The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1870-02-24
General Assembly of Virginia.
WEDNESDAY, February %, 1870.
SENATE.


SENATE.
The Senate met at IL 'clock-Mr. MARYE
in the chair. Prayer by the Rev. DR.. Ed
wards.
LIEUTENANT GOVERNOR AND ATTORNEY
GENERAL.
The Senate bill, with House amendment,
to provide for filling vacancies in the othces
of Lieutenant Governor and Attorney
General was reported, and the Senate re-
fused to concur in the House amendment,
on motion of Mr.. HERND0N.
The action was at once communicated to
the House.
DISwIDDIE COURT.
Mr.. CARR arose to O privileged question.
He had noticed in one of the papers the re-
port that nothing had been done at the last
county court of Dinwiddie. He would state
that something was done, and that was the
renewal of the old-time feeling of har-
mony. He wanted the world to know that
his people were thoroughly reconstructed,
and that there was perfect harmony be-
tween all classes and colors.
ARMS FOR ST. JOHNS ACADEMY.
MIR. GRIMsLEY, from the Committee on
General Laws, reported bill to grant the
students of St. Johns Military Academy
the loan of arms for the study Of the
manual.
On motion of Mr.. SSowDEN, it was taken
I'D, and, under suspension of the rules,
put through it's various readings and passed.
LOST BONDS.
Mr.. OWEN offered bill to protect the
owners of stolen or lost registered bonds.
Referred to Committee on Finance.
PAY OF ATTORNEY GENERAL.
The Committee on Finance reported bill
| in regard to the pay of Acknowledgement
with the request that it be referred to the
| Committee on Courts of Justice. Granted.
| UsURY LAW.
The House bill in relation to the interest
on money, with Senate amendments, was
called up and passed. 1t stands as follows
An Act in Relation to the Interest on Mo.
| ney SENATE Amendments in ItalicS).
| /. Whereas the Constitution provides
that upon debts hereafter contracted il
shall be lawful to receive any rate Of in
terest not exceeding twelve per centum pei
annum which may be agreed upon by thu
parties, and be specified in the bond, note
or other writing evidencing the debt, there
fore
| /. Be IL enacted by the General assembly
That section chapter l4l of the Code o!
1860 be amended and re&nacted 30 as tt
read henceforth as follows:
/ -. Legal interest shall continue to be q
the rate Of six dollars upon one hundred
dollars for year, and proportionately fo
greater or less sum, or for o longer O.
shorter time but it shall be lawful to receiv,
any rate of interest not exceeding twelve pc
centum per annum which may be agreet
upon by the original parties thereto and b
specified in the bond, note, or other writing
evidencing the debt; and all such con
tracts entered into since the 18th day o
January, 1870, are hereby legalized.'"
i 2. Section SO chapter SO of the Code j
amended and resnacted 30 as to read as fol
| lows:
! "33. ANY bank authorized to carry OF
business as bank Of circulation, deposit
| and discount, and any licensed banker o.
broker, and other corporations authorized
| bu their charters to make loans, or to pur
chase or discount bonds, bills, notes, o.
other paper, may loan money for periot
not exceeding six months, and discount an.
| bill of exchange, promissory note, or othe
negotiable paper for the payment o
money, which will be payable within 81,
months from the time of discounting thu
same, and may take interest on such loan
or discounts OF the rate of one per centuu
| for thirty days, and the interest may be re
oeiyed in advance. Each bank shall 81
regulate it's loans and discounts that the.
shall not exceed twieethe amount OF TIT
capital actually paid in" :,
8. Section sic chapter ffty-nine OF the
Code Ia amended and resnacted 50 US Il
read az follows:
"6. The money received on deposit, ant
| other funds of the institution, society, OF
bank, may be invested in or loaned on any
stocks or real security, or be used In pur'
chasing or diseounting bonds, bills, notes
or other paper, subject to the following re-
strictions: That no security for money OF
other valuable thing which may have be-