The Hillsborough recorder., 1876-12-06
1ilIsbataugb 9srarnsr.
WEDNEsDAY......DEC, I. :sss.
THE IgSigRY Lap.

ltrEtctAtaiV W tN'N eANN j
session to regn:ate the rate Of interest and |
10 prevent asary, From lhe uamber Of the |
bills introduced aud the variety ci eonsti- |
,uencies asking through their representa- /
tives tie reneai, 81 the Law, We may eon-i
clude that the experience d is neihclency
% aforl tie expected relief i net confined
10 merchants, money lenders q bankers
but rer,aaes those very classes who were
most cxpeclan, Of beneft.
We took ground against !he law, not be-
cause We believed lgh rates of interest
were productive of good, but because IN the
then and present coneition cf fnancial If
fairs. high ra:es we're inevitable; We op-
posei tie law. not because We were not rs
anxious to give relieftc the people as were
the most caraast advocates VI Tie bill, but
because We believed. not ouly that i would
ne' give tbe expected relief, hut tlat in
fact il would deepen their distress. For
lie mere fact tbat moaey was by iaW hzed
sta low Tate u in,esess lii aot make it
more accessible to those il need If it. Tue
law did not compel capitalists 70 lead then
money At heme Il left other lields ii.
yes,ment open y them AMI willie states
beyond Us, OF our very borders il iaef, per-
mitted higher rates than the laws ci North
Carolina allowed, or ifthey did vet, taay
rate, did not attach tie a5ions pains and
penalties for their violation that eharicte.
ri.e cur lAw, those Who had moues ~ y
vest sought these markets where ties could
get the most iur their commodity.
Aud 50. TO the bns.ness dspressioO which
has beeu unchanged aud unrelieyed for he
past year, was added the drain of whatever
surplus might have accumulated IN the
bands Of tie fortunate few. ...--
The .aw. too, vas iEstfe:iiv in securing
an equality IN tue burdens u be borne Or
ibe restrictions imposed. Ths national
banks. are secured by the decision Of the
United States Courts.s .so'n ihe imposition IT
The penalties imposed BY our law. Our
siste Institutions are therefore under dis
advantage for Iaey ne open 10 the storm VI
Legislative wrath. while the National Banks
look on in complacent sscarity. Yet these
last institutions are no friends Of the Law.
and would Be glad q see il repealed. and
have therefore made no haste to frudt By
their immanilies bat are quite wiling 70
add 10 the odium IL tue Law hy restricting
.beir business accommodations within The
psrrowest limits
1t was natural that tie people should
claHor for jusl such law ~ that q tie lasl
session. They were il deep distress and
they thought Ties saH the cause oft 10 ib'
scarcity Of money. and in the extortion o
mouied men All Institutions. But the
Iaistook f0r c,use what il reality was %
effect. Money va high. heraase i was j
eager competitive demand. Money Ea
high because there were thousands every.
where. pushing enterprise with tie eharac
t.ristie energy u the american eople. an
lenders were not ID much sOiieiious II tie.
were solicited 10 lend. Il would DO, has
been human nisnre IL they bad MT takel
all. not What they eonId GET. bot what i
faes. they were offered. had. lastly mn
ney was high bresnss Of unsettled value Q
currency de2estiei upea lie safrieion
faciaation of god. This latter cause sri
exists. perhaps u tue prsseEt moment ID
lsore exaggerated degree than ever.
II peens therefgre uiss rorslieys money
IL well ss a,bsr commodities from lsgi.Ia.
tive restrictions. II seems nov e.rcciail
un~iss to bind none, alone Cf 81 osae
commodities 10 lie pfocfu,iean bed Of
fxed iaw alien ali sFouui i usdef tue ~
v change and aus,us,ion. and Hbeh ~
f,ssagbs eau predict what alterations !
values say o. - iioar msy bring igrth.
We hop ihs Leei.ls,ars xiiI give ih
subieci careful guu-i,israliun. and We hop
lie result II Il. deliberations silI be fe
peal II gbs hw. or IT, sbtgatioo Il tho.
offensive feature. whaA pgt itaivitual
sud state hs,aaiion- ii he sitiinis 4 efi
minals while iley pcfmi. u tie Nations
hanks a monopoly Il esaroo
..s.s.sss.s.s.s.sssss- -.- s
The liiehmoai w. 49,: Tie hss
f.om South Carolina !. snosgi, 10 ias u,
indignation n every freeman npoa tie con
tipsu,. The hone u tic gallant ilampto
10 a.hss. ll,e State IIouse under guard :
Federnl soldiers 70 Itoiset llle eoa'fifsioI
ID their usurpaiions. ab5 tie legally cleo
"A ....,..i,.s. sreIadad while The Radic.