The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1889-11-29
High Priced Money Sells Out Farmers.

vertisements for the sale Of 1883 acres Of
land to satisfy mortgages of the the Dundee |
Mortgage and Trust Investment Company, |
and ,942 acres to satisfy mortgages Of the |
Scottish American Mortgage Company. |
These arc foreign landloan companies. This
is only small beginning. In a few years
thousands Of such mortgages will be fore
closed in this State.
And it was to induce those very Foreign
companies to bring their money into this
State that the rate of interest was raised by
the Legislature from to 10 per cent. under
contract. If we are not mistaken, those
companies loaned their money for five years
upon unencumbcrcd real estate alone, and
only on ~ c-ffth its appraised value.
With few other papers the Union T'sne'
objected to the passage of the 10 per cent.
law; hut money, or the prospect of getting
1t at any price, was more powerful than any
warning of danger that could be sounded by
small and, perhaps, insignificant por-
ton of the press of the State, and the law
allowing 10 per cent for money was passed
protest.
We predicted the very disastrous result
that is now bringing so many farms under
the Sheriff hammer in Sumter County. We
said thea, and we say now, that no business
under the sun, except selling whiskcy, can
stand under the pressure of 10 per sent for
proof of the soundness of our position than
the statement of the Sumter -Adrdncc, that
4,I95 acres Of land in that County arc nd
vcrtiscd for sale to forcclose Mortgages held
by these foreign companies for money loaned
on only onc-fifth the assessed value of those
lands
The ten per cent. law, the lien law and
the homestead law have together done more
mischicfto the farming, mechanic and all
other legitimate business interests of this
State than even the five years of bad crops,
or any other adverse circumstances. And
what is still worse they have so demoralized
the masses of the people that uine out of
ten men who once took pride in paying their
debts now seek for every hole or tcchnicality
We have heard of men of means and posi-.
ton in society openly avowing that they
paid nothing that the law did not compel
them to pHy. In v.l>>- -.a-ds declaring that
they recognized no moral obligation in tho
payment Of debts. Years ago such on avowal
would have driven the man who made it out
of respectable society, and with business men
| it would have forfeited his position as q man
of honor and integrity.
And why this sad change in the morals of
the people? Because at the end Of each year
they found that high priced money and the
consequent high prices for provisions and all
other neccssaries of life was piling upon
their shoulders debts that they would never
be able to removed by ordinary industry, and
they came to believe it was no crime under
| the law Of sclf-prescrvation, to resort to any
means, fair or foul, to throw off tho load
placed upon them by what they considered
mcrcilcss cxtortion. This engcndcred dis.
regard of all moral obligations, and caused
many to take advantage of all opportunities
to evade payment through legal process.
And this feeling has obtained so strong a
Gpothold in the business transactions of the
Juntry that confidence tetwcen man and
SSnan is almost lost. -
CAUSE OF this dcplorable state Of our business
| affairs can be traced back to the time when
there was no law restraining the Skylocks of
the country from cxacting from IA to 2 per
cent per month for money, and when the
| unfortunate purchaser OH time was charged
from 20 to 30 cents pound for bacon, and
all other ncccssarics Mt the same rate. Thcn
usury law was passed, and after few
years of growing prosperity under law
conining the legal rate of interest to I per
cent, and when all were becoming satisfied
with the working of that law, these foreign
capitalists stepped in and made our lcgisla-
tors believe that we wanted their money,
and could have it, if We would give thom 10
per cent for it, pay their lawyers and agents
for making the contract watertight And
what has been the result since: Land
has gone down from so to rs per
cent of its former value, and every
character of business has been con-
Quoted in mistrust, uncertainty and dissatis-
faction, and while foreign capitalists are
swallowing the poor fellows who swallowed
tho bait they threw to them.