The Jeffersonian Democrat. [volume] (Chardon, Ohio) 1854-1865, 1859-02-04
Repeal of tho Ten Per Cent, Law.

poudenco, the Ohio House OF Represonia-
tives has passed bill repeating the ten per
cont. interest law, and leaving the legal ratio
of interest precisely as il was before that law
was enacted. All tho Reserve meiubers vo;
ted for repeal, except Mr.. Moutoe, of Lorain,
who proiossod to bo governed, in his action,
10y the wishes of his constituents The yeas
and nays ON the passage of tho bill, were as
iolrws:
YLNs--Messrs. Allen of Ashtabuls, Allen
Ut Jefferson. Andrews, Bagloy, Bell. BIguuy,
Blackburn, Blair, Cheney of Chanpalgu,
Chaney ot Franklin. Cox of Knox Dawes,
Day, Demiug, DUbneyer. Edmlston, Fine
ir"ck, Frazce, French. Furnaid, Gardner,
Gibson. G,asgo. Haymaker Hitchcock. Hitch,
Howe. Hubbcll. Hughes ut Butler, Hughes
ot Highland. Jackson, Jcuucr. Kerr, Laugh
TN. Lecio, Marshall. MuIsu, Mott. Nc
Crcady, Nielsen, McFcIrcu. Odrll. Paluu,
Parsons. Parr, Peck. Plants .Ralston, ,Rankin.
Ray nt Scioto. ltcrs. Roach. Rose, Satiin,
sangstcr, summons. Slusscr. Spcrry. Town.
send. Watson, West ot Logan, Williams Oi
Warren. wilson, Wrghi--G4
NAYs-Mcssrs. Amber, Bailey, Bates
Broomc, Brooke. Carlisle, Chase, Collins
iIheNlts NdlCl. 3ldIflSOtl ,JbUtS, NlbU
rOe, Moore, PIkulhmer. Putnam. Raymond
Robson OF Himllton, Rodgers OF CLARK
Rugcrs of Hamilton. Sency, Stephens
stout. Thompsvn. Van Norncs Welsh, Wes
oi Brown, Wus,cutt, Winner, Spcakur-32
While tho bin was uuuur discussion, Oul
Representative made some very excellent
iumurks, u Grlei synopsis Ui which We copy
from the St0te Journal We believe hi,
action to 6e ~ Accordance with the wshU,
vi u largo majority OF his constituents
MI. lluchcuck SAID that the iCct prin
epic was, IrcU.trade IN mGIIUN, or such d
uniform IDte of interest as experience SHOVE
the ordinary legitimate purposes OF business
viii Afford. Tho strongest advocates ut ire,
trade support the present law, thus acknowl
cdging tue punclplo Ut ixlng some iImt.-
Al admit, aud experience SHOWS that tcl
per cent. Is too hlgn.
Tue Argument that traffic should be al
lowed Ia money us III any other prUuuc: .
labor, is not tue Muney bong tho crca
luru OF government, made by II mo staudart
Of value, aud tho only legal tender Tor I'll,
payment OF dcbls. II IS Outh tho right ant
tho duty Of that government to Xix the rat,
Ut interest, that tnu standard of value may
I TO uniform. Ii traffic ~ mUnuy should Dt
tho sanIJ as III other things, tho IIgnt It
make or prUduc II should 10 the same -
No more no Iess all snOulJ DO upon tie
. same !uutluG.
| lie showed that the tendency of high rates
| ui interest Was 10 nnuvr tho doyolup upIitunt ul
tho wealth aud resources OF tho STATE, bN
Instancug It's eject upon agriculture. Tim
interest Is ro g,cat prcd"minatIng mteres
Ut tho SiatC. While the riches OF tho eUl
are best developed, whore II s III The hand
of the many, thu tendency Uf high rates !
10 biIng tiU sOii INTO tho hands Vt tho lew
Tho state Juuindt says:
We arc giau 10 hniIuuuCU. and u vast ma
JurIty Ut our rcaicrs wlll TO delighted l.
; Iedrn, that tho bull Tor the repeal Ot tho to
per cent. law passed tho House OF Repre-
surtatvos yesterday, by u twO.thlrds vote
Oh I" 52. Al present, tho indications ar
. decidedly III favor OF IIs passage III tho Scr
I ate Inc effect Ui Ito repeal will bu to ieay
. tho legal rate "i interest as II was before tll
, passage Ol tho ten per cont law-sx pc
cent. Tins rate can bu recovered 10y SUIT d
Ia" but AL trc'SS Ot interest Is at tho ris
oi tno lender. There are 10 penalties Z
u forfeiture tor usury. Parties may cOnIrat
at any rate they choose; but where mur
Than SIX per cont, is agreed To be paid, th
la" VIII cntnrcu hu collection ot prlucipi
and interest at that rate, but no more.
, We believe this viii bo satisfactory to tn
1 great ma jurIty ut tho business mon ct Obi
-icnheis as we'll as borrowers. In passin
- tho bhl. the House has douu Il work, whici
u ike charity, Will cover u multitude of SIN
" We rJOIcu that II has not bcun "a partlzi
s work. although Il majnrty OF thu RepuUl
:. eau members gave IL thcIr support. lt
ono al tho measures that arc demanded
I tho urgent necessities aud almost unanmu,
: voic" OF tho toliors, tho urlIZaus, tho maul
q tdctures, the producers ui tho State Lab,
"a demands THIS, That tno State shd, not,
ITS laws, SGT up SO high standard Of interc
- ds ton pUr cont Such law is virtual il
u terVentlUn 10y tho State against labor al
u skIll and enterprise and business ouUrgy,
favor OF capital,
Ii tho Senate confirms tho action of It
House, We may Gro iuug, look tor u Toviv
' "i business III every department. of indu
!, trlai enterprise.
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