Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1877-05-31

9feil.9
aspire to her highest honors, and
s having achieved them, enjoy then
Elaureis under; the shade Of. cur glorl.
GUS o.d palmetto.
4 Welearn from the letters Of Cicero
! that the Yirtuous Brutus lent money
lin Cyprus at sorty-eight per cent.
and since the repeal of the usury
/ laws the cgyshas bee heard frelit Aa1
mountains to the seashore,. /" Bt. II
Brute 2" As the law now stands
there is no limit to the rate of inter
est that may be demanded, save the
consciences of those who have it to
loan, and it seems, from my obserya-
ton, that their accursed thirst for
gain causes them to demand the nine
teen per centum interest usu lily
nominated in the bond, Like Shy
lIlock, they demand the last stcent-the
pound of flesh. If there be legis-
Iiator who prefers to add. to the sur
plus wealth of the rich rather than
to avert a pang from the suffering
poor, let him cast his vote against
this bill. The power of money,
chained even by usary laws, is strong
enough it is too strong for man s
best good. If the poor musi occa-
sionally submit to the "licy fangs" of
unfeeling Shylocks, let it be as seldom
as possible, and let some fair Portia
be at hand to weigh the flesh when it
iscut.
I will proceed, now, to the consid-
Grafton Of the second proposition as
sumed by those, who advocated the
repeal of the usuary laws, that the
abolition of all laws that placed any
restriction on the rate of interest will
diminish the rate Of interest pre-
scribed by law. I would not notice
this position were it not for the fact
that the political history of England
and Of this country furnishes us the
evidence of as equally great political
absurdities having obtained credence
and currency among intelligent men.
1t was once favorite doctrine with
the courts and ministers Of England
that gc yernmental extravaganza CAN
do no harm; "that national war Is
national blessing y such was the
fashionable doctrine during Pitts and
Lord Castlereagh's administrations.
The people of England have learned
better by sad experience. One OF
The leading maxims of the old Whig
party was, the higher the tariff the
cheaper the goods" Some of the
most brilliant intellects that this
country has ever produced boldly an
nounced such political maxims but
time and experience lave proven it
ruinous fallacy. ~
Now let US look at the record OF
those nations that have abolished the
usury laws, and see what were the
effects as to the rates of interest, and
its influence upon the prosperity Of
the great mass of its citizens.
The Greeks and Romans first tried
the free system, as did almost every
nation of ancient and modern times;
and they soon found that the usurers
had no limit to their demands for in
terest; that the power of money at
ten, twenty, thirty and sixty percent.
wealth in the hands of few, to the
utter ruin of the industries of every
profession.
In England, in the sixteenth CEN
tury, the usury laws were abolished;
the rates Of interest rose enormously
high. An experience OF nineteen
years, which resulted in the most dis
astrous effects upon the country, In
duced their restoration.
In the reign of Henry VIII, inter
est was limited to ten per cent. 1t
continued al ten per cent. during the
reign of Elizabeth; and finally, in
the reign Of Anne, it was established
at FIVE per CENT, and so it continued
until August, 1856, when the usury
laws were again repealed by the vote
of Parliament. The rate per cent.
soon doubled. In 1860; the rate per
cent. realized by the Bank Of Eng
land was ten per cent.-it only TAX
ing four years to double itself. Such
is its effect upon an old country that
has . superabandance of capital, and
the effect OF this rise in the rate OF
interest reduced a large portion Of
her citizens to the verge of starva-
ton.
In Bengal, where they have no
usury laws, money is frequently lent
to the farmers atforty, fifty and sixty
per cent, and the succeeding crop is
mortgaged for the payment
In Hindoostan there is no restric
ton on the rate OF interest, and they
run fr,Ia ten to forty per centum. per
annum, with the usual disastrous Ell
fects upon the masses OF people. -
In China there are no laws limit
irg the rate of interest, and the rate
of interest averages twenty-fopr per
cent. per annum, with the same desc
lating effects upon the industries OF
the entire population. a4s:
Let us now consider the rate! of in.
terest of those States of the United
States that have had no usury laws,
or that for time have tried the ex-,
pertinent of abolishing them. "A 7ire
tual repeal Of the usury law took
place in 1917 in the State Of Rhode
Island. From that period upt 1886
gradual increase in the rate Of in.
terest took place, with the most de-
pressing effect upon the property of
the State. .i,;-t 'il5,3ss
Prior to 1887. the State of New
York listened to the syren voice Of
the advocates OF no laws against psu-
| rv and sad eypeIience soon taught