Saint Paul weekly Minnesotian., 1858-06-26

money. To be engrosSed. @@sHE
To authorise the appointment of an Assis
tant Secretary of State. Amended so al
to make the salary 5000 per year, and order
cd engrossed.
On motion adjourned. ,e-.s,,~
WEDNESDAY, JUNE 0s 1868.
SENATE.-The Senate was called to or
der at nine o'clock, by MIR. COWAN, Chair
man pro tenn, and opened with prayer by the
Chaplain. ~ Ae'
) The roll was called aud Journal read.
HOUSE BILLS READ FIRST TINE.
III. F. No. 263, an act to prevent disturb
ance of religious meetings. s
Fl. F. No. 287, an act authorising School
District No. 5, to raise money for certain
purposes, es-ls
ri. F. No. 297, bill for an act for the pro
lection of laborers on Railroads and other
public works.
II. F. No. 295, an act extending the time
for taking assessments in the State.
3r' SECOND READING.
House Bills, No. 27S, 900; and Senate files
204, an act Incorporating the City OF Anoka
ter of the City of Shakopee, were read Sc
cond time by titles.
BILLS READ A THIRD TINE AND PASSED.
A bill for an act to provide for locating
county seats of counties in this State.
REFERRED
A bill for an act to amend Sec. -, Chap
II, of Revised Statutes, was put on final pas
sage, but referred to Select Committee.
Also, an act for the protection OF trout
was referred to Select Committee. -
COMMITTEE OF WHOLE.
On motion, the Senate then went into
Committee of Whole.
Mir. R1DPATH in the Chair, 81
10 take up the Bank Bill.
The bill was taken up at the Section at
which it was under debate when the Com
mitteee arose yesterday, and the following
sections considered and amended.
The 33d section, regulating the rate of in
terest to be charged by banks, being under
consideration, an amendment was moved to
strike out all relating to the rate Of interest
Mr.. SOMERS opposed it 10 lengthy
speech. He wished to see the rate of inter
est fixed by the bill, so that banking cOmpa-
nies should not unite with land sharks, brok-
ers and Shylocks in fleeing the people
Some said, tIls might prevent capital from
coming into the country, but at such usuri-
Gus rates as we had been compelled to pay
hitherto, such capital only made us poorer
We paid in a couple of years, interest equal
to the capital itself, and if then withdrawn, il
would make us so much poorer instead ol
richer. He wanted this bill to fix the rates
so that we might no longer be so imposed on
Mr.. SMITH was opposed TO limitation oI
the rates of interest. He believed that these
things regulated themselves, and our object
was to invite capital hither Afterwards
when we had created good currency here, a
Usury Law can then be passed, regulating
rates of interest IN banks, as well as with
other money lenders.
DIR, REINER favored the opinions of Mr.
SoMERs, and made some further remarks in
regard to usury, &c. st
Mr.. NORTON said he was in favor of a
Uusury Law, although it was constantly
urged that it would be useless, because they
are continually evaded. He thought that
they could be so framed, however, that they
would be effective, and could not be evaded
But this was extraneOus to the matter and
bill under consideration now, and as far as
the motion before the committee was con.
cerned, he thought it would be well TO strike
out all relating to interest in Sec SO, and
leave the matter open to bankers as we'll as
it is now to others, to be regulated as may
be otherwise seen necessary.
Mr.. STREETERs agreed with him as to
the striking out of the lines limiting the rate
of interest. He said he had seen the evils OF
a Usury Law, however, in Illinois, and be
wanted the field left open here for capitalists
to bring in money and loan for what they
could get for it. He thought, too, that these
matters regulated themselves.
Mr.. MURPHY said his experience-and
he had lived 20 years in the Sucker Stale
had taught him that so far from being curse
to Illinois, it bad saved it. Perhaps this was
owing to the difference in their localities -
He, Mr.. STR EsrER, had lived in that prodi-
gious village known as She-ka-gur while he
had come from the benighted God-forsaken
region called "Egypt!" He thought we
didn't need capital we were independent o
all money lenders. Every one should 60 to
work on a farm, and live honestly by hard
werk-thep they wouldn't have need of Dor
rowing money. He was going in for this
plan, and believed be could yet go on to a
claim and maui rails, and let the capital OF
the money lenders go.
Mr.. BEMAN, wanted to know how mann
rails the honorable gentleman had split in the
last i've years. It was very nice to talk
about it, but the gentleman had made his
money easier. He had made it out Of the
general Government. Perhaps he didn't want
to lend money, though be had plenty of it,
so he didn't care what rate of interest money
brought. The speaker declared that usury
laws were failure He related instances in
several States with which he was familiar
and declared that the demand must regulate
the supply, and the supply regulate the rates
OF interest Tt was opposed to all the laws
of nature--even tie laws Of God-to at.
tempt to regulate such things, Human Leg.
islation had nothing to du with them. The,
are matters not for us to control, and we die
not believe in the attempt to fix any rate:
in the bill
Mr.. MURPHY replied, but was interrupted
by message from the House, which the Sen
ate refused to receive.
Several other Senators spoke to the ques
ton, when it was carried.
The bill was proceeded with, and amended
in nearly every section, but at o'clock, as {
quorum was found not to be present
committee rose, and asked leaveto sit again
The Senate then adjourned.
HOUSE-The House met pursuant to ad
journment and was called to order by the
Speaker.
PETITIONS.
BY Mr.. STEVENS OF certain inhabit
ants Of Nicollet County praying to be set of
into the County OF Renville. Referred to The
delegations from Nicollet, Sibley and Ren
vile.
BILLS INTRODUCED.
BY Mr.. WILSON To change the count,