The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1877-05-10
CsURY.

And pay they must be sure to do
- On the future appointed day.
And II any should 1sil to pay,
His note they promptly do protest.
His credit Is ruined, they say,
And then deal closer with the rest.
Industry can make no pIont
On money at twenty per cent,
And Jet tho banks vill no. stop it,
While on oppression they are bent.
When the banks the country shall own
Man, wife, little, big, old and young
Then the misery viii be known
That they hsvo by oppression done.
Then more like "T. II. R." Will think
And clamor for usury law,
And our la.f makers will not shrink
From doing what they should do now.
When money no longer is king,
But the interest Of all shall unite.
Property will supplant "this king"
And In It's good ali will delight.
Then lot all continue to cry
A5a.ns: banks !!.at take such per cent.
Till our law makers can't deny
The law on which labor is bent.
MIR. EDITOR: The communication of
Ut. d. r." in the Issue of your paper of
the 26th ultimo, advocating the old usury
law, your editorial on the subjec,, and
the notice that eight shares of the An.
derson National Bank sold this week for
81 900, which is s1.25 for $780," has
caused mo to produce the above almost
spontaneously. l am no poet, but send
you these lines with the hope tha. this
little effhsion of mine may not have been
In vain. have made use Of the words
national banks" instead of Capitalists"
not because the sentiments will not az we'll
apply 10 them, if they exact such rates
Of interest, but because the National
Banks conld afford to lend money at
much lower rate of interest and still
make money and their stock valuable.
The atockowners of National Bank, by
depositing with the United States Treas
urer their bond for 100000, obtain from
him $50, 1000 in United States bills, ,hich
1t uses sud which constitutes its capital
stock For merely depositing the bond
OF the stockowners to secure the United
States against loss in case 1t should break,
it has given to it $4,000. For this gift
the bank is only required to pay a yearly
tax, which does not exceed one and a
half per cent. If interest was at the
rate Of seven per cent, a bank with this
capital stock could pay said saA and t...s.s
make yearly $4,c50. Would this not pay
any bank sufficiently for lending money
that costs 1t 30 little7 leave this ques-
tion fer each one to answer for himself.
But do not design now to give reasona
why do not believe in National Banks,
but merely to say that agree with "T.
H. r." that the necessity Of the country
demands q strict usury law. If we had
ouch law the capitalists would inves:
their money in permanent improvements,
and consequently build UP the interests
OF the country. Labor would have en-
ployment, moro money would be in cir
cuation, merchants and mechanics would
flourish. Under the present state Of ef-
fain oil industrial enterprises arc lam
gushing, and will continue to languisl,
until the progress Of capitalists in sub
jecting oil enterprises to their interest ia
checked. Can farmer buy little trac,
ofland On credit and ever pay for it by
paying eighteen or twenty per cent in
terest9 Can merchant afford to borrow
money at such high rates of interest and
make arg profit after paying store rent
and clerk hire? Can mechanics make
anything by their trades on borrowed
money, or which they have to pay such
enormous rates Of INTEREST," Nc. None
but capitalists can flourish under such
circumstances. They reap all the prefta
made by those who are go unfortunate ac
to have to borrow money; and this ere.
atea o want of confidence liz tho ss.ccss
Of oil industrial enterprises, md works O
detriment to the prosperity of the coun.
try. The high rate of interest makes the
rich richer, The poor poorer. To check
this and protect the industrial enterprise:
something must be done, and done quick.
ly. A strict usury law will effect more
permanent good to the country thnn any
other matter that at this time can engage
the attention Of our legislators. Capt..
tallats will not suffer by Il. They are
able to take care of themselves, aud il
| they ahoald determine not to lend ,hei,
money at o rate Of interest to be fixed by
tho law, they would invest 1t in factories
or qcnie other local improvements that
would, while building up the country
and making them an income, give EN-.
| ploymen. TO honest labor. The country
would be improved thereby materiall:,
Bat enough, for the many reasons why q
unury lsw should DO enacted must be OBJ,
vious TO almos. all who have ever giver
itany attention. d.
= Amid all Che talk Of The terrible at.
tack Ms. Blaine proposes TO make on the