Wilmington journal., 1869-02-05

| ted, ayes 36, nays Messrs. Bellamy, Mar
| linda le, Rich and Welker.
/ SPECIAL ORDER.
! Bill to lay off the homestead and person
al property exemption. Passed its second
reading.
On motion the Senate adjourned until
this evening at u o'clock.
HOUSE OF REPRESENTATIVES,.
THURSDAY, Jan. %, 1868.
PETITIONS. &C.
Mr.. French presented memorial from
the Wilmington Hook and Ladder 90. No.
l. Referred.
Mr.. French moved to suspend the rules
and take mp the bill creating the county of
Dare.
Mr.. Welch said that he thought that in
courtesy to the gentleman from Tyrrell,
(Mr. Jarvis), who was at present absent
from his seat, that the matter should be
postponed until his return. He (Mr.
Welch) therefore hoped the rules would
not be suspended.
MIR. Pou said that the gentleman from
Tyrrell, (Mr. Jarvis,) had requested him
MIR. Pou) that if the matter was brought
up, to have it postponed until his return,
as he (Jarvis) was necessarily compelled to
be absent, ond If he found the people of
his county did not object to the matter, he
would pledge himself to make no further
opposition to it.
ment OF his county (Hyde) was very dis
agreeable to his people, and took its origin
in a scheme of certain men to manufacture
a new county for political purposes.
After some discussion, the House refused
| to suspend the rules.
| BILLS.
Mr.. Thompson presented the report OF
| the Commissioners of Onslow. Referred.
By Mr.. Smith, of Allegheny /: A bill le-
galizing interest upon open accounts. Re.
ferred.
By Mr.. Graham A bill TO transfer to
Montgomery county that portion of the
Fayetteville and Albemarle Plank Road
included within the limits of Montgomery
county. Referred.
On motion of Mr. Mcmillan, the rules
were suspended and the bill authorizing
the Commissioners of Duplin county to
levy special tax, was taken up and passed
its third reading by vote of yeas 70,
nays O..
A message was received from the Senate
concurring in the House amendments 10
the bills concerning the Western N. @. r.
Rutherford +. II.
SPECIAL ORDER.
A bill to amend an act entitled An act
to incorporate tho Plaster Bank and Salt
Works Il. Il. Co., ratified 30th of May,
1864" The bill was read at length, and
passed its second reading by q vote of
yeas 45, nays 81, and Was ordered to be
printed.
On motion of Mr.. French the rules were
suspended and tho bill rapealing the usury
law WAS taken up and read, when
Mr.. French offered q substitute entitled
q bill to establish rate of interest.
Mr.. French took the floor in explanation
Of his substitute. This substitute allows
money to be loaned ON any interest that
may be agreed on, If the contract was made
in writing, but if there be no special con-
tract, then . per cent shall be the legal
rate. He regarded money as an article Of
merchandise, and man had as good .
right to make profit on that article, aS be
would on his cotton, potatoes, &c.
Mr.. Vest favored the substitute.
MIR. Seymour objected to the bill. He
thought it a movement simply intended TO
benefit capitalists, &c. -
Mr.. Estes was in favor Of the repeal OF
the usury law, not because it would benefit
the capitalist, but in order to favor poor
men. II he wished to borrow SIC. coo
they had no right to say at what rate OF
interest it must be borrowed at. II he
had a crop in some way imperiled and was
obliged to obtain money in order TO save
himself, and that money could only be got
at rate beyond the price fixed by law,
this Assembly had no right to pass law
saying he should not borrow the money.
Mr.. Downing thought the present law
on our statute books was remnant Of bar
barism, &c. He thought the repeal of this
law would tend to decrease the rate of in
terest.
Mr.. Foster was opposed to the repeal of
the law, &c.
Mr.. Malone said this bill ought to pass
The bill simply allows q man to contract
in writing for greater rate of interest
than per cent. 1t does not apply to ac-
counts OF to contracts other than those
specifically agreed upon by tie parties. It
often happens that man could pay ten
cents and make an excellent speculation in
the use of the money. The present usury
laws tend to drive capital from the State.
But when you allow the miser who holds
money to contract for his rate of interest
he will let his money out into circulation.
It is not to be presu med that a man will
borrow money-pay 10 per cent, give &C.
curity, pledge his property without he con-
siders it to his interest to do so. What
objections can exist to the bill
| hIr. Pou said he regarded the usury law
still standing upon the statute books of
some States as relic of ignorance and
superstition, &c. He had introduced the
original bill in regard to this matter, but
he prepared the substitute of Mr.. French
The hour for special order was an
nounced, to-wit
The report of the committee on Bribery
and Corruption. The Clerk proceeded to
read the report when
Mr.. Seymour moved to suspend the read
ing of the report and that further action
in the matter be dispensed with until the
Senate is heard from. Carried.
On motion of Mr.. Estes the Revenue
bill was made the special order for to-mor.
row at II o'clock.
By MIR. Green a bill to amend the