The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-03-07

Section l. The rate of interest upon the loan or for
bearance Of any money, goods things in action shall
continue to be dollars upon hundred dollars
for one year. and after that rate for greater less
sum- or for longer shorter time and it shall no. be
lawful :or any person corporation directly indi-
rectly take receive in any manner any sum
or value for the loan Of money goods
or things in action, than Is above prescribed.
Sec z No promiasory note, bill Of exchange, or other
ing, agreement to pay allow than the rate
Of interest named in the first section of this act but
and proofs that greater rate OF interest has been d
recty or indirectly reserved taken received by
account Of the bill bond, note other subject matter
the suit the plaintiff may the principal and
Interest at the rate named in the last section OF this
and and the defendant shall his full
costs against the plaintiff.
Sec g. Every person corporation taking receiving
directly or indirectly any greater rate Of interest than
to action for the Of interest thus taken, by
in behalf Of any person or party paying the same and
the prevailing party In such action shall be entitled to
covery.
Sec 4. So much title third chapter fourth and part
second Of the Revised Statutes and much of the laws
of 1887 chapter $780, inconsistent with the pro-
visions of this act, are hereby repealed.
Sec s. This act shall take effect Immediately.
The Wisconsin Banking Law was passed by
popular VOTE and is therefore not liable to le9is
lative tinkeing. In lieu of State stocks, first
mortgage bonds issued by Wisconsin companies
may be taken to the amount Of fifty per cent Of the
circulating notes. These bonds are receivable at
not over eighty per cent, and not exceeding one
half of the cost Of the road upon which they are
lien; United States and State stocks (ncluding
California; receivable at par, being equal to six per
cent per annum interest-the rate being sustained
by the market price in New York city six months
previous.
There are at present one hundred and fifty men
employed on the Saul st. Marie canal. There about
$500 yards more Of rock excavation to do, some
5000 yards being already completed, which ia
claimed as extra work. There remains about 5, 900
yards of dredging, including two Golfer dams, to
complete. The contractors have taken of the slope
on the outside OF the canal for several hundred feet
at the head Of the portage, thus affording much
easier access to vessels. It is expected that the
whole work will be in order for the passage of
GELS by the opening Of navigation.
The Railroad Record says that the Supreme
Court Of Tennessee has decided the bond cases in
favor of the railroad companies About year
sirce the county Of Davidson Tin which is NASH
vile, subscribed literally to various railway COM
panies as did several other counties. In the mean
time, the County Commissioners Of some of these
counties raised the question Of legakv, which had
to be submitted to the Supreme Court.
The Supreme Court has decided the Davidson and
ner ooun Bono cases IN favor OF tne fAhroau conpa.
dollars, being the subscription of the county to the
Nashville and Northwestern kailroed, OF $500 000 Lou
isve and Nashville Railroad of $500 600; Edgeeld and
Kentucky Railroad, 100000; Tennessee and Alabama,
5000 600 The Sumner county is subscription OF
$500 COO TO the Louisville and Nashville Railroad. This
decision will presume secure the success OF the
Northw and the Louisville roads The credit of
Tennessee very high and the State gives 600 per
mile. The Northwestern Railroad will commence with
81 500, 600 as a solid foundation.
The anne xed statement exhibits the condition Of
the leading departments of the banks Of New Or