Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1867-01-22
GENERAL ASSEMBLY OF VIRGINIA

waste and unappropriated lands was taken up
and passed
House bill to amend section of chapter SO
of the Code edition of 1860, in relation to
banks merely of deposit and discount, was con-
sidered and passed
House bill to incorporate the Farmers Savings
Bank OF Danvllle, reported from the committee
with an amendment precisely similar to the
above, was taken up, the amendment agreed to,
and the bill passed
House bill to incorporate the Chatham Sa-
wings Bank, reported with similar amend
ment, was taken up, the amendment adopted,
and the bill passed.
A message was received from the House, an
nounclng the passage of Senate bill to incor-
porate the James River and Kanawha Trans
portatlOn Company; SO the bill is now law
Mr.: Trout, by leave, introduced bill to pro-
vide tor the completion Of line or lines of rail
road from the waters of the Chesapeake to the
Ohio river, which was taken up, read once, and
ordered to second reading; and on motion of
Mr. Keen, referred to the Committee on Roads
and Internal Navigation.
Senate bill to amend and re enact the 3rd and
9Th sections Of the act to provide for the incor-
poration of building fund associations was taken
up, and the substitute proposed by the Com
m'ttee on General Laws was adopted. The bill
was then ordered to its engrossment and third
reading.
HOUSE OF DELEGATES.
The following engrossed bills were read a
third time and passed:
A (Senate) bill in relation to the extension of
the Petersburg and Richmond and Petersburg
railroads through the city of Petersburg;
A bill to amend section Is Of chapter 185 of
the Code Of Virginia, in relation to costs in civil
cases;
A bill to enable the Union Manufacturing
Company of Richmond to borrow money;
A bill to incorporate the Virginia Manganese
Company;
A bill for furnishing injuries to burial
grounds;
A bill to punish certain offences against pub
lie property;
A bill incorporating the Bloomsgrove Quar-
ryng, Mining, and Manufacturing Company;
A bill to incorporate the Buckingham Slate
Company of Virginia;
A bill to amend section 20 of chapter 15S of
the Code of 1860, in regard to terms of circuit
courts;
A bill to amend section | of an act authori-
sing the City Council of Alexandria to issue
bonds to fund the arrears Of interest on the
debt of the city;
A bill to amend section of an act passed
March 3, 1866, concerning organization, juris-
peals and
A bill providing for the reprinting and bind
ing of certain volumes of the reports Court of
Appeals.
THE UsURY LAW.
The Senate bill modifying the law with re-
gard to interest, with the substitute proposed
by the Committee on Finance, and the amend
ment proposed to the same by Mr.. White, came
up in order, the question being upon the amend
ment of Mr.. White.
A considerable discussion participated in by
MesSrs. Scott, POWELL Bentley and Patterson,
ensued, during which the House adjourned.
SENATE Thursday, Jan. l7th.-House bill
to incorporate the Virginia Manganese Com
pany was taken up, and passed under suspen-
sion of the rules.
House bill to incorporate the Buckingham
Slate Company was taken up under suspen-
sion Of the rules and passed.
A bill was passed amending the 9Th section
of the 18th chapter of the Code so as to provide
for the election of Register of the Land Office
at salary of one thousand dollars.
HOUSE OF DELEGATES.
A number of resolutions and bills were re-
ferred.
THE USURY LAW.
The usury law was discussed at some length
by Messrs. Kelly, Kellam and Townes.
The question was then put upon Mr.. White S
amendment, which proposed complete aboli-
ton of the usury law, and was decided in the
negatlye-ayes 10; noes, IS.
Mr.. Kelley offered the following as an addi-
tional section to the Senate bill:
Provided, however, that no higher rate of in
terest than six per centum shall be charged, al
lowed, collected, or demanded on any contract.
claim, or debt of any kind or description, what
ever, created, entered into, or contracted before
the passage Of this act, and provided that no
renewal or substitution OF any obligation, con-
tract, liability or claim existing at the time OF
the passage hereof shall entitle the party to
whom interest is due to claim higher rate
than six per centunl, and in case of the claim
or charge of such higher rate than six per cen
tum on any debt embraced within either of the
before mentioned provisos, the party SO claim
ing or charging shall be liable to all penalties
prescribed in the Code Of 1860 for the violation
Of the laws regulating the rate of interest at SIX
per centum
Mr. Crump moved to recommt the bill and
amendments to the Committee on Finance,
with the following Instructions:
ResOtred, That the Committee on Finance be
instructed to report bill amending the 18th sec
ton of chapter al of the Code so as to author
ize any rate of interest which may be agreed
upon between the borrower and lender in wri-
ting provided that the said rate of interest,
when secured by lien on real estate, shall not
exceed ten per centum per annum; and provl-
ding further, that no loan shall bear higher
rate OF interest than SIX per cent. for a longer
period than two years without renewal thereof
In writing.
Mr. Crump then addressed the House in a
very able speech Of over an hours length, in
which he discussed the merits fthe whole SUBJ
ject. He made strong appeal to the House
to take off this restriction upon money-to let
commerce, and trade, and labor have the aid of
capital without restriction and without restraint.
When he had completed his speech, the House
adjourned.
SENATE Friday, January lsth.-The fol-
lowing bills were taken up and passed:
Senate bill to amend the I'd. Sd, 4th, 9Th and
18th sections of the act passed May 90, 1862,
in regard to the Incorporation of building fund
associations.
Senate bill to amend and reenact the 1st sec
ton Of chapter l0l of the Code of 1860, in re-
lation to the game law. It imposes fine for
killing deer between the 18th Of December and
the 18th of August
Senate bill to increase the capital stock Of the
Virginia and Kentucky railroad, to authorize
county subscriptions thereto, to empower said
company to acquire lands for limited period,
and to issue bonds for the construction Of the
road and branch thereof.
House bill to authorize thecity of Portsmouth
to issue coupon bonds.
House bill to amend the lst section Of chapter
1913 of the Code, Incorporating the st. Francis
de Sales InGrmary Of the city of Richmond.