The Weekly Perrysburg journal. [volume] (Perrysburg, O. [Ohio]) 1861-1???, 1868-01-24

We publish tolow a copy Of Il c Interest
Bin, introduced by Senator CoREY. and
passed. to its second reading. hs provis
ions win be found to be Just aad equitable
and such as the cxigehcy Of the, times de.
mand
A D1Lt-'ro amend an "Act fixing The rate o
Interest"
SForioS /. De il cpac,e,l By The 0enorat 1sscn,Lig
OF s State Of Ohio, That section one Of an act en-
titled d" an act liking the ra oi interest" passed
January 18th, is2tTSwm 4 CritchilHd, vol. !, r.
74glabo m amended M 10 read As follows! q p
SrCTIoN I. That all creditors shall be entitled
to receive interest on all money, after the snint
shall bave become due, either on bond, bill
proinissory note or other instrument OF writing
nilcontracl for money or property on all balances
due on settlement between parties thereto, n
money withheld by unreasonable aud vcxalious
delay Of payment and on all judgments obtained
from the date thereof; and on oil decrecs obtained
IN any court Of chancery for the payment OF
money, from the day specified In the said decree
for the payment thereof or, if no day be specified
then from the day Of entering thereof, until such
debts, money or property Is paid, at the rate OF SIX
per ccntum per annun, and no more, except IN the
case Of an agreement contained in bond, bill or
prOnissory note or other instrument of writing, oI
written contract fur money or property, or judg
mcni upon such written contract provided, that
in no case shall the rate Of interest exceed ten per
ccntum per nnuum.
SEC 2. That section one Of "an act fixing the
rate Of interest" passed January 18th, 1924, be
and the same is hereby repealed.
SFC. 3. This act shall take effect and be in force
from aud after its passage.
Tho Blade offers the following pertinent
remarks on it's provisions, and the need oI
such an act;
On this matter wo have only TO remark that we
Ice. -, 30, htl 10
rate Of interest to govern in eases where no rate
was specified in tho contract, and allow free tradt
in money, as we have in anything else. II mar
can make money by paying ten fifteen, or twenty
per cent. for the use of money, there is NJ
good reason why the law should prevent him from
doing so. II he cannot afford so high n rate he
will not give il. Il takes two t9 make bargain
aud there is no more danger Of the price of money
going up to an exhorbtant rate, unless prevented
by law, than there is of the rents of houses Oi
farms, or the price Of wheat or corn. The price
Of money is regulated by the supply and demand
just as the price Of ever ything Is.
But there is no talking about such.a law, as
IL would be impossible 10 get ii through the Legis-
laturc. There are always u number Of men in
that body, us well MS out Of it, who are terribly
afraid Of "usury" if free trade in money should
be allowed, and SO they think they will legislatt
the price down to wbnt they think it ought tn be
They have succeeded. 10y our present foolish in
tercst laws, in compelling borrowers to pay from
than they would have done if we had had no law
at all on the subject.
We therefore accept this bill Of Mr.. Corcys as
the best TINT has been offered, or can be had, aud
hope II will promptly pass both branches of the
Legislature. Aud we urge all who feel an inter
est in it, to send at once petitions to the Lcgisla-
ture in its favor II will take good deal of outside
pressure to get il through, aud the sooner that
pressure is commenced the better.
Ohio, and especially the young and growing
Northwest, has already suffered serious damage
for want of capital, which it might have had but
for our present than sill interest. Jaw. Take
as an illustration the Operations of Insurance
companies represented in Toledo They receive
from here every month thousands of dollars
This very money goes back, right over our heads
To Detroit Chicago, st. Louis and other places
where it is lngally invested at 8 and 10 per cent.
while oV business men are cramped for menus
and for such accommodations they get, pay
from one to two per cent q. month. Thus the law
is ovNded, enterprise cogged and our growth seri'
ously retarded II is time this were changed.