The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-01-16

oe.oLa. sod them to vote against the
VIM ~ vo I'D their hands were tied.
OIL, ou T. 'a from the special CON-
| III. 20 examine the office of the clerk Of
,sc senate, reported that they had per-
formed that duty, and found the books and
records carefully preserved and properly
fled, and all the duties pertaining to the
Office of the clerk of the Senate accu-
rately and faithfully discharged. Read and
laid upon the table.
Mr.. TALIArERRo moved a reconsidera-
ton Of the vote by which the Senate yes
terday passed the House bill in relation to
the acknowledgment of deeds, justices OF
the peace, and notaries public. He had
voted under misapprehension, and other
senators had done the same thing. He did
not wish TO open the door for discussion,
and only desired to place himself right
upon the record.
After remarks from several senator's,
the motion to reconsider was voted down.
On motion of Mr.. MERCER, the Senate
| adjourned.
HOUSE OF DELEGATES.
The Journal read, as usual after which
a message from the Senate was read, com
municating certain bills, which were read
and referred.
Committees reported number of bills,
which were placed on the calendar.
The report of the Committee on Claims
adverse to a resolution in relation to pay
ing I'll. j. Heartwell for carrying two luna
tics to the Eastern Lunatic Asylum in 1862
was read and concurred in.
we're introduced and referred:
By Mr.. PATE.-For the relief of the late
sheriffs OF this Commonwealth.
BY Mr.. WoLTz.--To incorporate the
Wytheville and North Carolina Railroad
Company.
By Mr.. EvANs.-A bill amending and
re anacting section &c, chapter lS4 OF the
Code of 1860, so asto make the pay of a
sheriff for attending a circuit court one
dollar per day while the court is in ses-
sion, instead of twenty dollars year.
BY Mr.. ENGLIsH.-A bill to amend an
act incorporating the Great Hunting Creek
By MIR. Burr.-A bill to incorporate the
Bank of Portsmouth, located in the city OF
| Portsmouth.
| PETITIONS.
Ry Mr.. TROUT citizens OF Mont
gomerv county for change in the county
lines SO as to attach them to the county OF
Roanoke.
By Mr.. GRAHAM.-A memorial Of the
Board of Directors of kanawha Improve
ments.
BY Mr.. DAvIs.-The memorial of Richard
Mason.
By Mr.. Wo0DsoN.-The petition Of citi-
zens of Rockingham county in relation to
the usury laws.
Very numerously signed by influential
citizens in favor of a modification or repeal
of the usury laws. Mr.. WooDsoN said,
however, that they did not represent the
prevailing sentiment of his county. That
though the petitioners were highly respect
able gentlemen, the majority of his consti-
tuents were of opinion that if the people
could not pay six per cent, they could not
pay ten per cent, and desired no change in
the law.l
UsURY LAW.
The Senate bill to amend and reGnact
the 4th section of chapter al of the Code
of Virginia edition of 1860, in relation to
lnlGEcSt, CduiS up IL oi,iSi, ~ he'AEo DNS@A
postponed till to-day.
This bill had been reported from the
Committee of Finance, with substitute
proposed by that committee.
The Senate bill provided that illegal in
terest shall continue to be at the rate OF
six dollars upon one hundred dollars per
year when no special contract as to the
rate of interest is entered into; but con-
tracts in writing hereafter may be for a
higher rate of interest, not exceeding the
rate of ten per cent. per annum, for the
loan or forbearance Of money, shall be valid
for the time stipulated in such contract.
Such written contract shall be deemed
properly executed if the rate hereby al
lowed is expressed upon the face of any
note, bond, or other obligation in writing,
executed by the promisor or obGgee tor
the payment OF money"
The substitute of the committee provi-
ded as follows:
illegal rate of interest shall be at the
rate of six dollars upon the one hundred
dollars for year, and proportionately for
greater or less sum, or for a longer or
shorter time; and no person, upon any con-
tract, shall take for the loan or forbearance
of money or other thing above the value of
such rate: provided, however, that when
it is so agreed in writing between the bor-
rover and lender, ten per centum per an
mum may be charged upon negotiable notes
and bills of exchange which have no more
than twelve months to run, and eight per
centum per annum upon all other contracts
for any period provided, however, that
when said aforementioned contracts are Sc
cured by lien upon real estate, the said
last-named rate of interest shall not run
for more than two years without new
agreement between the parties"
Mr.. WHITE proposed an amendment to
the substitute, which proposed radical
change in the law. 1t provided that six
per cent. per annum shall be the legal rate
Of interest in the absence of any contract
for the loan of money, but placed no limi-
tation upon the amount OF interest to be
paid by contract.
Mr.. WHITE addressed the House some
time in behalf of his amendment, con-
tending generally that the liberty to borrow
money at any rate at which it could be had
would invite capital, increase the supply,
and diminish the relative demand, and OF
course the rate of interest.
Mr.. GARRETT intimated his Discrimination
at this late period of the session to see the
| House undertake to modify a law Of such
long standing as the usury law. He de-
sired to move that the bill be dismissed
but that was not in order.
The discussion was then continued by
Messrs. HANsBRoUGH, EVANS, ROBERTSON,
and CLARK of Campbell, in favor of the
abolition or modification Of the usury law,
and by Messrs. LEE and WooDsoN against
the bill and amendments.