Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1877-06-07
Ustlry.

A friend from Bachelors Retreat requests
ne to publish an article from tho Greeuville
Enterprise on the usury law being an advo-
cacy Of unrestricted interest. The article is
long and its arguments specious, singing the
old song that money is commodity and is
worth what it will bring in the market and
that oil laws limiting the rate Of interest on
money will be eva6ed. The writer further
alleges that the present extravagantly high
rate OF interest is due to the unsettled condis
ton OF the government, high taxation, Diff
Guilty and great delay of enforcing coniracte,
bankrupt laws and general dstrust." The
article has much truth mixed with many
tullacies. 1t sets out with false premiss
and this leads througout to n false conclusion.
We will bc glad to publish any communi-
cation from our Bachelors Retreat friend on
thls subject, as Ye desire both sides to be
heard. but holding our views we hardly think
we should seek out opposing articles from
other journals. However, we will try to
publish the article on our outside next week
as by request.
The writer Of tho article treats money as
an ordinary commodity and compares it to
goods Of the merchant and other chattcls.
We have repeatedly demonstrated the fallacy
of this position. Money is stamped by law
and the usage and consent of nations with
peculiar powers possessed by no other known
commodity.
Possessing no intrinsic valuo it alone can
pay debts, buy everything and meet all mans
requirements. The law having given this
character to it should restrain tho abuse of il.
by capitalists taking advantage of the necessi
ties Of othera.
1t is portable and easily concealed, milliona
of dollars being capable Of being concealed
on the person. to be brought forth to destroy
others through their necessities.
1t is imperishable virtually. which is not
true of any other commodity. corn and other
products having tobe sold in ono season or be
lost forever.
AS water is the substance by which the
specific gravity Of all other articles is found.
so money is and should be the subject Of
valuation Of all commodities Now water is
fixed and so should be money, and all else
would aduptitself 10 it ne standard of value.
If it varies in value then there is no certainty
in anything.
While interest is unlimited capitalists will
never invest their money in productive indus.
try, but will feed on the miseries of the poor
to the injury Of the State and her material
interests. Limit interest and capital will find
place in the walks Of some valuable enters
prise. To an agricultural people Is and Is
per cent. interest H. ruinous and tho State
should by law protect those engaged in her
leading industries, and not suffer them to bo
made tho victims Of those who create nothing,
but rathor destroy the leading class of her
citizens.
II is all bosh to say tho law will be evadcd.
All laws, human and divine, ore moro or less
violated, but the great mass of, the people
observe them. For nearly century our
State had on her statute books the rnost stri,,.-
gent usury laws, and that she prospered, the
great wealthofl South Carolina prior to tile
war abundantly proves The law was rigidly
enforced and almost universally observed. It
was repealed in 1866 to open a vent for tho
infiux of capita,. It has not come and we
afe'poorer to day than in 1860. Nearly all
the-States in the Union have usury lava and
they arc satisfied with them, some having
,retariied to them after trial Of n,nrestrio.ed
interest We have SO often written 3 our,
views on this, subjeey that II is needless
70 elaborate them Wbhave always favored
usnry laws. and now : whom the coSHtfy is
Ipoor,'we especially faS1r theni1 i329be3e iiSE