The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1866-01-19

SENATE.

GENERAL ASSEMBLY OF VIRGINIA
SENATE.
THURSDAY, January Is, 1900.
Lieutenant-G Governor CowPBR IN Ihs 'h"H'
PRAYER by DR.. Burrows.
HOUSE BILLS REFERRED.
An not IN amend and re-enact section nEe "
chapter one hundred and nfty-ohe ; s,oam-
If Virginia, rs TO the attachment oi 49, 800
ho,ts and other vessels found Wlthnl tue -
diction OF this state. 10
OF Justice. Voting ut Big
Lick, in the county of Roanoke. 1oNoH"''
y" hill declaring the house of w. Il. L..
Vaughan, in the county OF Plttsylvahla nn
election precinct. To omnltte on Elec'n WHs
An act to incorporate the whitehall MIN
ING and Manufacturing Company. To Com
mittee on General Laws. =
Il An act amending the charter OF the town OF
Danville. To ommitt on General Laws.
RICHMOND HONE INSURANCE COMPANY.
House bill to incorporate this company was
passed.
An act declaring the house of r. D.. Seaman,
Of Nelson county, an election precinct, was
passed.
This House bill was taken up, on motion OF
Mr.. Boiling, and laid over until FRIDAY.
BY Mr.. MEADE
"Georce Brent, late Commissioner OF Reye-
nue. for the Corporation of Winchester, having
presented n claim for services, and unpaid
Resolved, That the same be referred TO the
Committee on Finance, who will examine the
same and report by bill or otherwise. -
Agreed 10.
DISTRIBUTION OF CODES.
The Joint resolution to furnish the members
of the Assembly with copies of the Code was
recommitted 10 the Committee on the Library
Mr.. MERCER offered the
"ResoIred, Thatthe Committee on the Library
be instructed TO inquire into the expectancy OF
distributing the Code of 1850 among the several
countless Agreed TO.
This is to get rid of the odium of dlstrtOu-
ting the books among members OF the Assem-
bly,.
OFFICERS rEEs FOR TAKING CARE OF CRIMINALS
bill amending section thirty-three, chapter
one hundred and eighty-four, OF the Code OF
Virginia was passed.
UsURY Law.
This being the special order for | o'clock, it
was called up. The bill IS 10 repeal the usuEy
law, and is as follows: nh
..Bs Il enacted bu the General assembly, That
the fourth section of chapter one hundred and
forty-one of the Code of Virginia be amendeu
and re-cnacted so as to read as follows
illegal interest shall continue TO be At the
rate of six dollars upon one hundred dollars
for a year, and prOportionably for a greater OF
less sum-, or for n longer or shorter TIME aho
no DerSOn. unless upon Il contract IN wiring,
shall take, for the loan or forbearance o..
money, or other thing, above the value OF
such rate.
"Be il further enacted, That the fifth, sixth,
seventh. eighth. ninth, tenth and eleventh sec
tions of said chapter one hundred and forty
one be. and the same are hereby, repeated
Ercspt as to all debts and obligations Tor the
loan of money contracted previous 10 the pas
j sage of this act.
TFhpse sections forbid a higher rate of int
rest than six per cent
This original bill having been read, the fol-
. lowing substitute was offered by Mr.. BOILING
"Strike ont all after the elaCIlnB CLAUSE anu
insert the following:
IS 1. Legal interest shall continue 10 De q
the rate of six dollars upon one hundred dol'
lars for Il year, and proportonaply lor q
greater or less sum, or for Il longer or shorter
time. when n higher rah shall not be agreed
on between the parties rs hereinafter pro
yided. But contracts hereafter made, not WIN
a bank, for n higher rate of interest. noteNCeed-
inr ten dollars upon one hundred dollars lot 4
wear. and proportionably for Il greater or less
sum, or for Il longer or shorter time, shall 10
valid, if in writing, and for the loan or Tor
bearanCr Of money for Il PERIOD nol longer
than two wears. And any bank OF dis
count, circulation and deposit, and any msu-
rance or incorporated Ompany with power 10
discount paper, may loan money ana discount
bills of exchange, promlSsory notes, or o'heI
NEGOTIABLE paper, ut 4 rate OF interest not
exceeding eight dollars on one hundred dollars
for a year, and proportionahly for a greater OF,
less sum, or for Il longer or shorter time, ana
may receive payment OF such interest III
80. This act shah he in force from its
passage
Mr.. BoGLrSa. in a speech OF some length,
advocated the passage Of this substitute. III
co mbated the idea that money should bring
its own price, like other property, by showing
the difference between it and all other wealth..
He referred TO the legislation OF all the otler
States on the subject, showing that twenty
three of the States have a limit of six per
cent, one only with q rate of interest higher
than twelve per cent, and only TWO liat nay
no limit-MinnesOta and Washington Terri
tory. He also instanced the bad effects that
resulted from experimental legislation on TINS
subject in other States, and quoted the
opinions of eminent men OF England ana
America OpDo>iug the abolition OF uSury IL "s.
Mr.. CABELL considered that If the original
bill could not be passed, he would vote for the
substitute, rs better than nothing. But ne
advocated the entire repeal OF all laws letter
ing the power of parties 10 contract loans III
any rate Of interest they pleased.
Mr.. MEADE moved TO strike out OF the sun
stitute the word tn and insert the word el9ht'
He urged this amendment in 4 short argu'
ment.
Pending this question, the Senate adjourned
HOUSE OF DELEGATES.
The House met at II o'clock. No prayer.
MESSAGE FROM THE GOVERNOR.
The following message from the Governor
was received:
=, TIM COMNoSwEALTH OF VIRGINIA., J
"EXECUTIvE DEPARTMENT, I
"RICHNoSD, January II, 1866. }
TO the Speaker Of the House of Delegates q "'
Geacral .iSSembly Of Tie Sttte Gf Virginia:
"Sir,-I have the honor Of transmitting,
: through YOU, to the honorable body over which
{ you preside, the accompanying memorial OF
the New York and Virginia steamship Com'
pany, ard the papers Herewith, asserting a
| claim against the Commonwealth OF Virginia,
In my opinion this is one of that class OF claims
which Justice and the good faith of the Com"
monwealth require should he satisfied, and rs
such | commend it to your favorable considc'
ration.
- have the honor TO be,
Every respectfully, etc,
IF. ii. PEIRPoIST.'
The message was accompanied by a letter
from the President and secretary OF The Ne"
York and Virginia Steamship Company, set
ting forth the claims of that company against
the State TO the value ofSl50,0 600 for the seizure
of the steamships Yorktown and jamestown
bv the State of Virginia. The Company does
not ask for compensation for the Roanoke