it has been Il disgrace to civilization,
and property has been unsafe, life in peril often
times, and capital virtually deprived of its le-
gtimate profits by reckless taxation. In other
words, the repeal of the usury laws in 1866 has
nothing to do with the matter, and has not gov
crncd either capital or emigrants. The un-
satisfactory condition of the country has oper
ated to our prejudice, in every sense of the
word and the usury question has about as mnch
to do with it rs the present Legislature ofSouth
Carolina has to do with honest, economical
government, and that is as strong all illustra-
tion as can be employed.
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