Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1861-03-13

Mr. WINNER Offered. an ,amspd dnsn., pro-
viding tha! any rate Of Interest agreed np0n
Mr.. HERR,CK was IMPOSED to ltbe free trade
amendments of the gentleman from. Dstke, for
1t was contrary 70 the experience Of all civilsed
nations; for they had ever fOand it necessary
10 have some restriction, aomo Limitation reen-l
lating the rate Of interest Experience had
shown that the wel.being Of society, ia pr0s7
perity, and yrowth and happness, were affected
10 o very great degree by the law which fegu-
lated the connection between the borrower and
lender, or debtor and creditor.
He argued that Il vas the duty Of the Legis-
lature TO give projection to tho weak that the
debtor was ever the weaker party, therefore
they should have protection, and that govern
ment was recreant to Its high duty If IL failed
TO thus give it. He desired the House 70 ever
remember that Il vas the c,pitalists, the money
borro owers, the shavers, sharpers and shylocks OF
society, that were ever demanding free trade,
and that the great making, producing class OF
the State have never asked for any-snch
change, and II they had be would not give
IT, unless, they gave better reasons than
they have ever yet been able to give. Hear
gued that the State presented clear illustfa-.
ton of the principle of interest, BY the case OF
the canals. Estimating tnelr cost at fourteen
millionv of dollars, the State had to pay eight
hundred and forty thousand dollars year, and
10 twenty years would pay sixteen millions
eight hundred thousand dollars; at eight per
cent. she would have to pay one million one
hundred and twenty thousand dollars per an
mum ind in twenty years would pay twenty two
millions four hundred thousand dollars, But
this was not enough, and some wish ten per
cent Well, the State would pay one million
fn.s b,,11.ad ~ n M a lfhio
rate, and In twenty years would pay twenty.
eight millions. In reply to these figures be
was willing 20 let The tax payers answer. Eel
declared that bankruptcies always fellupon the
borrower, and that IL was almost an unheard OF
thing TO hear Of the lender ever becomiDg
bankrupt; therefore 1t was for the poor that he
demanded low rates of interests and that capi-
tai wss all powerful, great golden god, that
was ever asking and demanding privileges, and
rights, ard immunities, that il might rule the
world, making the rich richer, and ithe poor
poorer. 5a .-,l n. .r-l,i 's.15,9a % sisist
Mr., HILLS also opposed the bin. or any In i
crease of interest whatever. Six per cent. was,
enough In all conscience. 2 He went on 70 Illus
trate the principle Of Increased rates Of Inter-
est, and its effect upon the business Of the
country. ao9 .iai a1lia3 tE teliq-7 s'
Mr.. JONAS took up subject Of interest.
giving history Of the development of money
and interest among the Hebrews, showing that
they we're only forbidden 10 take usury of their
brethren. OF other nations they were at liberty
to take Interest; for they were .blest with The
ability TO lend. He traced the course of mon-
etary trade on down through the early ages of
Christendonn, when the rates Of interest under
went very great fluctuations, always more or
less affected by the supply and demand. Just
before the discovery Of America, the standard
rate was as high as 90 per cent. From this 1t
vent down as low as three per cent. From this
itrose again, till reached ten; while "on the
streetsn there 10 scarcely any limit. He con-
tended that the rate Of interest prescribed by
this bill, or any higher rate than six per cert I,
would draw to this State supply Of money
from the Eastern capitalists, 90 as to meet our
demand in legitimate way and divert the
course of our money trade from its present chan
nels among the brokers and street shayers. He
was not for the prosperity Of brokers He would
draw them from the field; and have such state
Of things as would enable the mechanic and
tradesman 70 obtain such capital as his business
demands. .,. -5;,,, ~ si-s,-or
Mr.. HILLS read, in illustration, an extract,
pictuIing the effect Of paying interest, conclud-
ing that o farmer had better make bis bed on
Caneds thistlts than pay iGterest. 81 h. h, "a
Mr. HUGHES favored the amendment OF Mr.
Winner. making the rate of intere est 20 be what.
ever is agreed upon. ''l1 70, sol
Pc M. VINCENT said heidi not Introduce th;s
hi with view to improve the business of the
money lenders. but for the benefit of those Who
want 90 borrow and 70 use money. The busi
neas of the country both demands and, ius,i6es
90 increased rate Of interest, Ibas the supply Of
cspItsl may be made to meet the demand
Mr. TANNEYHILL said be was in favor of
the bill and opposed 10 the amendment. He
Thought that eight per cent. was as high, as
ought TO be paid, or any body could afford to
pay. and oply land sharks would want more.
I Mr. DAVIS opposed the amendment. He
thought that as money was the standard OF
value, II is not subject to the same rules Of
trade as other properly, aud cam therefore be
governed By the same laws Of trade as the usual
forms Of wealth. s!li r en- :, -sss.l al 1,iil-..
3 Mr.. cox said we were often misled on this
subject IL Is not the borrower who is alwaJs
the sufferer In money transactions. Toborrow
is matter Of choice, as we'll as to leod He
though there was not demand with the peo-
pie for repeal Of the old per cert. .After a
bill had been introduced to repeal 1t, petitions
were recsived for it; but they were the result OF
the clamor raised in this House upon the sub
ject,
borrower Of money, 70 conduct trade, As a Dor
rover, he said bis experience justified him IN 90.
log for this bill, and Axiag the rate at per
cent. He was opposed to the amendment, bu.
hoped the bill would pass, az IL would aif,rd
better facilities for Obtaining capital In trade
The vote was then taken on the amend a ent
Of Mr.. Winner; which was lispgtsed toy cas-
IS, nays 70. .eis..,t 'N' vi
Mr.. DEVORE moved to amend the bill by
adding Provided that any person taking q