New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-05-01
ASSEMBLY.

Mr. A. B. CORNELL moved to recOmmit the
Usury bill with Instructions 10 ainonu IL Nv nanluH tnJ
law take effect the 1st OF july nstead OF Aug5t' au
o contiuue I'M force for years, being mo hciJh
of the amendment he offered last nght. lie s1id DC
made this modification In Difference 10 the OphlOho
many members who had thought one year too short
pnriod 10 give the law fair trial. but who were anxious
Mt AIRERGER was sorry this proposition renewed
mis- morning; he regarded 10 as unnecessary. Any
future Legislature could repeal this law necessary
Tesdps he had doubts whether 10 was In the power OF
tine Legislature pass law with this provision IN IT,
70 rassed the voice the people OF this state would
he heard here year in thunder tones demanding us
repeal He SAID this bill allowed men ~ make cohtrdcs
Witch they are debarred from enforcing In the courts
What sort law i that he asked Tor TINS OF any other
What could be ridiculous. He read various extracts
from the country press denounclng TINS very Dill among
papers saying four out OF five OF the people, were
against It, He therefore insisted that the Di Is 70
mss II should pass with the amendment offered the
neOpe are entitled at least that much consideration
ii those who want this bill are to nave IL gwen 10 the
tho amused should be given the poor privilege OF
knowing that 1t was limited In the time OF us 9eIalon
so that 1t may cease proves the Smen
the Republican party Will be made 10 s'agSer at
Mr. ABBOTT was in favor OF the bill It is and with
amendment II " proved to be good law u would
stand on its merits II 1t bad the next Legsla
ture could repeal It, he regarded this as good law,
looking ii FROM the stand point OF poor man he be-
heyed IL would be beneficial 10 him than to the
rich man Something had been said about men digging
their political graves II they voted for the b II 50 he
was ready TO tumble INTO lis he had long thought
"a law ought To be on the statute books
Mr. VEDDER was in favor Of the amendment; he re-
garded as providing for an experiment. 1t was
a question whether 1t would prove sdiutIry or not.
II there was prophet here who knew and could
declare that this law Will inure 10 the benefit OF all
the people let him in his place and so decare but
II not then let act cautiously and put 1t IN shape TO
have IL expire at certain time II IL prove TO DC Dad
law II is claimed that the commercial interests OF the
state demand this law II aud the rest OF the people
are not damag d. two will De long enough 10 settle
the question: ANA it be continued If the contrary Is
tie case let the law fall at the expiration Of the
Mr. PRINCE said this was a subject to which he had
given much thought. and while he was in favor Of
modihca Of the Usury law. still he In favor OF
this mcudment 1t would do no HARM and II would give
the opportunity OF those opposed to 1t to prove that 1t
ment and will make the law much less obnoxious to
those who have always been opposed to the repeal OF
the Usury law. He therefore thought the amendment
should be adopted.
PROTEST AGAINST HIGH RATES OF INTEREST.
MrBATCHELLER said 1t seemed 10 him that all through
tins debate tue great mad been made OF making
commodity of money. Money was not commodity; it
not product OF the soil 1t could not grow and in
it6ef like other products Of nature 10 simply
representative of value made necessary for the puT-
pose OF carrying trade and commerce. 1t bore on its
face the OF the Government, and
Obliged 10 receive in exchange for property
features and say they mus take them In liquidation OF
Indebtedness at fixed price, but we Oblge them
take our money! therefore, 1T not necessary
to hedge in this article called money with the most
stringent safeguards OF law. He warned the House
against opening the door to the fluctuations which mon
eyed would invest money with under such n law as
this The inerests-the substantial agricultural aud In
dustra interessOf the State want money stand at
one value. He declared that per cent was too
high rate. Every cent above per cent was Just so
mich too great for houses OF industry TO bear He
warned the House against the disastrous experiences
Massachusetts, In the matter and pointed to the fact
that in the older countries the OF interest
have been reduced instead OF increased. He claimed
that there settled opposition N the minds of the
great mass people against repeal OF the usury
law aud that sentiment has grown and Is constantly
growing II is SAID that this only modification OF
The usry Law. In whose interest then the modica
ton made Is II IN that OF the enderi He read from
letter written by Nahum Capen, showing the disastrous
results in Alabama elsewhere caused by the repeal
OF the against usury As to the amendment he was
in favor Of its adoption because he that TO
this law, and the amendment was in favor OF tho
Mr. PIERsoN spoke at some length on the question:
taking the ground that, for the Republican party
concerned, that political party the best which
redOunded most 10 the broad public good. He had
always loved the Republican party. He had loved it
because he had always thought IL right, and no
confessed that he was somewhat embarrassed by the
frequently taken here BY the members OF that
party Standing here In larger numbers was ever
known before, they had often marched forward appar
emily with sold ranks unl reaching the climax, when
they scattered Such action he confessed, had embar-
raised him. and he was now embarrassed TO such
men rs the gentleman from queens County ir. Prince
yacilaungi tho gentleman from Ontario
whip which he despsed and the gentleman from West
chester r. Husted always 80 sharp. witty and saga
cious standing aIooi from this question This conduct
be repeated, embarrassed nun Considerably. IL
treney embarrassing To him 10 these leaders OF the
House-gentiemen at whose feet he was willing 10 sit
and be misunderstanding ia the way they do This
cstOn, simply whether IL was FOR the good veal
people IL was not party question. Then, as 10
whether u was for the good Of the people not he
turned 10 the message OF Gov DIX, from which read
y \
proposed Mr.. PersOn then proceeded to discuss the
question with view 10 show that this proposition was
just the one that should DO enacted into "A law.
Mr. HERRING spoke at length against the amend.
ment and ia favor OF the bill He hoped the Repub
icans OF the House would cOurageOusy vote down this
amendment, aud follow the lead OF the nand old hero
" no had recommended the repeal Of the usury law
Mr. A Is. CORNELL asked the gentleman m ne con
sdored he following the recommendation OF the
grand old hero" lao referred TO IN supporting bill
fore the House.
MIR HERgISG-I do consider that avn following him 40
far THE House an Ito cOWdrJos dared to follow hln
flf Ia IN