The Marietta journal. [volume] (Marietta, Ga.) 1866-1909, 1871-12-08
HOUSE..

HOUSE.
TUESDAY, Dec. l, 1871.
The House met pursuant to adj
journment, Speaker Smith in the
Chair.
Prayer by the Chaplain.
Tho Journal of yesterday was
read and approved.
On motion of Mr.. Pierce the rules
were suspended, and a number of
House bills were read the second
time.
A bill to raise revenue for the
support of the Government for the
year 1872:
The unfinished business of yester-
pay, to-wit: Bill to repeal the us
ury laws was resumed.
Mr.. Scott said that the matter is
one of great public interest, and
should be carefully considered. -
Away back in the history of the past
under the Mosaic law, it was consid-
cred disreputable to charge any
usury or interest for the two words
were identical in meaning them
Subsequently, however, the various
civilized nations allowed and coun-
tenanced interest, but were careful
to limit it. This plan of allowing
and limiting interest has been adopt
ed and used in our own State for
years past; and while he favors pro-
gression, yet he is unwilling to cut
loose from old and tried landmarks
and launch out into uncertainty OF
this experiment. 1t is said that
other nations have tried the repeal
of usury laws and found it benefc-
ial but even if true, it does not
follow that such would be the result
here, for our laws, Government, and
people are differently constituted.
Mr.. Scott gave several examples
of the disastrous effects in other
States from the repeal of the usury
laws.
Mr.. Mcmillan opposed the repeal
of the usury law, remarking that in
terest, when not regulated by law is
regulated by the risk incurred by
the lender. When property is plen-
tiful and individual credit is good
the rates are low; but when large
homestead provisions are of force
and imprisonment for debt is con-
trary to law the risks to the lender
are great and thigh rates for the use
of borrowed money are natural con-
sequences. These latter circum-
stances surround our people and
high rates are of course the order,
and repeal of the usury law would
not mend the matter unless some
law could be passed to compel bor-
rowers to pay, and to let lenders feel
that they are safe in lending.
Mr.. Pou favored the passage of
the bill, and could see no sense in
telling a man who owns $4,000 that
he shall not have more than 500
for it during a year, but allowing
him to invest the same in brick and
mortar and get $4,000 for its use
during the same time. The law as
it stands is a dead. letter and ought
not to stand when nine hundred and
ninety-nine men out of every thou-
sand are compelled to violate law
when they end money.
Mr.. Richards called the previous
question. Call sustained.
On motion to indefinitely post
pone the yeas and nays were called
for with the following result: Yeas
81; nays 60.
Bills on third reading
Bill to amend the law relating to
the withdrawal of claims. Passed.
Bill to make it penal for employ
er and employee to break contract
for labor or service, was the third
time read. ID
Mr.. Pou favored the bill, urging
that it operated equally upon all
parties, and tended to make contracts
more efectual and reliable.
Mr.. Griffin of Houston opposed
the bill, urging that no legislation
was necessary, and would be OPP
pressive and would retard immigra-
ton. ~. 5....
Mr.. Johnson of Clay called the
previous question. The call was
sustained.
On the motion to indefinitely
postpone, the yeas and nays were
called for, with the following result :
Yeas So; nays 50. .s
House then adjourned until 3 P. NJ,