The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1868-01-31
FRIDAY SIORNINO. JAHUAXY a.
NM before The I.erIsIature.


HIIs Before she I.egIsIatuFe.
There mrs two or three bills now
pending. before the Legislature that
nAvs financial beariugs OF considerable
interest 20 the people. We refer TO the
bill proposing TO amend the usury
Iaws--the bill TO allow Interested par
tiss to testify on their own behalf in
actions ut iaw-nnd the bill to reduce
the cost Of collecting the public rev.
euues.
In regard to the hrst bill, we do not
know that much II anything new re-
mains TO be said. 1t Ii conceded by all
intelligent business people that six per
cent Is no longer, In these days of high
taxation, "A cOmpensating interest for
Ihe use of money. The United States
Government pays decidedly higher
rates on considerable portion OF
her debt. Upon three-Tourths of it
shc pays either 7.30 per cent in curren-
Cy or o per cent in gold, and, in addi-
ton, grants an exemption equal to say
Two per cent more; amounting in all TO
SPY nine or ten per cent in nearly every
State in the Union. What chance have
borrowers who seek loans at six per
cent to compete with such induCementB7
Compare tho result in two cases for IL
lustrntIOn's sake. One capitalist in
this city loans his money to the
Government and receives in re-.
turn an equivalent OF say nine per
cent. Another loans TO his nOlgh-
Dor at six per cent, out of which
lac pays say two per cent to the
State, county and city, In the shape of
taxes. At the end OF the year the for
mer has received more than double the
interest received by the latter. II, In
order to accommodate friend the latter
should stipulate for such rate Of in
terest as would yield him actually six
per cent. instead of four, that friend has
IL in his power to turn round and plead
nsuTy aud confscate the whole prInci-
pal and interest OF the debt. Sit per
cent. WAS considered "a scaut rate for
money before tho war, so much so that
several of the States raised the rates TO
q and 10 per cent. II 1t was scant
then what Is it now, when instead OF
tho old prices for meat and bread
people are paying from 90 to 100
per cent. advance7 Why should
not the price of money advance as well
ns flour. beet, clothing, rents, land, lGc.7
by what equity can the law cut down
the net Interest on money by taxation
and refuse to allow the owner the same
redress that is allowed to the merchant,
who adds his taxes to the price of his
merchandise, or the landlord who adds
them to his rentsT
In tho face of these drawbacks can
Tho present rate OF interest be main.
tnineG4 Is it maintained AS general
ruler Go and sin the books of the
banks, Go and sift the bills receivable
Of any street broker. Go also and
ascertain ii you can the amount OF
+ money that Is sent ont of tae State, to
I Chicago, st. Louis, aud other places,
Examine tho Prevaricstlons, cheatries,
'nd frauds by which the law is evaded.
Bat enough about the interest bill for
oday.
The second bill provides against "A
hardship long felt by business men. As
he law now stands u merchant who
ellis goods 20 customer can not be
violence "a to the business OF his claim.
my two or three of the best men in the
community, who may be partners in bu .
mess, cauuot testify to such an account,
/, nd Il they keep no clerk dishonest
ustomer may defraud them with impu-
T. lty. Again, the President and Cashier
st bank, il they happen to own a
ngis share OF Its stock, are debarred
ON testiEyinE on It's behalf, however
itally necessary aud however exclu-
We their knowledge OF the transac.
on may be. The equitable common
'nse of the law in all such cases would
to allow tho evidence of these par.
as to go to the jury, or the court, for
hatever 1t might be worth. And that
the design of the bill now pending,
we understand it. We trust it will
s,come law,
Tho bill introduced into the House
Delegates yesterday, by the Com
itteo on Taxation and Finance, emit.
= ID "A Bill for tho collection OF taxes, II
one of great Importance. proposing,
II does, radical change in the sys.
n OF collecting taxes.
It provides that all taxes except for
nd purposes, shall be collected by the
Wnship treasurers who are elected by
. voters ofthe various townships. II
alleged by the friends of the bill thai
ssystem. IL adopted, will save to the
te, and counties throughout the
ate, at least twenty thousand dollars
annum in commissions which now
Ito the sherins. It viii also save the
payers the annoyance OF being re-
@red to pay one tax to one collector
another 10 another, which Is the
e now. 1t is said by some that If the
lection of the taxes is taken away
m the sherifEs. it will be next to i'm.
sibla TO secure good business men