The States and Union. [volume] (Ashland, Ohio) 1868-1872, 1869-02-24
INTEREST LAW.

sumed most Of the days. 1E5-E ~
INTEREST LAW.
On motion Of Mr.. SCOTT, of War
rem, the House proceeded to the con
sideration of the special order for THU
hour, the same being.
Mr.. COREY-S. B. IL To amend
an act fxirg the rate of interest.
Said bill being up for their reading
several amendments were proposed
ar d discussed for the perfection Of the
bill, pending which.
Tin motion OF Mr.. CALLEN, a cal
of the house was had, and 80 members
were found to be present.
All further proceedings under the
call were dispensed with.
On motion of Mr.. CALLEN, tn.
House took a recess. -.
/. AFTERNOON SESSION.
On motion of Mr.. POND, O call OF
the House was had, and Is members
were found present
The 50 geant-at Arms was Dispatch
ed for the absentees, who were brought
in.-
On motion of Mr.. HUGHES, OF
Highland, all further proceedings un-
der. the call were dispensed with.
Mr. RUTTER offered an amendment
proposing to allow ten per cent. in
terest on money not secured by per-
sonal or collateral security /; for sums
of money secured by personal securi-
ty, or by pledge of collateral property,
eight per cent and for sums of mon
ey secured by pledge of real estate,
not more than six per cent. per an
mum, and moved that the bill and
amendment be referred to the COM
mittee on the Judiciary.
The House refused to refer
The amendment was then disagreed
to.
Mr.. SHEWIN offered an amend
ment to allow all banks in Ohio to re-
ceive the same interest they would be
allowed under their charters.
The House refused to agree to the
amendment.
Nh. BAKER offered a substitute
for the bill, which enacts that in cases
where a greater rate of interest than
ten per centum is either directly or
indirectly received, any court in this
State, before which suit is bought to
snforce collect on any promise, con-
tract or obligation, should intervene
and enforce the pe2alties of the act,
in the rendition of judgI,ent, without
the interference of the prosecuting at
torney, and all such penalties to be
paid into the common school fund for
educational purposes.
Mr. BAKER advocated his amend
ment at some length.
MIR. WOLF replied to the argu-
ments of Mr.. Baker.
The substitute vas not agreed to-
yeas %, nays 43.
Mr.. PAIR offered the following
a substitute for the entire bill !;
WHEREAS, he money lenders of
Ohio are apprehensive of coming to
poverty 4. d to want, when they are
their moreys at only from ten
to twenty-five per cenr ; and.
WHEREAS, The producers and Ia
borers are amply able, if not willing.
to pay a greater rate of interest, even
on gold contracts with a larger in
dividual Indebtedness, nearly all of
will mature within the next
months, coupled with which
the exemption from taxation of the
Government bonds and greenbacks,
and for various other similar reasons
therefore, be it.
ResolrcG By the Gsneral 1ssem5ly of
he State of Ohio. That the standing
on Public Benevolent In
Of the Senate and House of
Representatives be and they are here
by required to investigate the proprie
y Of providing for the proper care
md support of this unfortunate class
If citizens an aims house; and that
;aid committee shall have power 20
send for persons and papers and to
swear witnesses, and thst they shall
nave the further power to receive pro-
,osals for a suitable site for the cree
ion of suitable buildings, with ample
for the reception of all this
Unfortunate class of III fellow beings;
provided, that such location shall be
made within three miles of where the
lev ~pcnitentiary may be located, and
hat they report by bill or otherwise
tho outgoing of Andrew John
ION from the Presidency Of the United
States
Thesubstitutc vas not agreed to by
he House.
-. Mr.. Warren offered somc argu-
nents in favor of the original bill.
Mr. Odell moved that the bill be
amended by adding an additi-
'nal section, providing that any court
this State before which suit is
to enforce collection on any
contract, agreement, prom
ssory note or other obligation given,
made or entered into, for the payment
,r forbearance of money, shall, when
ever it shall be. found by the court
rom the plead.ngs in such case.
that q greater rate of in
crest than ten per cent. has been
'ither directly or indirectly contracted
or, shall enforce the penalties of this
lct b. rendering judgement against
he defendant for the amount of the
principal sum due the plaintiff, less (
en- per centum, and. shall also render
against the. defendant in
avor of the State, for the benefit of
he county in which such suit is
for ten per centum' of the
sum evidenced by promise,
ontract. DC.
MIR. Odell commended that these pen