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


vertisement, 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 n 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. IL VIC are not mistaken, those
companies loaned their money for five years
upon uncncumbcrcd real estate alone, and
only on ~ fifth its appraised value.
With Few other papers the Union Tme'
objected to the passage of the 10 per cent
law hut money. or the prospect of getting
it at dmyp price, was more powerful than any
warming of danger that could be sounded by
so small and. perhaps. insignificant p"r-
tion Of the press of the State, and tho 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 then, 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 soundncss of our position than
| the statement of the Sumter .idrancc, that
l..?5 acres Of land in that County arc nd
vcrtScd for sale to furcclosc Mortgages held
by these foreign companies for money loaned
on only onc-ffth tho 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 Ind crops,
or any other adverse circumstances. And
what is still worse, they have so dcmoralizcd
the masses of the people that uinc out of
ten men who once took pride in paying their
debts now seek for every hole or tcchnicality
in the laws to cvadc paying their obligations,
We have heard of men of means and posi-
ton in society openly nvowing that they
paid nothing that the law did not compel
them To pay. \" v'H~~ ~arls declaring that
| they recognized no moral obligation in tho
payment Of debts. Years ago such an 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 ncccSsarcs of life was piling upon
their shoulders debts that they would never
| be able t" rcm"vch 10y ordinary industry, and
they came To believe il was no crime, under
the law Of Sclfprcscrvation. to resort to any
means fair or foul to throw off the load
placed upon them by what they considered
mcrcilcss cxtortion. This cngcndcrcd a dis.
regard of all moral obligations, and caused
many To take advantage of all opportunities
to cvadc payment through legal process.
And this feeling has -nhtaimetl- strong
foothold in the business transaction. of the
n ,untry that confidence tctwccn man and
A4nan il almost lost. t.-------- ------
SauiU of this dcplorahlc 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 = per
cent per month for money, and when the
unfortunate purchaser on time was charged
from 20 1" IN ":";; :. l'"uni for bacon, and
all other ncccSsarics ut the same rate. Then
n uSiiry law was passed, and after few
years Of growing prosperity under Inv
contining the legal rate of interest To per
cent, and when all were becoming satisfied
with the working of that law. these foreign
capita lists stepped in and made our lcgisla-
tors believe that we wanted their money.
and could have il, if we would give thom 10
per cent for il. pay their lawyers and agents
for making the contract watcright. And
what has been the result since: Land
has gone down from 30 To - per
cent of its former value, and every
character of business has been con
Quoted III miStruSt, uncertainty and dissatis-
faction, and while foreign capitalists are
swallowing the poor fellows who swallowed
the bait they threw To them.