The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1877-12-13
TIE UsURY Law.


The discussion of the Usury Law has
brought out portion Of the Anderson dele
gatlon III the House of Representatives. In
the debate on last Saturday, DR.. w. C..
Brown obtained the floor, and advocated
the passage Of the bill:
He proved that, from the earliest ayes nm
70 the present time, those countries which
hed adopted dsury laws had been the most
prosperous. His speech was short. ami.
mated. argumentative. solid and ahonnded
IN common, practical, good sense. II was
rhetorical, and he enforced his views of the
,mpoftant question by a.systematic arrange
ment OF many facts Of historical truths per
tlnent to the question. He drew an accu-
rate picture OF our State from the time of
the revolution until reconstruction. when
tne rate OF interest was limited, and con-
trrstinB 1t with our deplurable financial
condition at present, drew the self-cyjdent
inference and conclusion that the usury law
q! aid not 90 us any harm i'll the days of our
nignest prosperity, and also that the repeal
OF the law had by no means brought about
the anticipated flood Of riches so confidently
expected by the mOney-lender. He main.
tanned that the repeal of the '.usury law"
the passage Of the famous Ellen law and
the Black Code" occurred about tho same
time, and were not the result of mature de-
Time were In manner dazed and stunned
Dy the msfortune3 which hud Oyertakcn
theni. He contended that the most civil
lied and enlightened nations of the earth
had always had laws Of this kind, and thew
were regarded as the best of scientific politf-
cal economy. The must celebrated rulers
of the worlds history were Of the same
opinion; for instance Moses, Justinian.
Queen Elizabeth, James the First and
others, and the ratc of interest wps reduced
to reasonable amounts. He concluded by
saying that the tendency and natural result
of the legislation Of the recent past was to
build up one part of our people and pull
down another-to make the rich richer and
the poor poorer.
Capt. II. w. Simpson also advocated the
bill In very strong argument:
He said he was not willing that the peo-
pie OF South Carolina should be governed
by the views and idle speculations of yis-
ionnry theorists. ] contend TINT If we pass
this bill that not only would the planter.
the merchant. and the mechanic prosper,
but the whole people would prosper. The
opponents Of the bill are proceeding on q
false basis. We want money, but do not
want to pay e1orhitant rates for It. There
is no danger of ,Eoney not coming here if
we pass tho law, for even then We will pay
higher rate of Interest than is paid in
many States. The system which we have
pursued since the war is ruiuous. In our
poor, distracted, disturbed country we have
Ho res! prosperity I. is al mere hnhhle.
delusion, mistake. The opponents of
the bill ssy it won't make any difference
whether this law is passed or not, and vet
they are making strenuous exerticno to prc.
vent its passage. During Mr. Simpsons
speech, the hour for adjournment arrived,
and the House adjourned until IL o'clock
Monday.
When the House met or Monday M-. r.
w. Simpson, who held the floor on Satur-
day, continued his argument in favor of the
bill:
He said those who had advocated the the
ories of visionary political economists and
false theorists did not believe the arguments
which they had advanced; they did not con-
form to the evidences of ftheir senses. Money
is harder to get new than for six or seven
years past. Talk about banks! know q
man who, short time ago, went to C bank
presented the very hest collatenls, h!.t the
bank refused to lend him tt.c money. a
merchant, coming few min1te.: Inter took
the same collateraiS and borrowed al the
money he wanted. but ne wns forced TO pay
the most exoTbitant rate of interest. Talk
about theories Why, our whole country
is lnnguishing on account Of the enormous
rate of interest which our people have to
pay for money do not claim thet if we
pass the bill it will benefit only one class of
the community. but that the planter the
merchant, the mechanic and the professional
man will all be benefited. The present sys-
tenn of money lending and borrowing Is a
disastrous one, and if not abolished will
eventually sink the whole State in bank
ruptcy.
Mr. Orr followed in favor OF .hc bin. he
confined himself to the consideration of
banks anu bunhiig institutions, and how
they would be affected by the passage OF the
usury law. He said that all national banks
doing business in South Carolina would be
as much bound by the law as private bank
Ing houses.