Cleveland morning leader. [volume] (Cleveland [Ohio]) 1854-1865, 1859-01-28
Yours, truly,
HOte on RepeaI Of ZEN Per Cent: Law.

The interest question occupied the attention
of the House on Wednesday. The bill OF MI
Collins to make the rate of interest subject to
contract in all cases, was, after debate, indefn'
itely postponed by yeas 81, nays %, The bill
to establish uniform rate of interest was then
taken from the table, the question being on
the amendments offered by Mr.. Collins to the
substitute offered by Mr.. West of Logan, liking
the rate of interest at per cent. The vote
stood yeas "a, nays 62. The Reserve members
voting yea were Messrs. Gardner of Cuyahoga,
Monroe of Lorain, Simmons of Huron, and
ellison of Mahoning The question being on
the amendment offered by Mr.. West of Logan,
the vote stood yeas 62, nays "a. The question
now came up on the passage of the bill to es-
tablish uniform rate of interest, and the vote
resulted yeas ga, nays 80, as follows:
YEAs-Messrs. Allen, of Ashtabula, Allen, of
Jefferson, Andrews, Bagley, Bell, Bigony, Black
burn. Blair. Cheney, of Champaign, Chaney, OF
Franklin, Cox, of Knox, Dawes, Day, Demlng,
Dobmeyer. Edmiston, Finefrock, Frazee, French,
Funald. Gardner, Gibson, Glasgo, Haynaker,
Hitchcock, Hitch, Howe Hubbell, Hughes, OF
Butler, Hughes, of Highland, Jackson, Jenner,
Kerr. LaughIin, Leete, Marshall, Morse, Mott,
McCreary, McEwen, McFerren, Odell, Paine,
Parsons. Parr, Peck, Plants, Ralston, Rankin,
Raw. of Scioto, Rees, Roach, Rose, Satin, Sangs-
ter, Simmons, Slusser, Sperry, Townsend, Wat
son, West, of Logan, Williams, of Warren, VIII
son, Wright-64-
NAYs-Messrs. Amber, Bailey, Bates, Broome,
Brooke, Carlisle, Chase, Collins. Edison, Catch,
Harrison, johnson, Jones, Monroe, Moore,
PikeIhimer Pittman, Raymond, Robinson, Of
| Hamilton, Rodgers, of Clark, Rogers, OF Haml-
ton, Seney, Stephens, Stout, Thompson, Van
yorhes, Welsh, West, of Brown, Westcott,
Winner, Speaker-32.
amended-"A bill to repeal the ten per cent
law. passed March IA, 1850" Agreedto.
We are pleased to record that all the Reserve
members were present, and that all voted fol
the bill, except Mr.. Monroe. The State Jour.
nal says:
of our readers will be deli GIFTED to learn, that
the bill for the repeal of the ten per cent. law
passed the House of Representatives yesterday,
| by two thirds yote-64 to 81. Atpresent, the
indications are decidedly in favor OF its passage
in the Senate The effect of this repeal viii be
to leave the legal rate of interest as 1t was before
the passage of the ten per cent. law-six per
cent. This rate can be recovered by suit at law;
but all erccss of interest is at the risk of the
lender There are no penalties or forfeiture for
usury. Parties may contract at any rate they
choose; but where more than six per cent. is
agreed to be paid, the law will enforce the col
lection of principal and interest at that rate, but
no more.
We believe this will be satisfactory to the
great majority of the business men of Ohio
lenders as well as borrowers. In passing the
bill, the House has done a work, which, like
charity, will cover multitude of sins. We re-
joice that it has not been psrtizan work, al
though majority of the Republican members
gave it their support. 1t is one of the measures
that are demanded by the urgent necessities and
almost unanimous voice of the toilers, the arti-
zans, the manufacturers, the producers of the
State LABOR demands this, that the State shall
not, by its laws, set up so high standard of in
terest as ten per cent. Such law is virtual in
teryention by the State against labor and skill,
and enterprise and business energy IN favor of
capital.
If the Senate confirms the action of the House,
we may ere long, look for a revival of business
in every department of industrial enterprise