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


money may be loaned. And it should be
remembered that money is about the only
thing with which its pcsessor can oppress
and impose upon the needy, And un-
restrained by law, the lender can force from
the necessitous n ru;nous interest. 1t is
therefore the duty of the Government to lin
it 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
high rate of interest, but our State is large
ly 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 Legis-
lature, in its mistaken judgment, repealed
the usury law; the 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. II ruined many and benefited
none. Farmers borrowed money at 18 and
70 per cent per annum, and mortgagcd their
lands to secure the payment. In few years
the mortgages were forclosed and the lands
sold, leaving the former owners homeless.
MIR. Speaker and gentlemen glory in
the past, and venerate the noble men by whom
our laws were made and administered. For
long years before the war 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 are poor and unable
to pay so high rate ofinterest as 10 per cent
per annum.
The present rate of interest has deprecia-
ted the value of lands. Lands are now be-
ing saali6Ssa lands sa}a n sVaiqQe 5sll6S Sel6SS1
their real value. -. sss'ss -
While money can be loaned ut 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 short time, then
fOreclose their mortgages, sell the lands and
buy them at 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 Sts.,s
of the Union? Have examined the legal
interest in % States. In 16 States, to
wit; in Arkansas, Connecticut, Delaware,
Illinois, Indiana, Iswa, Kentucky, Mary
North Carolina, Ohio, Pennsylvania, Ten
ncssee and Virginia per cent is the legal
ratsnf interest; in Louisiana per cent per
anndUFis 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
fornia is rich, vastly rich, and yet tho rate
ofintoresst 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 arc rich, and
yet their rate of interest is only 6 per CEN
per annum.
Mr.. Speaker; the purest motives have in
duced us to make this our fourth effort to
reestablish 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
ity and happiness of the State. Age brings
on many infrmities--affects tho sight, the
hearing and locomotion, but it leaves un-
touched the affections Of the heart. Our
affections for our grand old mother. South,
s. Ss. q ssssRg SRys Z SsE & sSss Iss& e. the the
her we have sublimely suffered, clinging TO
her like child to its mother, amid all her
humiliation and affiiction prefering poverty
and humbleness tc position and wealth pur-
chased ut the sacrifice of her honor.
Gentlemen of this House; pause, reflect,
cast your eyes over this impoverished but
grand old State sec hundreds of her people
struggling for the common necessaries of
life, remove every obstacle from their path
pass this Bill and thereby tighten the burdens
of the struggling poor.
Gentlemen ; pardon an old soldier s anxiety
for the welfare of his dear old State. When
the brave Gen. Maxcy Gregg was dying on
the field of battle, lie said, "tell Governor
Pickens willingly die for South Carolina"
How many of our brothers kindred and
countrymen like the heroic Gregg, willingly
died for South Carolina; let us to day rs
,sHHngly work for South Carolina as our
heroic dead died for her Dear old South
Carolina Venerated Mother! Represen-
tatiyes seek her, save her.