The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1868-01-22
USURY LAWS.


Allow ME again to call attention to
the usury law ofour State, and 10 re-
peat n portion of what | said on the
subject in former message. This law
imposes heavy penalties for taking more
than six per cent interest, and is the
subject ofgrGat complaint by the busi-
ness community generally. at is con-
tended that experience has proven that
six per cent is not at all times n snfh-
cient consideration for the use Of mon
ey, and that its price should be left by
law to the market, as any article of mcr.
chandize. And in support of this prop
ostiOn the facts are Citod that large
sums are borrowed by the United States
at more than g per cent; that some OF the
States have adopted 4 greater rate, while
others, retaining the legal rate, allow
much more To he taken on special con
tract. 1t is also claimed, and ] believe
correctly, that persons engaged in ac
two business are often willing, and can
well afford, to pay more than six per
cent. for money; that this being allowed
by other States, not only preye ats cap |
ital from coming into our State, but ac- |
tually draws il from US; that men de- |
string 10 invest their means or enter in
TO business, seek locations where a more
liberal policy prevails; and thus we are
deprived of the uso Of much capital,
and of the enterprise of many useful
citizens, the result Of which Is neces-
sarily to retard our prosperity. And
finally, il is affirmed that this law is dis
regarded and svaded by the uBscrupu-
lous, and that il is only operative to the
prejudice of the law abiding citizenS.'
1t is now asked, if the Legislature
will not amend the law so as 10 allow
q greater rate Of interest, that it be 80
modified as TO subject the lender to
forfeiture Of only the excess Of interest
over the legal rate which he may take
or contract for from the borrower. ]
submit this proposition fory0ur consid-
Grafton.
The speedy location Of the State Cap
ital is recommended. The special cleo
ton for member of the House from Lewis
county, is stated to have been held be-
cause Mr.. Woodtord, the successful can
didate, resigned, and Mr.. Hayden, his
opponent. abandoned his pretensions.
IMMl GRAFTON.
The report Of the Commissioners Of
Immigration is transmitted. This off,
Ger is elaborately eulogized, and the
Legislature requested TO raise his sal
airy and pay his "small debts" in Eu-
rope. The Governor is further Of the
opinion that a small portion of the
means Of the State could not be used
more benefcially than to devote it TO
the further encouragement Of immigra-
ton into oar midst.
RECONSTRUCTION.
The Governor Teproduces bis former
approval Of Congressional reconstrnc-
tiOn and thus concludes.
have seen no reason TO change the
views thus expressed. added in the
same connection that "If the terms pre-
posed are not accepted in the spirit 10
which they are rendered, this will man
ifest such disregard for the legally con-
stituted authority Of the United States
az NAV seem to require action Of more
decided character"
II was the honest hope and desire oi
the patriots Of the country that the
people of the South would accept the
generous aud cODciliatOry terms con.
tanned in the proposed amendment, and
thus put an end - the anomalous and
unfortunate state Of affairs resulting
from the rebellion but in this We Were
disappointed the spirit Of forbearanes
and magDaDimity thus manifested by
the people or the country, through their
representatives, was not Appreciated: OF
at least not regarded, but was indig-
naDtly spurned and rejected: In TINS
state Of things Congress could hot as
regard the obligations resting upon IL
TO take such farther ana more
4 = uraT1Id