The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1877-08-16
II NUsury Law.

G. H., discussed pro and con tho pros
prioty of ro-onacting a usury law for
this State. Tho sentiment OF lar go
majority of tho body, we arc told, was
in favor. of tho law. Tho only oppo>
sitiQn to tho law scoms TO have come
as might havo bccn expected, from
Charleston. Senator Gary, from Edge
fold, and others, made speeches in
favor of the law. We havo not boon
agreeing with Gary on several impor>
tant questions lately, but this is CUES
tion upon which we are fully in accord
with him. In tho Senate, at tho last
session of tho General Assembly, Gen.
Gary mado a strong Fight for the re-
onactmont Of the old law, and it was
carried almost unanimously in that
body. But wo remember what an
alarm it created amongst tho capital
ist in Charleston, and how thoy flock
cd by delegation to Columbia to do
feat tho measure in tho House, and
how many Of the middle and low
country mombors woro calolcd by
them. The factors wore especially
delegated to 500 those molnbcrs and
inform thom that if tho bill became Il
law it would bo impossible for them
to furnish tho planters in their Sec
tions with supplies TO make their crops
in the future. Tho planters in tho
middle and low country virtually boz
long to the factors and capitalist OF
Charleston. A plantorin that section
nevor knows how he stands financially
until ho is informed by his factor. Ho
never handles any of the cash realized
from tho sale of his produce, and when
he pays debt he does 1T by an order
on his factor in Charleston. All of
his corn, bacon, flour and othor plan
cation supplies are ordered through
his factor, to whom all the Gotten
and rico is consigned in tho fall when
gathered. The factor sells tho cotton
and rico, pays himself for advances
mado, with o hoavy interest added,
and thon charge storeago a heavy
commission for effectng the salc.-
Thus the planters of tho middle and
lower sections of the State arc virtu>
ally made slaves to tho capitalist Of
Charleston, and arc oiLhor scared or
forced into voting for such measures
Of legislation that bonofts Charleston
onlyto tho injury ofthemselves and the
balance Of the State. When the pro-
posed re-enactment Of the old usury
law came from Tho Senate to tho
House, it at first had largo majority
of that body in it's favor, and wo wore
under tho impression that it would
pass without much opposition. But
sufficient number Of members wero
soon bulldozed, by tho Charleston
capitalists committee, to postpone tho
further consideration Of the bill" until
next session. This gives tho capitals
ist breathing spell and time to ar-
range their mode Of attack when it
comes up for consideration next wins
ter. The postponement was victory
for them, and by tho accession of
soventeon members from that county
theywill bo hard to dofoot. Tho mp coun
try membors, whose constituency are
not dopendont upon Charleston capi>
tai, we trust, will mako solid and
unitod move along the limos next win
tor, and tear loose the grip of the cap
italist from tho throats of the planters
of South Carolina. The want of d
usury law has been twin evil of tho
lion law, and the two together have
done moro TO bankrupt and ruin tho
State than all the othersbad legislation
in tho State since the war. Tho lion
law has been repealed and takes effect
tho 1st of January next; but the pros.
perity of the State will not bo assured
until stringent usury law is enacted.
With the combined strength of the
capital of Charleston and the votes of
tho low country members in the Leg
islature, it will bo hard work to enact
4ho In 90, hnt bv tho eombined and