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


Are all treated in the same way,
And pay they must be sure to do
On the future appointed day:
And if any should fail 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 profit
On money at twenty per cent,
And yet the banks will not 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 will be known
That they have by oppression done.
Then more like "T. n. R." will think
And clamor for usury law,
And our law 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 its good all will delight.
Then lot oil continue to cry
Against banks that take such per cent.
Till our law makers can't deny
The law on which labor is bent.
Mr.. EDITOR: The communication of
'T. 81. R." in the issue of your paper of
the 26th ultimo, advocating the old usury
law, your editorial Oh the subject, 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 me to produce the above almost
spontaneously. 1 am no poet, but send
you these lines with the hope that this
little efhsion of mine may not have been
in vain. I have made use of the words
national banks" instead of Capitalists"
not because the sentiments will not as we'll
apply to them, if they exact such rates
of interest, but because the National
Banks could afford to lend money at q
much lower rate of interest and still
make money and their stock valuable.
The stockowners of National Bank, by
depositing with the United States Treas
urer their bond for 100000, obtain from
him 100000 in United States bills, which
/
it uses and which, constitutes its capital
stock. For merely depositing the bond
of the stockowners to secure the United
States against loss in case itshould break,
it has given to it $4,000. For this gift
the bank is only required to pay yearly
tax, which does not exceed one and a
half per cent. If interest was at the
rate of seven per cent, bank with this
capital stock could pay said tax and then
make yearly $4,950. Would this not pay
any bank sufficiently for lending money
that costs it so little7 I leave this ques-
ton for each one to answer for himself.
But T do not design now to give reasons
why I do not believe in National Banks,
but merely to say that agree with ct.
II. R." that the necessity of the country
demands strict usury law. If we had
such a Law the capitalists would invest
their money in permanent improvements,
and consequently build up the interests
of the country. Labor would have en-
ployment, more money would be in cir
culation, merchants and mechanics would
flourish. Under. the present state of af-
fairs all industrial enterprises are Ian
gushing, and will continue to lauguish
until the progress of capitalists in sub
jscting all enterprises to their interest is
checked. Can farmer buy little tract
of land on credit and ever pay for it by
paying eighteen or twenty per cent in
terest? Can a merchant afford to borrow
money at such high rates of interest and
make any profit after paying store rent
and clerk hire? Can mechanics make
anything by their trades on borrowed
money, on which they have to pay such
enormous rates of interest? No. None
but capitalists can flourish under such
circumstances. They reap all the profits
made by those who are 80 unfortunate as
to have to borrow money; and this cre-
ates want of confidence in the success
Of all industrial enterprises, and works a
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 enterprises
something must be done, and done quick
ly. A strict usury law will effect more
permanent good to the country than any
other matter that at this time can engage
the. attention of our legislators. Capi.
taIsts will not suffer by it. They are
able to take care of themselves, and il
they should determine not to lend their
money at q rate of interest to be fixed by
the law, they would invest it in factories
or some other local improvements that
would, while building up the country
and making them an income, give EN-.
ployment to honest labor. The country
would be improved thereby materially,
But enough, for the many reasons why
usury law should be enacted must be OBJ.
vious to almost all who have ever given
it any attention. B.
| = Amid all the talk of the terrible at
tack Mr.. Blaine proposes to make on the
Administration and its Southern policy
when the extra session begins, it has not
seemed to occur to any one that, instead
of Mr.. Blaine's making the attack, the
Administration might make an attack on
Mr.. Blaine. It is refreshing to see that