The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1875-02-17
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WEpNEsDAY...s. FEB. IL. 1878.
TIE USURY BILL.


portant question that has yet beennp far
full discussion during the session We
write 10 anticipation of final action. and
with no idea Of expectation Of influencing
ap c;.sioa. We have been opposed Il the
measure il the present time, and nnfdrtu-
nately End ourselves in n position antagc-
uistic to tllat Of many cf the best men.of
our party. aud apparently arrayed agsins..
the best interests Of the people. Il is not
question Of party however, and We sin
cerely believe the real Interests Of the peo-.
pie would be SCI back most cruelty hy the
qualification Of the demand for hw such
asis now proposed, and which his already
passed The Senate. u.
1t is natural that people impoverished
and suffering should look with jealous eye.
upon those who have sbuHdapt means and
seem to roll in aiiiaence. and to sscribe the
poverty ami hardslfipof the oee tothe gree-l
diacss and extoriion Of lie other. But il
it Just o. fcasonat''e 70 make one class Of
nlen responsible for the defects Of asystepl,.
OF the overwhelming force of circunstan-
eesg The destruction of the State Bank
system has given the control Of an inoneta-
ri affairs exclusively % The National
Banks; api the restrictions upon them have
reduced tie circulating mcdlsmto the low
est minimam. When there were fifteen.
dollars IN eirculatiou before the var there
are now bat one dollar aiia CITY. cents,
Where there was plenty. there is now q
scarcity, and that in lLs fpse q. ipe;easeit
commercial activity, and totally system
Of agricultural operations
Everybody wants money, and the hanks
are the only original sources Of supply.
Money hera follows the inevitable laws Of
supply aud demand, and in proportions to its
scarcity. Is enhanced in value.
Principally dependent upon The Banks
are the Mercantile classes. This class can
not move without The facilities they daily
and hourly obtain. Aud tbs not more 70
than Interests than those of the large class
Of farmers who are 10 their turn dependen;
upon the Merchants. We speak especial
~ Of those engaged IN the extensive culture
Ofeottoa and tobacco. who are compelled.
under VIA. We admit is a vicious system.
70 lay IN heir supplies Of provisions, q
fertilizers and everything else upon which
their calsulation Of profit i based. No 9TH
er class of farmers bot these have any bu-
siness With banks directly or Indirectly.
since their oRn industry aud intelligence Is
Sufficient. as it most generally does. 70
keep them clear Of such dangerous entsn-
clements. H aassE
But there i nevsrtheless very large
number u farmers EbO are indebted 10
merchants whom tier have secured By
mortgages. Il is something frightf6T to
contemplate The sudden foreclosure which
would become absolutely necessary and in
eyitabIe. 4 vide spresd ruin would oter-
spread he country only second 10 deyasta-
ton 10 that II tie late war. Suppose The
hanks ar included 10 the penalties propos.
cl 70 be afixed y The violation 81 lie law.
they woa.d be eOnPeIled 70 close tbsir ops.
raiions. and bring down merchant. farmer
10 al in one general wreck. Suppose they
cannot. as some eoatsnd. be reached. By
virtue Of the provisions Of the National
Bank Law. then The, are Iefs without !
check 70 lord i OTer completely u tleir
mercy. Hflta ri i
II / possible there nay Be merit IN usu.
~ laws. Oar own CONVICTIONS are 70 tie
contrary. Nevertheless we would oppose
no strenuous oPPOsilioa 70 spy nsea.pre
which promiscd real relief deferiag totLe
more enlarged experience Of others. Bot
We see nothing but rpiD, instead Of relief.
IN . measure which would dry pthe banks.
cripple tie merchant. snd anuihjhtr 8,
once every industry ~ destroying its very
main spring.
Money i Dot % Be made cheap By iegis-
lation. ADD business il net 20 be enlarged
BY destroying confidence. whatsser. st
al events. i dooe. ASnId be dune prospec.
lively. A millsidum i no, % be reached
ID thirty days. var more likely. Hades.
As aprop,s y The subject. weqaOie from
ibs Charlotte Demoerat:
The greatest curse 10 the State aDd peo.
pie was the passage Of the Stay Lar aud
tbe present. Cbattle Lien Law. Iff8rmers
would cease 70 mortgage their horses aud
farm sioek. and even their crops before Be.
ing planted. Il would prove greater tless.
ing tbsn lie passage IL usury laws Ly tie