Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1877-09-06

money that rdined the farmer; II was bad .iudg-
ment and misapplioation. II was that misohiev-
GUS old monarch. king cotton. His majesty
slept during the war, then arose in all his power
and claimed every foot Of land in the State.
The hnmblest farmer In the mountains for the
frst time Acknowledged his sway. Every poor
man that could borrow 81, 900 did so and argued
thus: "With this I can work four hands, make
20 bales Of cotton at 20 cents per pound, aud
in one year clear 81 l,O0O." Each successive
year no gambled on cotton, and Of course lost
He laid aside the philosophers stone Of former
times, "pay as you go,"r aud now he must re-.
pent and reform at leisure. Farmers are not
speculators and should not deal in futures.
Legislative enaotments to prevent usury In
yariably make usury, because they increase the
risks Of money lending. Interest depends on
three things-the character Of the invest mont,
The character Of the borrower and the character
Of the government. Allowing per cent, o fair
return for the use Of money to prompt, honest
and solvent merchant, cotton Is not O safe in
vestment, hence the lender charges 2 per cent.
extra for this; the farmer Is not o. good. mon to
lend to; because as o general ruio he does not
recognize the Importance Of punotuality, and 2
per cent. Is added on this account; South Caro-
lima is bad place 10 COLLECT debts, and taxes are
high, so per cont. is added for this:' thus we
have Is per cent. Now interest can only be e.
duced by safe Investments, more honest men and
better governments. It is ON insult to the uuder-
standing of tho people for any government to
regulate the Interest, except as to cases whore
tho contract is stleut; then Of course il should
bo per cent. in this State. Besides, the State
oanuot enact class legislation; it will only injure
the class It intends to protect. The Stato's sole
duty is to guard tho liberties Of society and pro-
mote education. 1t has no right to make the
accounts Of ON individual or balance his ledger.
Restoring the usury laws will make usu-y
and lessen our capital, Corporations, banks
aud very conscientious capitalists will use their
capital outside of the State, the note shaver and
sharper will operate within the Slate, aud Of
course get moro as competition is reduced and
risks increased.
But, Messrs. Editors, in limited space can>
not crowd all tho objections against the re- enact
men: CT tho usury laws Many people do not
believe the earth is round, aud many do not
believe in the impolioy Of tho usury lava,
although every political economist for the last
hundred years has preached against them
Holland for 200 years and England, Franco and
Germany for the last 25 years have abandoned
them, aud shall we atlempt to restore law
which outside Of the United States is only I'D
vocated by Musselmon and semi-barbarous peo-
pie
hope, Messrs. Editors, havo not trespassed
too much on your limits. Tho allusion to my
speech is my justification. I appreciate the
danger of fighting the editors; they havo the
Inst blow; but tho question is very important.
South Carolina has for fifty years led this
country in the good doctrine in free trade, and
the noblest act her statesmen has done since the
war was to declare froe trade in money, and all
lovers of enlightened political philosophy will
soy emo step backward"
Very respectfully,
+. W, McMASTER.
COLUMBIA, s. c., August 27, 1877.