The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1877-09-06

NoW We say IL ANY IhQlHluuat goes
into business, tho annual income
from which is ten por cent. on the
capital invested, and the business is
run on capital borrowed at IS per
cent. interest, it is inevitably true
that in short time the interest must
eat up the capital and profits alike
and leave him penniless. If the in
dividual has himself furnished part
of the capital, then in process of time
the money lender will absorb both
bis own and the capital of the bor-
rover. If upon the same plan every
citizen of the State should borrow
capital from abroad at Is to 18 per
cent, and realize as an income from 8
to 10 per cent, it is clear that the
State would grow poorer, and in pro-
cess of time the entire property of
the State, land chattels, dogs, cats
and every thing would become the
property of foreign capitalist. Now
We are an agricultural people, and
we ask the judgment of every candid
mind, based on experience, do or can
our people realize more than to 10
per cent. from their farms, and do not
the large majority realize less than
six per cent? The answer must be
that the income varies from S to 8
Ter cent annually. Now as an ag-
riculturai people can the introduction
of foreign capital into our State prove
of benefit to our people at the present
rates of Interest," Will it not On the
contrary necessarily impoverish the
State and should not its introduction
tor loan be discouraged Oh the rate
per cent. fixed, as to enable the far
mers to use it profitably? We do
not and should not want money at an
interest which will ruin rs. This
proposition is based upon the idea
that every citizen of the State does
business on borrowed capital, and
while this is not true, tie effect diff
fers only in dogreo and not in kind.
Every citizen who borrows money at
the high rate mentioned impoycrish-
es the State to the extent of his pri-
vate loss and this loss must be made
up by the productions of the non
borrowing class. 1t cannot be other
wise. If the capital used be home
money, the effect is little less delete
terious, for the farming class are kept
in poverty while the Golfers of the
money lender are filed to overflow
ing, only to be used in the injury Of
the great industrial avocatlon of the
State. Who will invest in land, or
farm, or build houses, or put up
manufactures, while he can realize
moro profit from loaning the money?
The capital for taxation is reduced,
prosperity is retarded and no one ben
Gifted, except the moneylender, Clt~
les may thrive with hollow and
snowy prosperity, lending out to the
farmers supplies at high rates and at
the end of each year harvesting the
whole crop. The losses by such mer-
chants in the general want Of pros
perity nearly equal their profits from
their good customers, and thus their
growth and wealth is slow and doubt.
fnl. There is, however activity in
this kind of business and they oppose
Glow steady growth to wealth under
laws fixing the value of money, and
believe the change would ruin them,
and strive and generally succeed In
making the farmers believe the
change wonld ruin them. The whole
thing has beon and will continue t.,
be hand to mouth system of living
every body remaining poor and be-
i2g forever prevented from bottoring
their condition. The lien law has
been repealed, and now let its twin
sister in evil be removed by re.enact-
ing the usury laws. 1t is folly to
talk about capital 0oinp abroad IF