Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1874-12-11
C.TTy.

siion to do something with our usury
laws. And the question seems to be,
whether we shall tako n back ward leap !
into the preiudiced and narrow guag-
cd legislation of past ages, Or keep
step with the progress ana marcn OF
The present age. Ia those days when
usury laws were first enacted all, or
nearly oil trade was fes.cyed hy law,
prices Of all commodities were fixed, |
and under heavy penalties, producers
were forbidden to sell their products |
at higher rates than those named II the |
law. But the great injustice Of such |
enactments became manifest TO all, |
and they were gradually repealed, IN
til at the present time usury is the sole
remaining monument OF the pernicions |
and unfair legislation OF those DARK |
days, and it is rapidly disappearing |
from the statute books OF the most en-
lightened commercial nations OF the
earth. AS long ago IS 1889, the usury
law was repealed in England, and sub
sequently by most Of the nations Oh
the continent of Europe.
Is it possible that this Legislature
will not only refuse to follow the lead
of these great nations, but viii actual
ly undo all that previous legislatures
have done in that direction, and re-
store the Ubiquitous ilsury laws, which
only served to enable dishonest men
to defraud the lender out Of his
money? Is it possible that by any
legislation limiting the rate ofinterest,
they are going to drive from orr al
, ready poverty stricken people the
little money that now struggles into
| the State for investment? Is it pos
| 20 |
! barriers around the borders of the
State, to keep out capital and labor,
| for such would surely be the case if
we throw impediments Ill the way of
their profitable investment? Is 1t
possible that this Legislature has 20
learn, at this late day, that money is q
timid, shrinking, nervous thing that
flies away and hides itself at the first
note of danger, and that true to its
instincts it will run away from our
State if the profitable investment OF II
Is fraught with SO much of risk and
peril as these would be reformers
woald throw about it ? Is it possible
or reasonable, to believe that money,
with allthe world open to It, wherelt ON
be used to serve the needy and promote
agriculture and commerce without e3al
impeachment will como here and throw
Itself in the midst of psck of hungry
hounds, who would fall upon and de
stroy it? Is it possible thatthey have
SO soon forgotten that in the older ana
better days i was considered dishon-
orable and disgra ceful to- any man 20
avail himself Of the plea Of Jsurv -
evade bis obligations 10 pay? And is
it possible that they will again place
upon the statute book a law that 10
honest man, even in these Gegener ate
days, would think of avail:ng Limse t
Of? Is it possible that q law against
which the moral sense roVolts shouid
be placed upon the etatUtc-DCck for
the sole benefit Of rc8ucs, robbers,
! thieves and swiLdlers? We had al
ways thought that law was fer the pro-
lection of the honest and virtuous and
for the punishment Of the dishonest
and vile. But the usury laws reverse
the propCsitio1-the honest man who
will pay IN any event, law or 10 law,
will be required by reason Of such law,
and the fact that corrupt men avail
themselves of its provisions to defraud
the lender. to pay much higher rate OF
interest than would be the case if u oney
were free like all other commodities.
Ali the laws that were ever thought
Of On the subject might be passed and
still they would not cheaper money,
nor will they compel the owner of il 10
lend it out against his will. Let sGch
} a law be passed, and he who is IL debt
cannot borrow the money from his
. moro fortunate neiehbor to enable him
to pay out, for IL will be dangerous to
lend. aud, in the next place, his IT, gi,-
Dor Can make much more out OF his
money Ey waiting until the farm and
stock OF the debtor are sold Dv he
sheriff, end then buy them a. half
their value. But if adequate com
persatiOn for the use OF the money
could be had, tho unfortunate debtor
could be.relieved, and his farm apd
stock saved for the support 0, himself
and family.
OF ons fact we may rest ass,.IeG,
that money viii go where il can be
most securely and probably ii n Or >
End t q p. p!"Irer SSposed usury laws are
passed: Consequently great suffering
and prisatiou must necessarily eusue
| Our Legislature, instesd Of puttii g
the letters upon money, should pass
al act egnancipating it. Just as The
farmers wheat aud corn and cottc n
ore free TO sell for the highest price
they viii command in the market, Just
so free should be the morey which
they receive for it. Erp; ose It should
be said to the farmer by the Legis.a-
ture, in the shape o. Law, that If YOU
charge moro than G:ty-three dollars
for bale of cotton which costs You
fifty dollars to mako, you shall forfeit
the entire price received for the cotton,
Tor Six per cent is oil that viii be al
lowed in the way OF profit on the cost
OF your crop? What would be thought
OF 1t ! Does 1t not seem mOrstrous
that farmer may sell his crop for
whatever profit it may command, and
that the law should step il with It's
iron hand and hold back the use of the
money, the proceeds of that very crop,
except at the rate of six per cent IN
terest or less? Even at the rate
OF eight per cent, We know, in this
county at least, several gentlemen
who have trust funds to lend
out Who are calling them in
| because the taxes are such as to reduce
the net interest to less than five Der
cent. per annum. Therefore all that
noney-and it amounts to many thou
sands Of dollars-will be taken awsy
from the community, and we will be
deprived of the use and benefit of il
IN our business, simply because it can
not be made, under the present law, to
yield revenue of six per cent, The
| borrowers would be willing and glad
to pay the taxes in addition to the in
terest, but the lenders say, "No:
that wonld be usury, and We cannot
run the risk"
Is it not a remarkable fact, that in
this day of free men, and free everv-
thing else, money alone, which is the
great aim and object, as well as the
motive power Of all business life,
stands with the shackles Of slavery
upon it? Such should not be tbs
case, and no country can prosper
where that condition Of things exists.
Therefore give US free money, and
then we Will have cheap noney.-ITe,y-
Ge7niara.
Bret Esarte In the South.
Prot Ea~ta hoo