Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1859-02-24

money, may stipulate therein for interest
receivable upon the amount of such bond
bill, note, or other instrument, at any rate
not exceeding eight per cent. yearly. Pro
vided, however, tina. no incorporated bank
ing institutions of this State shall be cnti-
tied to receive more than the rate of interest
specified in its charter; or if no rate be
specified, more than six per cent, yearly,
upon any loan or discount whatsoever.
On which motion the yeas and nays were
demanded-yeas Ia. nays l9. So said amend
ment did not prevails
The question being on the passage of the
bill, Mr.. Slade spoke at length IN opposi-
tion to the bill.
Mr.. Winans fully concurred in the scope
and finish of the remarks of the Senator
from Cuyahoga, but could not agree with
his conclusion. The ten per cent law was
in the way of free trade--it was a step in
the way of free trade, in the difference of
six to ten per cent-ihat it was free trade
law with the free trade LETT out. He would
vote to repeal the ten per cent. law, that q
future Legislature would throw the field
open.
Mr.. Langdon asked for call of the Sen.
ate, when 81 Senators responded to their
names. Further proceedings under the coll
were dispensed with.
Mr. Slade said that the remarks of his
friend from Greene forcibly exemplified that
extremes sometimes meet on common
ground. That Senator would vote to repeal
the ten per cent. law, to hasten the blessed
day of free trade, while another Senator
would, when free trade should be inaupura.
ted. vote that there should be no punish.
ment for burglary,
The question then being on ordering said
bill! to be read the third time, the same was
agreed to; and having been read, said bill
was passed-yeas 20, nays IA.
Mr.. Slade moved to strike out the title
and insert "a bill to increase the rate Of
interest, TO oppress the borrowers of money
at ten per cent?" which was not sgreed to
In order to make the six per cent, lmi
tation more efectual, and apply its prov
soRs to other property :than money. Mr.
f, Leete introduced into the House a Usur,
bill which has been twice read and refer ed
1t provides that the maximum rate of in
+, terest on money or property shall be ri,
per cenium and no more. with forfeiture o
:, all interest for its violation. And if an ac
lion is brought on such contract or agree
ment, the owner thereof shall have judg
ment for what nay be due, wthost interes
or cost. 1t provides secondly, that all in
: teres, above six per cen. taken, reserved o
received may be recovered back any tim,
within six years by the person so paying, o
by HIS legal representative, assignee o
creditor. and that all usurious contract
shall be void as against the sureties in sucl
contracts, and that every deed of trust
mortgage. or other security upon real O
personal property given to secure the pay
ment, or fulfilment of such contracts, she
be void as to both principle and interest -
Whether this bill will pass in Anything lik,
its present shape is bard to tell. The sam,
influence brought to b.ar on this. that wa
brought to bear Oh the repeal of the ten pc
cent clause, ,wonld carry this measure through
The State of Ohio has already acquired
reputation abroad for having about the wors
collection laws OF any State in the Union
and Tor this reputation her people are pay
lRg very considerable tsx. Indirectly t
be sure. but as certainly as the consume
pays any portion Of the duty imposed OIL
goods imported. Mr.. Leete is one of th
many members Of the present General As
sembly who advocate a universal increas
OF salaries, both of State officers and county
; and very liberal appropriation of the pub
Ic money for most all purposes wheih
real or imaginary.
NJ thing officially yet hard from the Com
mission appointed TO investigate the Treas
ury defa cation.