The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1889-12-11
THE RATE OF INTEREST.
Colonel Cary'S Ef!o-i 80 Help the
People Mr. GraJdon's Cordial
lfcip.--Readabie Paragraphs.

The proceedings were rather tame until tho
special order oil the day, The act regulating
the rate OF interest, was reached, which gave
rise to a lengthy debate. The title OF The bill
is aS follows: $500
amend Section 1888 OF the general statutes
regulating the rate Of int"scSt upon amy con
tract arising in this state lUr the hiring, lend
| ing or use OF money or other commodity
Iapprovcd december D. lS>2. The bill proyidcS
| that no greater interest than per cent. Shall
| be charged except upon written contracts
wherein, by express agreement, no greater
rate than per cent: may be charged.
Mr.. Ficken moved to strike out the enact
ing clause. ~,, -,.
Mr.. Eugene B. Gary made all eloquent ap.
peal in favor OF the bill In his own county
until 1882, when the legal rate of interest was
per cent, men who had money invested il
in real estate. When they were allowed to
put in writing that 10 per cent. should be
charged, they sold out their lands and invest
ed their money i'll mortgages on real estate.
That decreases the value OF land. Wearc an
agricultural people. What is the effect OF
that bill that prevents investments In enter
prises in South Corolina, retards the develop
ment OF our resources, and i'll every way Is q
drawback! How many men lend money
since that bill was passed? You could count
them on the fingers of one hand. Land as
sociatons were the greatest curse that ever
entered the State. Some time ago IL was dis
covered by him that the farmer who bor-
rowed money from one Of these associations
paid between Is and ~ per cent. Political
economists tell us that whoever control the
soil Of the country control Its laws, its religion
and its politics, and the statement cannot be
controverted.
MIR Peurifoy, in the interests of the State,
opposed the bill. He considered 1t as q dan
gerous one. 1t only called for change OF 2
per cent, and q man who wants money real
bad will not stand on per cent. The banks
in Edgetield County, and the different coun-
business and they have 10 borrow money at
per cent to carry on their business.
Mr.. Moseley favored the bill!
Mr.. Bowen hoped it would pass. The law
as 1t now stands is unj just to every body.
Every man who acts Us executor or guardian
is allowed to loan money at 10 per cent. while
he has to account TO his ward ut only per
cent.
Mr.. Mckisslck regretted that his old friend
from Fdgcfield (Peurifoy) did not "go Slow
in this matter He had examined the legal
rate of interest in nearly all the States. In
seventeen States per cent Is the legal rate.
In Louisiana 1t is per cent, and In CaliOrn-
in, Georgia and Kansas per cent, while the
oldest State in these United States, the grand
old State OF South Carolina allows 10 per cent.
He closed with an eloquent appeal to his
brother legislators to stick to old South Car
olina, serve her, and save her.
Mr.. Ficken said the eloquent words Of the
gentleman who had just taken his seat touch
ed him. rs he was sure they must have touch
cd every memberof the House. But there are
always differences of opinion, ano how best to
serve the interests OF the state was the uucs.
ton which had TO be met. The speaker then
went on to show that no amountO of legislation
could affect the price Of money. They all
knew that III those days when the rate OF in
terest was liInited to Z per cent. money freely
brought in South Carolina IS to 20 per cent
without any violation of law.
Mr. Edens, who introduced the bill q year
ago, claimed that the people from his Sec
tiOn were strongly in favor of the bill, as
they were not able to pay 10 per cent.
NJ. Buchanan resumed the debate on the
pending question. He thought the usury law
must necessarily be n drawback on any State.
Mr.. Moses opposed the bill, while Mr.. Cau-
sey spoke in its favor.
MIR Graydon said that the opponents OF the
bill made u mistake in holding that money
was q commodity. II is not q commodity ac-
cording TO the latest and best writers. 1t
would be better for the State If not dollar
could be brought into it by these loan asso-
Citations.
Mr. Lee, OF Charleston, moved to postpone
the bill indefinitely, and called for the yeas
and nays. The result was: Yeas, ~; nays,
80.
Mr.. w. j. Fishburne moved the previous
question. The motion was adopted and the
bill ordered to u third reading
Mr.. Grayden moved to reconsider the vote
by which the bill was ordered to Il third read
ing, and that the motion be laid on the table.
Carried.