Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1868-04-18


labor, graduated according to the time the
convicts have been in the Penitentiary.
Mr.. STAMBAUGH moved to postpone
the bill and the motion to amend till the
second Thursday in January next.
Mr.. MAY was opposed to the postpone
ment of the bill to day certain. 1t should
be disposed of now. He cited facts and
figures to show the advantage of the pres
ent mode of hiring convict labor In in
creased receipts from that source. MT. M.
was for the indefinite postponemento tof the
bill.
Mr.. .STAMBAUGH urged in favor of his
motion that it would give an opportunity
fairly to test the present system OF the hire
of convict labor, and it could then be
changed ornot, as experience might prove
to be wise and beneficial.
The vote was taken on Mr.. STAN baughs
motion to postpone to day certain, and 1t
was lost-yeas 10, nays %.
The vote was then taken on the amend
ment offered by Mr.. Lawrence, and it was
lost--yeas z, nays "a.
The vote was then taken on the motion
to postpone the bill indefinitely, and it was
carried by the following vote:
YEAs-Messrs. Berry, Biggs, Burrows.
Campbell, Conant, Corey. Dangler, Dowd-
ney, Emmitt, Evans, Everett, Godfrey,
Kenney, Kessler, Kramer, Lawrence, May,
Onderdonk. Rex, Scribner, Stambaugh,
Terrence, Winner, Woodwork, Ieoman-
%.
NAYs-Messrs. Biggs. Dickey, Griswold,
Hall, Hutcheson, Jamison, Linn, Potts,
Simmons-9.
TEN PER CENT. INTEREST ON CONTRACT.
On motion of Mr.. COREY, his Senate
bill to amend the act fixing the rate of in
terest, was taken from the table, when
Mr.. BERRY moved to postpone the bill
with the pending amendments till the last
n Il uUh yxyaC ln0t-
16. nays IL.
The amendments were agreed to, and the
bill was read the third time, when
Mr.. MAY said that here was a measure
which the national bankers were pressing
upon the Legislature. They knew full we'll
when rate of ten per cent interest is
legaliZed upon contract it will be but OPEN
ing the way by which they may take any
rate they choose. Mr.. NJ. was Tor legis-
lating for the people. Capital could
take care of itself. He wanted to
see the men who would go hence.
and talk to the people, about paying off
the bonds in greenbacks, when they had
voted to raise interest to ten per cent. on
contract. The experiment of ten per cent.
interest on contract had been tried and
proved ruinous, and the law in consequence
was changed. If this bill should be passed
into law. ten per cent. interest would be
demanded by creditors as a condition OF
giving time to their debtors. There is no
more reason for raising the rate of interest
now than there was before the war. Penn
sylvania, Kentucky and Indiana, the States
around us, have only six per cent. inter-
est.
Mr.. LINN moved to refer the bill to a
select committee of one with instructions
to amend so as to legalize eight per cent.
interest on contract after the first of jan
uary, 1869, and ten per cent. interest on
contract after January /, 1870, which was
lost-yeas 13, nays 81.
Mr.. STAMBAUGH moved like refer
ence with instructions so to amend that
when more than ten per cent. interest is
taken directly or indirectly, it shall be a
forfeiture of the principal.
The motion was lost-yeas IA, nays 10.
Mr.. REX moved like reference with
banks from taking more than six per cent.
interest upon the penalty of forfeiture of
the principal. Lost-yeas IA, nays 20.
Mr.. BERRY moved a like reference with
instructions to amend so as to provide that
when debt is secured by mortgage upon
homestead, no higher rate than six per
cent. interest shall be charged or collecta-
BILE upon the same. Agreed to-yeas IL,
nays 16. The bill was then referred to Mr..
Berry as such select committee.
The third reading OF bills being now in
order,
Mr.. BROOKS moved suspension of the
rules so that motion might be entertained
to require the select committee to report
back the interest bill forthwith.
Messrs. STAMBAUGH and REX argued
against the bill in strong and earnest Ian
guage, deprecating the measure as one ia
voring capital and opposed to the interests
of labor.
Mr.. SCRIBNER deprecated the undue
haste with which the friends of this bill
were seeking to press it to final vote.
Mr.. DANGLER hoped the majority
would have backbone enough to stay till a
final vote could be had.
Mr.. MAY, at seven O'Clock, moved an ad-
journment. Lost-yeas 16, nays II.
Mr.. DOWDNEY entered into an argu-
ment of some length in favor of the bill,
and though not disposed to adopt it now as
a measure Of legislation, he was, never
theless, as general principle in favor of
view and reply to the arguments that had
been urged against the bill.
Mr.. LAWRENCE at length opposed the
motion to suspend the rules, and hoped the
friends of the bill would not persist in
forcing the measure to a final vote at this
time; but that they would agree to making
the bill special order for next Wednesday
at three o'clock. He deemed this the most
important measure of the session-one
of the State than any other that has claim
ed the consideration of the Senate. He
proceeded to discuss with much earnest
ness the merits of the bill.
He claimed that the present was the most
unfortunate time for fastening such
measure upon the honest industry of the
State. We are in monetary crisis and the
great producing interests of the country
are crippled. The future is not bright
Nk,,Nk Nk1., afr rn1
a measure effecting the commercial values
of the whole State? The effect OF the pass
age OF this bill will be to increase interest
to ten per cent. Senators will remember
that such was the effect of similar meas
ure, passed in 1850. IT so. it would take
from the hard earnings of honest industry
in the State some twelve millions annually,
and that too upon currency diluted forty
per cent. He, therefore, hoped Senators
would pause before passing such bill at
this time.
Mr.. STAMBAUGH demanded a call of
the Senate, which was had, and Messrs.
Corey, Dickey, Golden and Keifer were
found to be absent.
Mr.. GRISWOLD moved that all further
proceedings under the call be dispensed
with. Agreed to-yeas 20, nays 10.
The vote was then taken on the motion
of Mr.. BROOKS, to suspend the rules, and
1t was agreed to-yeas 30, nays none.
Mr.. BERRY then reported the bill back
amended as instructed.
Mr.. ONDERDONK moved to lay the bill
and report on the table, and make them
the special order for next Wednesday at
P. M, which was agreed to.
After various and Intellectual motions had
been made to take recess and to adjourn,
The Senate, at half past eight O'Clock,
adjourned till 10 A. NJ. on Tuesday next.
HOUSE.
MORNING SESSION.
BILL INTRODUCED.
Mr.. BEGINNER, II. B. No. 362-Supple-
mentary to the act entitled an act to pro-