The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1880-02-04
sEx.Abbeyillian', on Usury.


The Radical party In the submerge Of South
Carolina and introduction Of reforms and
novelties, did but little to their credit and
which does not require reconstruction. But,
among the changes for which they deserve
credit, is Il borrow from an advanced civilian
ton, was the repeal OF tho usury laws, the
beneficial effects OF Which were better seen
than among those under their I'M
mcdlate influence. But, 1t seems that owing.
in grcat part, to the measures OF the Federal
government to reach specie payment and the
consequent decrease OF credit. and the greater
value and purchasing power of money, has
Increased It's rate and the difficulty In obtain
Ing it; and because q this, coupled with nm.
yielded " the clamOrs OF All unreasOning mi
p0puit and restored this ancient relic. Y.t.
since the restoration, notwithstanding the
greater financial ease generally, it, not the
rate Of money TO the borrower rs high or high
cr than before: indeed. does not a needy bor-
rover find It quite or almost impossible to
borrow at all and when this is said, II true,
does not the restoration argren blundcr In
legislation" While In South Carolina during
the non-cXistence OF usury avs money IL
said to have been o~btninablcat from twelve to
fifteen per cent. in Alabama, when obtaina-
Bile ut ull, with millions of 1t boarded and
lying Idle under the influence OF usury law
It WAS To be had only ut much higher rates.
Unless the mOniGd capitalist can be forced to
loan his money ut such rate, OH such time
and security ms the borrower may dictate,
usury laws 10 the latter au injury by prevent
Ing his getting the money at all. and IT so by
paying II high premium for the risk Of his
honor and against accidents; for legal repre-
sentatires generally feel bound to plead all
exceptions, and the capitalist has to be paid
for all risks, In addition to value Of use.
do not think IL necessary Mt this day to
discuss the value and necessity Of the credit
system. 1t has been and Is the promoter OF
the great est progress and highest civilization.
1t Is the credit system that Inukes the poor
man with bllSiupsy cuDnpitV md poOi rbarpc r.
ter the competitor equal of the rich. PAY as
you CO. l:"ans that tho many shall become
the hirelings and day lnborcrs or the few. 1t
Is the man Of small means WHO wants the
credit and IL benefited by facilitating and
chpnpening 1t. Money or It's equivalent OF
credit IS to all pursuits what blood is to the
human system, what oil IL TO machinery
and whatever produces congestion or parnly-
sis Is alike disastrous.
The usnry laws which hnvc come down to
us from England and have been more or less
pcrpciuatcd I'm the States, had their origin In
the too common practice OF the strong against
the weak, the nan against the few. The
Jews were and are now not only the chief
money holders OF England, but OF the world;
the mobiles who controlled the laws were the
borrowers, and the prohibition and penalties,
besides Its luxury as Il prosecutions, operated
to the advantage of the mobiles in lowering
the rates; and England being an Island and
II man uuctures a cyphcr, the
uSury laws did not produce the evil conse-
qucnces now seen and felt when the whole
face Of the world financial and commercial
has changed, and the Jew MS readily betakcs
himself to stocks and bonds, lands and tenc-
mcnts. '.bull and bear us the vericst gentle
or "strangcr." The conclusion Ia almost In
evitable, that If England had not ut one and
the am time contained Il dissolutc and
spendthrift nObleinan, needing money. and u
jew 10 furnish 1t, we would never
Of "uSury laws" us understood, among us.
hit causes which gave origin to these laws
bn vino puSS,ul n Huy in ENGLAND. md under
an advanced civilization, they have swept
them from the statute books, aud the rate and
contracts for money are protected ana ell.
forced, as Of other commodities, and with
such satisfactory results that no one would
think Of advocating II change. Money being
protected, Il strlngcncy or panic brings out
capital, and in competition the rate Is soon
lowered n an equilibrium restored, instead
Of the long congestion that follows where
usury laws prevail.
! ain treating this subject In the light o.
| business and political economy; and IT lie
| serves no other. The world Is more intlu'
cnccd by prejudice than reason, and much o
It. IN this matter Is due 10 Shakcspeare's flctl
tIous representation in the character of SHY
lock, and subsequently to misunderstanding
and misconceptions OF scripture. Csury wil'
forbidden under the Jewish Dispensation be
not apply to others. LDeut. XNIlI, chnptel
/ and verses 10 und ~. The Lord so conlinrnd
ed and made Ii q sin etwccn jews only
| Why He did not make the prohibition OF gen
ernl application Is not for us nj this late da!
TO inquire into. The usury prohibited VIA
any compensation whatever for the use o
money victuulS, or my thing that Is len
upon usury." And this prohibition between
even Jew and Jew could not have been II
force when our Saviour, In the parable, en-
dorsed the action Of the lord In his censlr'
and punishment OF the slollful servant VIII
fuilcd to put out his money at usury; b.
which is evidently meant the usual or high
rest rate obuinable by "cxchanscrs." Mat
thew XIV, v.T.l
Extortion is wrong and forbidden In til
Scriptures, Yet II is Practical every day, |
one party Is allowed to Judge for two. anon!
all rlusses including Rulnt and sinner, AM
as little or less SO In money lending rs M.
other. But few men who In flight times cni
borrow money Attic highest rates 10 purchas,
, for cash flrnily supplies, or to prevent tn,
sacrifice Of property nj forced sales, fail TO b.
more benefited Than the lender, who by with
holding his money conld buy property ut
sacrifice and more beneficial to him than nm,
usrry ever demanded. Such latter practic
Is, unfortunately. too common among BibI'
Christians, as they suppose themselves, wht
have no c0inpunctionso of conscience outside
Of the actual lOaning Of money above tho le
gaily protected rate. I have ~ plous ant
lrayeriul neighbour who ''dont lend none,
ut usury," on! not he; but he finds u null
driver with II mnie for which he ask $40, cash
and q f,rnicr who needs Il mule to replace
lost one. but has not the money and is no
able to borrow. and my neiglibor comes IN
and finds tia. the farmer. rather than max
no crop, Is willing togivc slOD for the mule OI
twelve months time. and my %neighhor buy
the mule and takes tor 1t SlD Oh IL credit. 50
cured by every thing the farmer has. and ]
not promptly paid. sells him out, lock, stocl
md barrel, to have his money remdy for All
other nUn.nsIrinuS transaction; and no SIN o
usury ntlllcts his soul.
The best md only remedy TO avoid thes'
palpable evils and disgusting, legally protect
, ed cvusionS IL, to repeal the so-callcd rslr.
laws, protect capital. which IL Independent
, and can otherwise rr0tcct itself. thus lower
Ing the rate OF money by competition. Til
benefits. on q fair test. would sO0n be palp;
bile, and the fictIons Of Shakespeare and tn
EXAMINATIONS Of smattcring theOlO2iun
would lose their influence.
EN-ADBEVILLIAS.