The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1874-02-04
THE USURY LAW.


to provide, by its action, against its suppos-
cd abuse. No more inopportune time could
have hcea selected for the imposition Of
legislative restrictions, than when money
is scarce, values unsettled, aud the whole
financial system one Of chaos, or uncertain
ty.
The sentiment Of the world has always
been prompt to hold the money lender up
to odium, and to discriminate against him.
above all others. who pursues the paths to
wealth, in its eensures. and its statutory
persecution. A condemnation so uniyer-
al may have something stronger than merc
prejudice for itsfoundation. Yetthe pres.
ent age should be too enlightened to yield
submissively to the ideas ofthe past, found
ed as they are IN great measure upon ia
tolerant hatred Of despised and persecut-
ed race. and strengthened as they have
been blythe vivid delineatioEs Of dramatic
genius.
In this age Of commercial activity, when
money is the very life blood, the main
spring OF trade, it is blind foil, or pitisble
ignorance which coniounds the money len
der Of to-day. with the poetic Shylock Of
the. imaginary past. The requirements Of
business have called into existence system
which is quite $ essential to the proper
4 conduct of that business, as the nultifa-
rious productions upon which il is founded |;
end they involve the employment Of class
Of men, and Institutions in connection with
that system without whom it would be inert
and powerless.
Against these men. and against this sys-
TEN is legislation continually lcvelled. The
experimenter in law-makiug constantly
strives to confne within unvarying bounds
what. in its very nature is changeable, and
unstable. The value Of money, like hat
Of every other commodity. depends upon
the law Of supply and demand. and upon
the security Or otherwise, Of loans and in
yestments. II the supply is abundant. and
the risks Of lending it are small, money
will be had at low rate Of interest. II
on the other hand il is scarce, and the Sc
eurity bad. then the interest will be high.
The error Of legislating at this time is IN
overlooking the fact Of an altogether abnor-
NAL. condition Of financial matters. Leg
islators attempt to ascrihe to individuals
and to institutions, consequences which are
the eGectsof faulty system Of finance, o.
Of a financial CONFUSION which can only sub.
side under the influence Of time, and "a
tional remedies. They sseribe to men
what Is attributable to circ instances. The,
cOnfound cause with effect. Money Is moi
scarce because interest is high. Interest i
high because money Is scarce. and money
is scarce, not from diminished quantity,
but because Of the insufhcieDcy Of security
There arc hundreds Of men al over th'
country who will deposit 10 banks At an IN.
terest Of 8 per cent, while they will not LEM
to individuals At double that rate.
The banks in their operations treat mo
ney as q commodity to be used for profit
With them. the law OF demand and suppl,
acts as il does with other men upon o,be
things.
Under existing circumstances the ne
cessities Of mercantile men drive them I,
the banks. Is the only sure reliance for aid
They cannot we'll carry on their bushes
without this aid, TOeripple The merchant
i 70 cripple the whole people. Trade. e1
cept IN barter comes 70 . stand still, IN,
consequences TO which the late panic woul,
! be gentle Eerhyg in comparison fall upO
the whole State. The banks ibemselYe
viii not be hurt. because they will sem
their money where j. can be used With pro
Ct. The rates Of interest in other State
will attract their funds. On each side Q
Ne, in Virginia. and 10 South Carolina, ID
rates ore higher than 10 NORTH Carolina.
We admit and dcplOre the high rates !
J which money i loaned. but the causes "a
! that are temporary. and win be regulate
: BY time. Atany rate. Il i an unwisa sub
: jet for State Legislation at present.
The remedy prOpoped 10 Mr. waring'
bill strikes us AZ The proper one. and that
TO make Congress the regulator. and to 6
by general Law, uniform rate Of ipiere,
for the whole country. which with The eS
isting financial system can more readily b
: done. and The remedy moro readily applied
than IL the banks we're Ssats institutions
: Or Il the money 10 circulation was base
upon 0ther foundation than The credit Of n