The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1877-06-07
OrigiMWt Communications
lsTO q.

Electoral Commission netoTietys has
passed Into history as the synonym Of
fraud and corruption. The recent action
Of the House OF Representatives, of this
State, in postpohing action upon the
usury Lay; is likely TO render the figures
placed at the head Of this article equally
The synonym Of oppression TO the Door.
The question as to the right and prorrie.
ty Of the Legislature passing just and
wholesome usury law is surely not now. a
debatable. one. The past history Of the
legislation Of our own State, together
with that. .of 7sll the other States la tho
Union, with scarcely an exception, is a
sufficient answer 70 that question.
Whether the rate OF legal interest should
be fixed at 5,7, 10, or more, is another
and different question. That question
should be decided on the basis of a lust
and equitable return TO the capitalist for
the loan of his money, and .the ability of
the laboring and business classes of the
community to pay. That there should
bo some legal restrsint, to the cupidity, of
the capitalist ia this matter land when
we use thesofd cupid,sy in this conuec-
ton, we do not mean that ~ a class they
are more shan other people; not at ali,
but it is aprinciple Of human nature to
take all we can get} isla well established
princinlo in political economy. That
the borrower is servant to the lender is a
Bible truth. Hence, the lender needs
not any Especial protection of the law,
because he is abundantly able to protect
himself If he does not ike The rate Of
legal interest, whatever that may be, he
is not obliged to lend his money at all.
There are :uHerops other ways in which
he may invest his money with q promise
offa reasonable yetnrns But ftnr.. .he
nature of thu case the borrowers will al
ways be the most NUN and the most
dependent class. Whatever Gne.spun
theories We may weave to the, contrary,
as to tho beauties of the cash systenn, the
history of the world shows that the bust.
ness Interests Of all political communities
are mainly propelled by the credit sys-
ten Heres c::slssti.slsttel5 llssti.slsttel5 If If TREY wish
really to, reipstate business prosperity ali
over the country, should direct their ef!
forts mainly TO the e,re,esiablishment of
sound and safe ditcystem. To do this
successfully the rates of interest should
be fixed AT the lowest possible rate, in
justice to the capitalist, and then all
homestead and bankrupt laws should
either be abolished or so modified as not
to continue % they are now, for tho most
part species of legalized robbery and
fraud. The sad history Of all the indul.
trial classes OF our country, since the
repeal of tho old asury law in 1866, ia o
sufficient argument to any calm. d,sras-
sionate. ana rejecting mind why whole.
some usury las, should heye been prompt
ly adopted by the Legislature at its extra
session. There.is but one single class Of
tLc community, agricultural, manufac-
turing or commercial, but are now suffer-
ing under a prostration of business un-
paralleled in the history of our Stats,
and that is the capitalist.
From sale Of bank ptock at Anderson
recently, the premiums paid for zach
stock showed conclusively IT,. one inter-
est at least ofsour community is in o
prosperous condition. The high rates of
interest which the bank: has been OBJ.
tanning for the use Of its credit, together
with the excellent business tact of its
management, has caused the atock to
rapidly enhance, In value. But we fear
that its singularly prosperous condition
at the present time Is but correct ther-
mometer Of q corresponding depression
among all other Glasses. & We do not
claim chat the exorbitant rates of inter-
est which the merchant, the farmer and
other classes of the community have had
TO pay for bank accommodations is tie
sole cause, but only ohs among many of
the numerous causes that are driving
the country to financial ruin and bank
ruptcy; The great difference which the
meTci,ant demanded for the corn on q
credit 70 the widow lady, Is only one
among thousands of the disastrous effects
Of axorbitant rates Of interest to the
poorer and more dependent classes of our
communisy Eor theb bank. accommoda-
tions necesss % eiiables the merchant
TO purchasathe corn at all, he Ind to pay
3 Is per cent, aaasthst lin &dsance,i re-
newell every 80 days, which makes
tho inter ebahded to him about
Z four tim aring slfo Scar. So that a
prudent would calculate the
irtcreat VIII g bout taonty. five
pei: cent; 80 that st Si.4O per bushel
5 .a.s corn on u creuit, lie would only leave
hlteen or twenty per cent. as d n,srgin
Tor all the risks Of tho transantisn. Oh,
serve that tho labofipg classes Of the
connaunitys who are over dependent on
credit for The purchase of the coInmonesi
necessaries Of life, are thus Obliged to
pay,the high rates of interest which the
want of q psdry law enables the capital.
ist 10 demand Afnr. cha nse ;of his money,
i 50, ihht The high rates Of interest which
the nierehSht esteasibly pays comes pIti.
] aateiIy outsof the hard earnifgs of the
laboring man. Aud rs the merchants as
4 2 claAssstand at tae head ofsaIl the trad
ing Interests of the country, She sxofbi:
tantsratt. uf ftifersass kick if,as,s he % n