Year: 1877

The newspaper correspondents footed
up tho discussion on the first day as q
dog fall. On the next day Col. Nc
Master took up the argument against
Z the law, and in the language of the
Charleston daiies made some strong
points, specimen of which we give
below, and from which all fair mind
cd readers may judge how feeble
must be the hands of those who ups
hold the present oppressive interest:
Col. McMaster wound mp his
speech with general retrospect of
the argument, bringinging in one
striking illustration of the value of
free money. 1t was that on one oc~
casion in Columbia, r. K. Scott lent
a man $4,000 for one day, and
charged him 81 900 for the loan, and
the borrower realized $4,000 by the
transaction. Ex-Mastor T. J. Wood


ward interrupted tho the speaker, to
ask if the borrower would not have
made more money if ho conld have
borrowed the 81 600 at 7 per cent
Col. McMaster at once made the
very obvious reply that he would not
have got the money at all.


Can any one believe the illustra-
tion was more than mere specula-
tion in which one man heeced anoth


err How far did it differ from gam
hing in fact and in it's efects2 Can
any one believe that the State was
enriched one cent by the profit made
by Scott or by the borrower, or that
anything of value was created2 Is it
policy or wisdom TO foster or encoure
age such a spirit speculation as the
ono men'ioned2 ii VIC had been a
good kee)y player and had borrowed
$lO,00O at high rate and in one
night had made $4,000 Lhe illustra-
ton would bo complete and the val
nc of the fruits to the State as great,
doubtless, as in the speculation alud-
ed to. individuals may by fortunate
strokes rise from poverty to sudden
wealth, but tho instances are rare
and are to be doplored rather than
encouraged; for they are delusive
bats to ontice the native energy and
thrift of very many from Legitimate
industries into tho path of speculation
and ruin. Besides, wealth thus &C
quired is only the transfer of proper


ty from one unfortunate to a moro
fortunate person, leaving no INDUS
try developed, no wealth created and
no benefit resulting to the communi.
ty on State. General wealth, result
!ng from the internal development
and utilization of the native resources
OF State, the improvement of her
Systems Of agriculture and the econ,
omizlng of time and labor, is q slow
growth, feeding on what it creates
and constantly enlarging and extend


ing it's benefits. When it exists in o
State yon will find no such specula-
tions as tho one mentioned; for the
spirit and enterprise of the country,
with its capital, are engaged in the
walks of productive industry. A
State should discourage and drive
away the wild spirit of speculation,
which the barter and sale of money
creates. The profit of one in such
case is the loss of another, and there
is general unrest in all industries
and pursuits. We want the slow
measured tread of honest industry
encouraged, and it is this alone which
can revive our State. Speculation,
unrest, activity of exchange may
leave to our cities a glamour which
attracts, bnt in timo their business


under q fixed value of money and
the prosperity it would engender,
would become more profitable and
far more satisfactory. Instances,
ench as that adduced, prove nothing
for the present law, while their occs-
| siOnaI existence prove much Il uoinst