Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1877-08-23
Usury Laws.

The discussion ut Anderson upon rc-onact
ing tho usury laws in South Carolina was |
long and exhaustive. The newspaper corrc.
spondonts footed up tho discussion on tho first |
day as dog fall. On tho noxt day Col Nc
Master took up the argument against tho law,
and in tho language Of the Charleston dailies
madc somo ssrong points, specimen Of which
wo give below, and from which oil fair minded
roeders may judge how fcoblc must be the
hands Of those who uphold the present op~
pressivo intcrcst:
Col. McMaster wound up his spooch with
general retrospect of the argu ment. bringing
in one striking Illustration Of tho valuo Of free
money. 1t was that on one occasion in CO.
lnmbia, Il. X. Scott lent q man $4,000 for
ono day, and charged him 81 900 for tho loan,
and tho borrower realized $4,000 by the
transaction. Ex-Mastor Il. j. Woodward in
terrnpted the speaker, to ask if the borrower
would not have made more money if he could
havc borrowed tho $4,000 Mt per cent
Col. McMaster at once made the very obvious
reply that he would not have got the money
ut all.
Can any one believe the illustration was
more than moro speculation in which one
man flceced anothor7 How far did it diffor
from gambling in fact and in its effects? Can
any ono believe that tho State was enriched
ono cent by tho profit made by Scott or by the
borrower, or that any thing of ynluo was
crontcds Is it policy or wisdom to foster or
encourage such spirit of speculation as the
one mentioned? II wc had been good kecly
player and had borrowed $40 900 at high
rate and in ono night had made $4,000 the
illustration would bo complete and the valuo
OF tho fruits to the State as great, doubtless,
as in tho speculation alluded to. individuals
may by fortunate strokes rise from poverty to
sudden wealth, but the instances arc rare and
nre to be doplorcd rather than encouraged;
Tor they arc delusivo baits to cnticc the native
energy and thrift OF vory many from legiti-
mato industries into tho paths of speculation
and ruin. Besides, wealth thus acquired is
only the trnnfor of property from one unfor-
fnnato to more FORTUNATE person, leaving no
industry developed, no wealth created and no
benefit resulting to tho community or State
General wealth, resulting from tho internal
development and utilization of the native ro-
sources of a State, tho improvement Of her
systems of agriculture and the cconomizing Of
time and lab or, is q slow growth, feeding on
what it creates and constantly cnlarging and
extending its benefits. When it exists in q
state sou will find no such spcculations rs
tho one mentioned; for the spirit anu enter
prise OF tho country, with its capital, are en-
gaged IN tho walks Of productive industry.
a State should discourage and drive away the
wild spirit OF speculation, which tho barter
ana sale of money creates. The profit of ono
In such cases is tho loss Of another, and there
1s q general unrest in all industries and pur-
suits. Wo want tho slow measured tread of
honost industry encouraged, and it is this
alone which oan revive our Stato Spoculn-
t'on' unrest, activity Of exchange may leavo
to our oitios glamour which attracts. but
IN tmo thor business, under fixcd value Of
money and the prosperity it would ongcndcr,
would become more profitable and far moro
satisfactory. Instances, such as that adduccd,
prove nothing for tho present law, while their
occasional existence provo much against it,
we will lay down ono simple proposition
which wo hardly think can bo answered
States are composed Of individuals, and what
ls true of individuals should be truo also Of
States. Now wc say if any individual goes
into business, tho annual income from which
's ton per cont. on tho capital invested, and
tho business is run on capital borrowed at IS
per cont interest, it is inevitably truo that in
a short timo tho interest must cat up the
s capital and profits alike and leave him ponni
loss. IT tho individual hns himsolf furnished
n part Of tho capital, then in process Of time
the money lender will absorb both his own
nnd the capital Of tho borrower. If upon the
same plan ovory citizon of tho State should
borrow capital from abroad at Is to l8 pcr
cont. and realizo as on income from it to 10
per cent,'it is cloar that the State wonld
annually grow oorcr, and in process Of time
the entire property of tho State, land, chattcls.
dogs, oats and every thing would become tho
!, property of q foroignioapitalst Now VIC arc
Z an agricultural people, and wo ask tho iude.
s ) mont of every candid mind, based on oxperi.
,feDce, do or can our 4pooplo realize moro than
! TO 10 per cont. from their farms, and do not
the large majority rcalizo less than ak ner
centf The answer must be tl,at tho income
b varies from 8 q 3 per cont. annually. Now
d ms an agricultural people can the intro.
Yduction of foreign capital into our State provo
I of benefit to our people at the present ratea
Z Of intercstf Will it not on the contrary
Nc ecessarily imnoyorish tho State and should
Il athotits' introduction for,lonn, bo discouraged,
orfho rate per cent. fixed, so as to enable tho
farn,ets to nso IT pro6tably? We do not and
sliould not want money ut an interest whiol,