Burlington hawk-eye. [volume] (Burlington, Iowa) 1845-185?, 1851-01-09

| SotHrfsy, J4n-A
The substitute Of Mr. Harper was brought up fR
| consideration. and rejected-Ayes 10, Nays H.
Thereupon Mr. Folsom offered the faGIo-is
amendments. Sec. .. Second line, striking ss
.sbecoming,' and striking ont the whole elasss
CONNIE nc ing Second On Judgments &c; IND d.
so as to Sec. 4--striking out the whole and insert
ing the following, which he accepted from Mr Ne
gus: THAT in shall more than ten peseest
be taken as INTEREST,"
Mr. Folsom argued that the section or eianss len
the interest unlimited, unless il Is specified. h.
Sides the usage Of the supreme Court being 10 I'D
five per ceat, raised the usual rates to erven per
cent.
Mr. Negus opposed striking out The first clause
under Sec. .. ..On judgments Se- because, nea
at law would take advantage Of the rate NJ sIH ~.
cent. IN put or . suit and make money tyH.
Mr. Preston, Of Linn, strongly opposed lie Init
of ten per cent, unless the House wished 10 sane-
ton the principle Of high rates. He voaa vfsffF
to throw il all open, any other cgatfscis thsHn
sanction ten per cent, speaking .s As as4 80 a.
own constituents.
Mr. Ham advocated the removal ef al restfx.
tions as in the case of any other commodity. Ne
iIlust ate the price Of money in the market - %
rates of provisions or other matters Of sale I'D
purchase. He SPOKE of some money lenders,
not saylecks, hut as well disposed gentlemen.
Mr. Gildsa said that his mode Of reasoning ~s
the way to make I'll men Shy locks. As The Ia~ scs
is, many men. by deeds nftrust and otherwise, ass
twenty thirty per cent.
Mir Flint thought the limitation of ten rer cent,
and the reasoning upon the amendment all fIrts-
as il the house desired To fix NJ something, In w.
OF throwing the money rates OPEN anil ~ unwS+
ling to come ont plain before the people. HT ti+
greed with the reasoning that made rinnsT cc@-
modify like other thin 8. If So, why not make M
thing else than money a lawful tender? Here 10
broad distinction. Besides. said he, knew sone-
thing Of falling into the hands # capitalists nd
when most in need have been most npprsssedT
them. will not say that all capitalists are orpsss-
sors, hu. ''shonest ones are 100 often 50, sad ~
wish to keep them out. am in favor efs arissesf
law; hut, canact have that here, so - % ps1-
ish the offender and protect the innocent, Isna
favor Of the limitation to ten per cent.
Mr. rarvin said th,t the gcntiemsn tMr fitntls
insinua,cd that we were throwing cinak osefR
matter. so al to evaie the matter with nnr coas~
tu"n's. He would throw of all appearance o.
cloak. anil say here anil before his consff'uea"'
that he believed that money should be fss-@
should so argue and 50 practice, when ncnsJ ~
he lent; though he is opposed to his frends s~ssa
ment, since the limitation kept honea MsH osf' =
let rogues in. He instanrcd poor man so''s~
one of the Shylncks to borrow sico.when 10 -
or offered SIXTY dollars. rnf cor rorfh fen sea'
for a note Of $500. II was better to throw -
o?en to competition.
Mr. Wilson, OF Henry, could not eonseientsea9
GO for ten per cent; but preferred eight per"
and moved reference to a committee OF nse,sn
Mr. Flint as chairman.
Mr. Harbour opposed the reference, ss hem
ready to vote.
Mr. Goodenow was in favor OF reference, fns''
any law is passed, it may be thorough one'as1
der the old law exortitsnt interest has been 'a14r
as the gentleman from Delaware, AYERS. TheD
ton Of reference was lost.
Mr. Folsom moved reconsideration nj 'p''
of the house on the subject Not I'm oraef'
MIR Bsbhi,t moved the previous question:
Mr. Negus offered fifth section, limiting
est to ten per cent. -.
Mr. Preston, Of Louisa, offered smother sues1
for Mr. Negus' 5th section, with clauses 70 -.
subterfuces or evssions, and inhctlns p<a..
for violation of the statute, from 500 70 -.
A call Of the house was here made. 'as
finding three absentees only, the call "sS
ded. ia
Mr. Preston, of Linn, said without pensf j.
law would be a dead letter. II would DC VIZ"
the people to restrict without inGietins sos" :.
atty for its violation. He argued Inc
length. .,a u
Mr. Folsom. What does the genhemA" n
this bstitute, it being no substitute -
tired Of this foolish discussion. haoe'
fy any rate Of interest. ,..nadr
Mr. Preston explained that 1t was in'e'
low the ten per cent section. ,.~,a
Mr. Folsom continued, going over w rr
other speakers, alIuding to the su's" ...,,oa
Harper, and argued for the ten per eeA'
of Mr. Negus.
Mr. Preston here withdrew his suos1'''' ,,;,;os-
Mr. Folsom. 1t appears to me tha' 'n'' =. rsf
al section gives all the protection law '' -, q
example, the rate of interest may DC -,.re,s
twenty per cent, this section viii! limit 'H'
to ten per cent in all cases. .,aer,-
The 5th section was then added oy
BILE majority. A.
After some unimportant business tns xra
| journed over TO Msodsy.