Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1851-10-28

lest, the Borrower, his executors or
his creditors may recover the same,
within SIX years. There was much
Iclamor current among the people,
and in courts against usury, and the
Legislature ought, he said, to take
some action ON the subject. The bill
would be most effective blow at usrr-
Iry. How? We all know, said MIR. H.,
that the present rate of interest is so
low that capitalists would not loan
money at it, and that the present
law, having no terrors for the usurer,
were constantly violated with impu-
nifty. Fix the rate of conventional
Interest at S or 9 per cent. under the
guards and restraints of his bill, and
Their would.be no more violations Of
the law.
Men would not1oan money unlaw--
fully under the penalty of forfeiting
both principal and interest. The
bill, continued Mr.: H., is for the relief
Of the borrowers, and not for the len
ders Under the present laws, cap
italists, who would not violate them,
either lock up their money, or send
it to other States, for the benefit OF
other communities and to the detri-
ment Of those wishing to borrow in
our State. In another aspect, hesaid,
the law would have good effect
There are men who have no money,
but any amount of good notes, which,
If brought into market, they are COM
PEELED to sacrifice at the rate Of 20
per cent. In such cases, his bill in
force money could be obtained upon
these notes being pledged as security,
and the difference between 9 and25
per cent. saved.
Mr.. Ell. added that he had not con-
suited any one about the bill, and
: did not know thefeelings ofmembers,
he knew, however, that such a law
was needed and he hoped the matter
would be considered maturely.
The bill was then passed on second
reading, and referred to the Judiciary
. Committee.
Senate.
!, WEDNESDAY, Oct. %.
! Mr.. McCammon introduced bill
for the relief of soldiers in the Mex
lean war.
| Mr. Pavatt, bill to provide for a
complete history Of the State. Both
bills passed second reading.
! On motion of Mr.. Davis of Mar
shall, the bill to regulate the eman-
Icipation of slaves was taken up, and
after remarks at some length by Mr.
D., in favor of the bill, followed by
Messrs. Payatt, Deaderickand Stark,
in opposition to the bill it was laid
on the table, on motion of Mr.. Davis
of Marshall.
1 On motion of Gen. Whitfield, the
bill to grant further time to perfect
1 titles to land in this State was taken
up and the bill passed its third read
Iing-and ordered TO be transmitted
to the House.
+ House of Representatives,
/ Mr.. Senter introduced a bill for
the relief of the soldiers in the Mex
lean war, exempting them from work.
ing on public roads. Passed first
heading.
He also laid before the House a
memorial from citizens Of Anderson
county in regard to an increase Of
the fees of magistrates and consta-
bles, which was referred to the COM
mittee on Ways and Means.
Mr.. Murphy, q bill to prevent ma
licious and frivolous prosecutions
I Passed first reading.
THURSDAY, Oct. %.
Nothing done in the Senate.
House Of Representatives.
Mr. Farquharson offered a resolu-
ton providing for the erection Of a
monument on Capito. Hill, to the
memory Of the Tennessee soldiers who
fell in the war Of 1912, and the Mex
lea n war.
Mr.. Farquharson also offered res
olu ton appointing a joint committee
to examine into and report upon the
ma ageEent of the State Bank since
the adjournment Of the Taste Legisla-,l
ture.
Mr.. Richardson offered the follow
ing resolutions:
WI ereas, there are many absurdities,
foreign barbarisms, and useless
t chnicalities in the practice and
lleadings Of our courts, which
d ght to be corrected: therefore,
ResolUedby the General assembly
Of He Slate Of Tennessee, That the