The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1877-06-08

6t W; ~ ,ndl 10 ID ! 1k6EZo Y1ill0 III IT
1t is made by law a matter of exchange fol
the sake of convenience, and there is ne
more real intrinsic value in money than in
chips. You can mako fire and cook 9
meals victuals with q basket of chips, but
could not with basket of money. Hence
the chips, or anything that the God of ma.
turc has made a commodity, has intrinsic
value in it, but money has not Conse.
quently, money, truly speaking, docs not
bear interest. No man borrows money for
the use and real benefit of the money it.
self; he borrows tito obtain the use and
benefit of something else-some of natures
commodities-that he can enjoy in eating,
drinking, wearing and having pleasure
Let me illustrate ~ Suppose you borrow
one dollar to purchase bushel of corn for
bread; you will pay an interest-for what?
lsit for the sake of the money? Never
1t is for the sake of the bread. Well, then,
it is the corn that bears the interest, and it
is the hire of the corn that you pay for, not
the hire OF the money. You do not want
the money; you cannot eat it as bread; con-
sequently the great difference between nat
ural commodity and one that is artificial,
is made By the force of law. AS it requires
law to make money matter of convenience
to commercial and agricultural people, an
artificial exchange with an artificial value,
1 think it should take law to prevent the
abuse of it as such. Because money is
power in any country, and only small frac-
!, ton of the population are capitalists. But
ltiaRu ~. xals. Al
the balance in their Industrial enterprises
by the power of their money, if not re-.
strained by law, which fully corroborates
with the great principal that underlies all
good governments, viz: that all power in
vested in man must have healthy check
put upon it by law and it has always been
necessary to legislate in order to keep the
greater power from expressing and usurping
all power, as when the capitalist demands a
high rate of interest he is making himself
richer at the sacrifice of the poorer, and at
the sacrifice Of the enterprise aud industrial
pursuits of the country. Let me ask how
many active, enterprising men of our State,
that would engage in the useful pursuits of
the land, develop the various resources of
the country, give employment to the people
that are now idle, which would feed their
families and make them comfortable, if
money could be obtained at a reasonable rate
of interest? But the rate of int crest is so
high that the enterprising men of our land
are tied stock-still, and all industrial pur-
suits are at q stand-still comparatively
How can any man engage in an enterprise
that will not yield more than the interest Of
the money invested and those who attempt
it are compelled to employ labor at SO low
rate that it amounts to oppression upon that
class Of the population, and that is a very
large class in our country. And all that
oppression and hardship upon that; class is
to put more money in the pockets of the
capitalist than is just and right, making the
rich richer and the poor poorer.
: Again, the mercantile business is largely
carried on with borrowed capital at very
high rate of interest. Well, who pays that
interest Not the merchant but the con-
.sumers of the goods-the laboring class;
and, Mr.. Editor, as the question effects all
classes Of the people, certainly then, it is
OF vast Importance, and should be well and
thoroughly ventilated by every body; and,
as the bill is laid over tothe next session of
the Legislature, l hope the people wiil wake
up to the importance of the bill, that our
Representatives may know how to carry out
the interest of their constituents, and make
strenuous effort to that end AS clear
proof that the bill is in the interest of the
masses OF the people, is, that the capitalists
of the city of Charleston, looking to their
own interest, sent up a commission to the
Legislature in order to defeat the bill, aud
did effect postponement of the bill, and
are rejoicing in the belief that it is dead
Now, it behoovcs us as an industrial class
to be able to put the bill through at the
next session, therefore hope all will 90 TO
work to that end.-L. N IA anderson Jn-
tciHgencv