The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1890-01-31

exercised ehe {4 sac lG ~ ~ al
money may be loaned. And it should bc
remembered that money is about the only
thing with which its posessor can opprcss
and impose upon the needy, And un-
| restrained 10y law, the lender can force from
| the ncccSSitous ruinous interest IL is
therefore the duty of the Government to lin
II the price at which money may be loaned.
| In order to prevent this evil.
| In commercial communities like Charleston
and Columbia, the people can afford to pay
| a high rate Of interest, but our State is large
| ~ agricultural, and experience teaches that
the farmer is oppressed, crippled in his efforts
| If compelled to pay higher rate of interest
| than per cent per annum. And experience
further teaches that as money or any other
| property is increased in value the harder it
| IS for the poor man to obtain it.
! Immediately after the late war; our Lcpis-
laturc, i'll its mistaken Judgment. repealed
| the usury law ihc argument urged for its
| repeal was that money would flow into the
State. thereby enabling the people to borrow
| money to carry on their farming and other
operations. What was the result? We're
the people benefited by the repeal of the law
mentioned? can only speak for my section
Of the State. IL rwincd mary and benefited
none. Farmers borrowed money at Is and
| 20 per cent per aunrm, and mortgagcd their
|
the mortgages were forcloscd and the lands
| sold leaving the former owners homeless.
| MIR. Speaker and gentlemen ! glory in
| the past, and vencratc the noble men by whom
| our laws were made and administered. For
| long years before the war Z per cent per
annum was the legal rate of interest in this
State, and the people were satisfied with
the law. During that long period the people
were rich, but now they arc poor and unable
to pay so high a rate ofintcrcst as 10 per cent
| per annum
The present rate of interest has deprecia-
ted the value of lands. Lands arc now be-
jaS sassissA aaa4s y9IA NJ SsSR
| their real value.
While money can be loaned at 10 per cent,
| per annum, lands will not bring their value.
Men will lend their money at 10 per cent,
| take mortgages of lands to secure the
| payment, indulge for a short time, then
forcclosc their mortgages, sell the lands and
| buy them ut their own prices.
| Why should Impoverished South Carolina
have such high rate of interest? How
does her legal rate of interest compare
with the legal rate Of interest in other States
Of the Union? Have examined the legal
interest in - States. In 1G States, to
wit; in Arkansas, Connecticut, Delaware,
| Illinois. Indiana, Iowa, Kentucky, Mary
n,
North Carolina, Ohio, Pennsylvania, Ten
| ncsscc and Virginia per cent is the legal
rate of interest; in Louisiana per cent per
| annum is the legal rate Of interest, and in
California, Georgia and Kansas per cent
| per annum is the legal rate of interest. And
the only State in the Union allowing 10 per
cent per annum is poor old impoverished
| South Carolina? "Why is this thus ~ Cali
| Eornia IL rlcm. ~"s,,y rioh, onI yet tho ra,v
ofintcrest is only ! per cent Georgia, grand
old Georgia, is rich. yet her rate Of interest
is only per cent. Kentucky, Arkansas,
Mississippi Maryland, Tennessee, Virginia,
North Carolina and Missouri are rich and
Yet their rate of interest is only i per CEN
| per aunum.
Mr.. Speaker the purcst motives have in
| duccl Us TO make this our fourth effort to
rccstablish per cent per annum as the legal
rate of interest.
1t has not been done that we might thus
appear before you. We have no ambition in
that direction; but an abiding conviction that
the State would be greatly benefited by the
| establishment Of said rate of interest alone
| induced us to make these humble efforts in
| this matter.
| Gray hairs remind us that our participa-
| ton in The scenes of this House will soon
| terminate, therefore we are the more anx-
| iouS TO do all We can TO promote the prosper
| lty ana happiness OF the state. Age brings
on many intirmities-aifccs the sight, the
hearing and locomoion, but it leaves un-
| touched the affections of the heart. Our
affections for grand old mother. South
4 CAROLINA, arc as strong TO day as ever in the
| past For her we have shed our blood, for
| her we have sublimcly suffered, clinging to
| her like child to its mother, amid all her
| humiliation and atflcton prcfering poverty
| and humhlcncsS tc position and wealth pur-
| chased AZ the sacrifice Of her honor.
| Gentlemen of this House; pause, reflect,
| cast your eyes over this impoverished but
| grand Old state, see hundreds of her people
: struggling for the common ncccssaries of
| life, remove every obstacle from their path
pass this Bill land thereby Tighten the burdens
| of the struggling poor.
! Gentlemen pardon III old soldiers anxiety
! for the welfare Of his dear old STATE When
the brave Gen. Maxcy Gregg was dying on
| the field Of battle, he said, tell Governor
| riciCns willingly die for South Carolina.'
How many Of our brothers kindred and
coumtrymcn like the heroic Gregg, willingly
| died for South Carolina: let us to day as
wiiIiMgiy work for South Carolina as our
heroic dead died for her Dear old South
Carolina Ncnvratcd Mother! Rcprcscn-
tatiycS sch Ter. sure her.
| = -
\ GIGANTIC FR.up.-Wall street inanciers
claim TO have discovered that band Of