The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1877-12-13
rHE UsuRY LAW.

The discussion of the Usury Law has
brought out portion of the Anderson dele
CATION in the House of Representatives. In
the debate on last Saturday, DR.. w. c.
Brown obtained the floor, and advocated
the passage Of the bill:
He proved that, from the earliest ages up
to the present time, those countries which
had adopted usury laws had been the most
prosperous. His speech was short, ami
mated, argumentetive, solid and abounded
in common, practical, good sense. 1t was
rhetorical, and he enforced his views OF the
important question by a.systematic arrange
ment of many facts of historical truths per-
tinent to the question. He drew an accu-
rate picture of our State from the time of
the revolution until reconstruction, when
the rate of interest was limited, and con-
trasting it with our deplorable financial
condition at present, drew the self-evident
inference and conclusion that the usury- law
did not do us any harm in the days of o1r
highest prosperity, and also that the repeal
of the law had by No means brought about
the anticipated flood of riches 80 confidently
expected by the money slender. He main.
tanned that the repeal of the "usury law,
the passage OF the famous "hen law" and
the "Black Code. occurred about the same
time, and were not the result of mature de-
liberation, but that the legislators atthat
time were in q manner dazed and stunned
by the misfortunes which had overtaken
them. He contended that the most civil
lied and enlightened nations of the earth
had always had laws of this kind, and they
were regarded as the best of scientific politi-
cal economy. The most celebrated rulers
of the worlds history were of the same
opinion; for instance, Moses, Justinian,
Queen Elizabeth, James the First and
others, and the rate of interest wos reduced
to reasonable amounts. He concluded by
saving that the tendency and natural result
of the legislation Of the recent past was to
build up one part of our people and pull
down another-to make the rich richer and
the poor poorer.
Capt. r. W. Simpson also advocated the
billin avery strong argument:
He said he was not willing that the peo-
pie Of South Carolina should be governed
by the views and idle speculations of Wis.,
ionary theorists. / Icontend that if we pass
this bill that not only would the planter,
the merchant, and the mechanic prosper,
but the whole people would prosper. The
opponents of the bill are proceeding on q
false basis. We want money, but do not
want to pay e1orhitant rates for it. There
is no danger of money not coming here If
we pass the law, for even then we will pay
a higher rate Of interest than is paid in
many States. The system which we have
pursued since the war is ruinous. In our
Door. distracted, disturbed country we have
no real prosperity. It is all q mere bubble,
q delusfon, o mistake. The opponents of
the bill say it won't make any difference
whether this law is passed or not, and yet
they are making strenuous exertions to pre-
vent its passage. During Mr.. Simpsons
speech, the hour for adjournment arrived,
and the House adjourned until IL o'clock
Monday.
When the House met on Monday Mr.. R.
W. Simpson, who held the floor on Satur-
day, continued his argument in favor of the
bill:
He said those who had advocated the the
ories of visionary political economists and
false theorists did not believe the arguments
which they had advanced; they did not con-
form to the evidences of their senses. Money
is harder to get new than for six or seven
years past. Talk about banksl know
man who, short time ago, went to bank
to borrow small amount Of money and
presented the very best collaterals, but the
bank refused to lend him the money. A
merchant, coming few minutes Inter, took
the same scoiIaterals and borrowed all the
money he wanted, but he was forced to pay
the most e1orbitant rate of interest. Talk
about theoriesl Why, our whole country
is languishing on account Of the enormous
rate Of interest which our people have to
pay for money. do not claim that if we
L., o,xI, no1or 1rxf
the community. but that the planter, the
merchant, the mechanic and the professional
man will all be benefited. The present sys-
tenn of money lending and borrowing is q
disastrous one, and if not abolished will
eventually sink the whole State in bank
ruptcy.
confined himself to the consideration of
banks and banking institutions, and how
they would be affected by the passage of the
usury law. He said that all national banks
doing business in South Carolina would be
as much bound by the law as private bank
inp bOuSes