The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-01-29


Ey,, C5ar{s,toH-Messrs. Ballard. Borgess.
F1Syer CALDWELL Carroll, Cracralt, Ferguson,
G;roTS;- Johnson, kincaid- LighTbE Little
Mcwhortef. Seel. Payne, Taylor, Vaughan
az For Bnchalna1l-9iessrs- Piunen, Speaker
Arnslrung, Bseson. B.iImyer. Gum lnghan,
Gibson, Hartman, Harris, HiSer, Hoffman,
Koonce, Mann, McCarty, MeQuiikin ana
WelJOn-l5.
For Grgrton-NIessTs BIckeI, Brown Of Ohio,
Burke, Cooper. DAWSON, Heermans, Keilar,
Lamb, Lane, Lockhart, Smith OF Berkeley,
spencer, W neat and WiIliamson-l4;
For CZdTkEbgT0-MesSrs: Bee. Foreman,
Fleming, Con and Sniiier-5.
Whole vote o.. Necessary 10 choice 2.
Highest vote lS.
Nr. Heermans asked the members 10 bear
in mind that Grafton offers ten acres site
for the Capital, and some three or four very
thing needful In the way OF building ma
Nj snider put Chenille in nomination
SEVENTH BALLOT.
For Chdrtescon-MessrS. Ballard, Borgess.,
Bowyer. Caldwell, Carroll, Cracraft, Fergu-
Whorter, Seel, Payne, Vaughan and Work
For Biickhq,p,O,r- Slessrs. PinneI, Speaker
Armstrong, BeeSon, Billmyer. Cunningham,
Gibson, Harman, Harris, Hlser, Hoffman,
! Koonce, Mann, McCarty, Mclullkin and
FIR GTaTt7n-Messrs. BickeI, Brown of Ohio,
Burke, Cooper, DAWSON, Heermans, Kel!ar,
Lamb, Lane, Lockhart, Smith OF BERKELEY,
For larks6lr0-Messrs. Bee, Foreman,
Fleming, Col, Llghtburn and Spencer-6.
| For GIenriHs-Messrs- Suider and Taylor
Whole vote ~ Necessary to Il choice q
Highest vote 10.
Mr.. Spence: said he thought they
were making very little progress. 1t
was now eleven o'clock. He thought
| the committee had better rise and ask
| leave to sit again at 2 o'clock, so that
they might spend the balance of the
| morning session the calendar
Mr.. Ferguson said the committees
had a great deal to do, and it was i'm
pOrtant for them to work during the
afternoon. He favored resuming the
calendar. but opposed an afternoon
session.
Mr.. Spencer accepted the suggestion,
and on his motion the committee rose
and reported progress, and on Mr.. Fer
guson's motion the capital bill was
made an order ofthe day for tomorrow.
The bill to incorporate the town of
/ Palatins was passed, and large NUM-
Der of bills considered in their inter
mediate stages.
The bill to regulate the rate of inter
est was taken up. 1t provides that it
shall be legal to take as much as ten
/ per cent. interest on contract, but where
no contract is made legal interest shall
be six per cent.
Mr.. Heerman's offered substitute,
providing the highest rate on contract
eight per cent, and making legal in
terest seven per cent, in absence of a
different contract.
Mr.. Wheat had no objection to max
ing per cent. the maximum rate on
contract, but he wanted the legal rate
in other cases to remain six per cent.
Mr.. Koonce moved to amend the sub
stitute by striking out "eight" per cent.
and inserting ten"
Mr.. Lamb suggested that the same
proposition would be decided by Il vote
on the substitute. He approved of the
main object of this bill, which was to
retain and bring into the State what it
so much needed, capital. We had, we
were told, a bountiful profusioa of nat
ural wealth-coal, iron, lumber, oil,
salt and fertile lands, but all this
wealth must remain locked up unless
we could have capital. We need capt.
tai beyond perhaps all other sections
of the country with our natural udvan-
tages. The operation of the usury law
had been, TO his certain Knowledge, to
drain from this State hundreds OF thou
sands of dollars. While engaged in
:he business OF banking in this city. il.
was known to him that thousands upon
thou -ands ofthe capital ofcitizeusofthis
| Commonwealth were sent West to Gin
cinnati, st. Louis or Chicago, because
there it could be invested on the best
securities mt the rate of ten per cent.
] lnlS nIu DeSn operating rs a constant
drain of the medium of which we are
most in need. He thought every one
| desiring the prosperity of West Virgin
/ in should be most DESTROYS to remedy
| this. To make the maximum rate of
| interest eight per cent, the motion then
| before the House, he said would not do
| this; because it Is perfectly easy now
10 procure ten per cent. on the best Sc
curitieS in other parts of the country.
IL would still leave the evil which has
| borne heavily on us in all our business
| relations As soon as little capital is
accumulated, if the party has the prop
| er information, he sends it elsewhere 10
be invested, because he can procure u
greater return. He hoped the bill
might be adopted as it originally stood.
| He thought after the change, if made,
had been in operation such length of
time that its influence could be felt at
all, it would exercise a most important
/ influence in promoting the welfare and
prosperity of the state
| Mr.. Bee hoped the House would not
strike out "eight" and insert "teu."
He knew that the change proposed in
| the rate of interest would operate very
| iDjuriously upon the farmers and stock
growing portion of the community. He
had no doubt it would be an advantage
to the commercial cities, but he was
satisfied it would be ruinouS to gruZers
In his country great many poor but
honest and industrious men operate in
cattle on borrowed capital. Ifthey had
| to pay four per cent. more for the use
of money they would have to abandon
the business. In his county many men
had bought land of large landholders,
and still owed for it, the creditors hith-
erto preferrinC just to hold the claims
and let them pay the interest. If this
| change was made these wealthy men
holding the notes of these poor
men would press for immediate pay
ment or for renewal of the notes
at the higher rate of interest, which
would operate very oppressively. 1t
would not do for young State, when
| n large portion of her people had been
robbed and broken up by the war, and
| when great many others were in debt
for their farms and homes bought be-
| fore the war, to enlarge the rate OF in
terest as proposed. The people were
| not able to pay such a rate. He had
no doubt it would be an advantage to
the cities, and to commercial men, but
it will not be an advantage to farmers
and traders, aud those who had bought
land and were in debt.
Mr.. Boreman said he had prepared a
substitute which he had intended to
offer, embracing the same ideas as to
interest, as that offered by the gentle
man from Preston, save that the legal
interest should be six per cent. without
contract, and no higher than eight, by
contract. He had connected il with
the Code by connecting it with the sec
ton ofthe Code on this subject. and let
all the fOrfeitures OF the Code be appli-
cable to the law, provided it is adopted.
But If this substitute should be adopted,
he was still opposed to the whole pro-
position. He was opposed to altering
the law at all, and for the same reasons