Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1858-03-12
Delaware, March IL, 1868.
ONO LEeIs1AruRE.-This body is begin

ming to make some progress in disposing of
business-and as they are nearing the end
of the third month of the session, it is high
that some evidences of progress should be
discernible. From cur city exchanges aud
Columbus correspondence we collect a few
items of general interests
There are no less than five Sub-Treasury
bills pending, all claiming Democratic pa
members from Hamilton county.
The House has passed a bill amendatory
of the Homestead Exemption law. 1t ex-
empts $500 of personal property from execu-
ton when there is no real estate. Also a
bill TO authorize an examination into the af-
fairs OF broken b~anks--chiefiy for the pur-
pose of investigating the affairs of the Ohio
Life and Trust Company. Also a bill ma
king partial appropriations for the repair of
the Public Works in 1858. Also a bill re-
pealing the act providing for the registration
of births and marriages. Also 4 bill supple
mentary to the act to encourage the organi-
cation of fire companies, giving to those who
shall hereafter become members OF such
companies. ali the rights. privileges and i'm
munities belonging to present members.--
Also a bill relating to dover, which gives tine
widow of decedent right of dover in all lands
and tenements held at the time OF d~ecease.
The Jury Fee bill was amended, in the
Senate, so as TO fix the compensation of reg
ular Jurors at S1-5o per day, and passed.
MIR. Phelps has introduced a bill in the
Senate to provide for the appointment of
Commissioners to examine into the condition
of the Treasury, the causes of the late de-
falcation, the transactions between the State
for other purposes.
The House bill amending the act in rela-
ton to Notaries Public, allowing only one
for every one thousand inhabitants, has pas-
sed The Senate. The Senate has also passed
House bill to amen an act regulating the
admission TO practice Of Attorneys and Coun-
sellers at Law.
In the Senate Mr.. Hatch has introduced
n bill to increase the salaries OF State O fl
GERS. 1t proposes making the salary of the
Governor $4,000; Judges of Supreme Court
5000; Common Pleas Judges 2,5oo; Trea-
surer and Auditor of State 5000: Secretary
of State y 800; Lieut.. Governor eight dol.
lars per day while the Legislature is in ses,
sion, &c.
The correspondent of the Cincinnati Com
mercial, writing under date of 9TH inst. says;
The bill introduced by Dir. Allen. of Ash
tabula, 10 repeal the law allowing the taking
of ten per ce"f. interest, has been occupy
ing the atieDtior Of the House to-day. Mr..
Hubheli, of Delaware, opened the discus
sion in a very good speech in favor OF the
bill. / give briefly the points made by him
in support of the uneasure:
/. The right to coin money and regulate
the value thereof is u high legislative prero.
gative, exercised in every nation in tho civil
lized world.
?. Money is the creature OF Government
created by aud under the coutrol or legtsla
ton.
3. Merchandise is the production of pFi-
vate enterprise.
j. Money being the creature of Govern,
ment and under the control OF Legislation
1t is The duty Of Government to prescribe
the premium that it shall be lawful to take
for the use of money.
5. Usury laws have been the ruic. ant
free trade in money the exception. in the
whole history of the world.
6. The ten percent. law was a cotnpro-
mise between q proper rate of interest ant
free trade in money lis a -ruinous rate of in.
terest, and is n law for the benefit of thu
few and detrimental to the interest of thu
many, WHO are property-holders and no
money-loaners. This repeal is demanded a
like by the interest OF the public and by pub
lie sentiment.
He was answered by Mr. Raymond in q
short but pointed speech. Mr. Bailey, 0
Washington, next spoke in favor of the bill
after which a vote was taken on ordering thu
bill TO be engrossed for a third reading
which carried: apes AZ, nays 80. With
full House the bill will pass with u fair INA
jority-
a bill to suspend the School Library TIA,
was laid upon the table, in the House, to
day this by the friends of education is con
sidered a triumph
The correspondent of the Cincinnati Ga
zette, writing the sans day, snys:
Mr.. HubbeH was ashamed to say that hi
had voted for the Ten Per Cent. Law at thu
I!ttiC VI L puSSdSC. IL wac pISSGQ ny tls
exertions of lobbyists in the pay of Thirt
street Cincinnati brokers. When the Law
was passed, the State was enjoying a degree
of unusual prosperity. All that speculator
had to do was to invest money borrowed q
any rate in real estate, and they sold agar
for double their money. Now all was diff
ferent. The price ofrcal estate was every
where falling or stationary. The price o
real estate depended on the legal rate of in
terest--it was low when interest was high
and the contrary.
He commended that it encouraged idlenes
and discouraged industry; fosteTed capital a
the expense of labor, the brokers at the ex
pense of the Banks of the State. Mr.. H.
although no. in favor Of banks, would rathe
favor them than the brokers of other States
He denied that high interest enriched the
State by bringing capital into it. Capita
came in On such terms as to impoverish tn,
State.
The Utopian theory of free trade in Mo
ney, had always been opposed by soun'
statesmen. The system had been tried ant
rejected in England. The first usury law o
that country had fixed the legal rate of in
terest at II per cent. BY successive enact
ments, it was reduced to 10, to 8, and final
iy TO 5 per cent, at which i. had now stoo,
for an hundred and fifty years. Recently
free trade in money had been tried by Indi
ana and Wisconsin, with disastrous results
Six per cent is now the legal rate of inter
est in those States.
o.. T---- " ----