The Robesonian. [volume] (Lumberton, N.C.) 1870-current, 1873-02-05
The Usury Law. SHALL i, DC iSc-
pe:sle1.


Thc question of interest on money Is
Just now engaging much Of the public
attention throughout the country. The
press is almost unanimous in advocating
the repeal Of usury laws, and demanding
n free and unrestricted money market
untramellcd by statutory limitation OF
restraint. The State Of Georgia-always
the first of the Southern States to catch
the spirit Of the times and to adapt her
policy to the demands Of 4 more enlight-
ened and advanced state Of society-has
already cxpunged from her statute book |
every vcstige of law which had its |
foundation i'll the ignorance Of a former
age, and drew its support from an unen-
lightencd and unreasoning prejudice.
Similar propositions are cow pending be-
fore the Legislatures. of Ohio, Virginia and
North Carolina; but whatever may be the
result in the two former, recent vote i'll
the House of Representatives at Raleigh
would seem to indicate that our Lcgislat-
urc is not yet prepared to follow the OK
ample of the Empire State of the
South" and give to our people that re-
lief from an unnecessary, injurious and
absurd law so generally demanded by the
press of the State,
We say the law is unnecessary, because
the matter will be much better regulated
if left to the general laws Of trade, which
fix with unerring accuracy the market
value Of every commodity that enters
into the commerce of the world
But this law is not only unnecessary,
but can readily be shown to be actually
injurious, and inimical to the interests Of
the people. 1t creates fictitious scarcity
of money by driving it to other markets
where, in tie absence Of statutory limita-
ton, better prices can be obtained; and
by locking it up in the hands of capital
lists who are not willing to lend at the
legal rate, or by accepting a higher. to ex-
pose themselves to the penalty Of the law
prohibiting usury.
1t is demoralizing to public virtue, be-
cause it denounces and Furnishes as a
crime that which is accepted by the COM
mon sense Of mankind as founded in the
immutable principles of right, It tempt>
to the evasion and violation Of law by
stepping out of the legitimate domain o.
statutory enactment and seeking to coun
tervail the operation of a great funda
mental principle of universal law; and en-
courages fraud by placing in the hand
of dishonest borrowers the means oflega
robbery.
1t is detrimental to the public interest.
because it enhances the price ofmonoy
AS already shown, it creates q fctitiou
scarcity. Those who are unwilling t
operate in defiance Of the law, eithe
hoard their capital or send it away t
foreign markets. The business is thu
confined to comparative few who are VII
ling to trust to their skill in evading IT,
penalty Of an unjust and unreasonable
law. Enjoying a monopoly Of the bus
ness and operating in market draine
by artificial means Of the commodity, an
where the demand is largely in excess
the means of supplying it, their eza'
tions are only limited by their ow
avaricc, and the rate charged must l
high enough to cover the risk involve
in the violation Of penal statute, b
sides returning them legitimate al
reasonable profit.
The law is absurd, because it attcmp
to effect an impossibility. 1t seeks
regulate by legal enactment that which
subject only to the general laws Of trad
and essays to combat a fundamental pr
ciplc of universal law. Money, like eve
other commodity, will inevitably cor
naud its worth, without regard to Il
enactments of Legislatures or the dec
ions of courts, and the attempt to aft
by law a different value is quite as rid
ulous as the proposition once made to Il
Athenian Senate, that they should vo
their asses horses.
IT is agreed that some rate is necessa
to be fixed by law, to which referen
may be had in the absence Of contra
rate between tie parties; but beyol
this the law-making power has no rig
to interfere and no power to control.
The price Of money must be left Fl
to adjust itself, and to be regulated, Ii
that of other commodities, through t
operation of those unwritten general la
which have their foundation in first pr
cples and are as fixed and !'nnutable
the laws Of nature.
We trust our Legislature viii give t
subject the mature and earnest consid
alton its importance demands. Let tn
listea to the voice of the people as
tered through almost the entire press
+Lo Gtntn IN G,1.nr nc .Ln ,.o-,nnl ne 4