New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-05-01
VOL. XXXIH... NO 10,00S.
ALBANY.
AMENDING THE UsURY BILL.


AIRY MArTER-EFFECT OF SPEAKER CORNELL
AMENDMENr-IT POSTPoNEs THE TAXING EFFECT
OF TIE BILL FROM JULY TO AUGUsT-INfEREsl-
ING DEBATE IN THE ASSEMBLY.
fTRoM A REGULAR CORRESPONDENT OF TIE TRIBUNE
ALBANY, April 3O-At the opening of the Assem-
bly, this morning Speaker Cornell called Mr. Hustled
70 the chair and, taking the floor, moved to recon-
nit the bill that ordered TO third reading last
evening, modifying the Usury laws, with lrstruc-
tons to insert the same amendment offered by MN
and rejected last night, so altered as to make the
law take effect the LIST Of july instead OF the ISL
of August, and that it continue in operation two
wears instead Of one. II appears that since the
session last night several of the leading Republ-
.an members have got frightened about the
elect that the law might have on tho
Republican party, and disposed TO take the back
track so far as modify the law in accordance with
Nr Conelrs aro~ndment. Mr.. Hustled was the first
"a suggest i'm the debate last evening that the inter
ests of the party might be at stake in this bill and
TODAY the discussion among Republicans turned al
most wholly upon this aspect of the question Speaker
Cornell led of by warning the majority to be eau
lions how they passed BILL without the limitation
proposed by his amendment that so closely affected
the great BODY Of the people. With his amendment
the bill would be regarded in the light of an expert
ment and if it proved to be bad one, it would ex-
pire Il itself in reasonable time and might be re-
pealed sooner if the people desired it.
Mr.. Lincoln Of Ontario followed in still more ex-
phcit language touching the partisan aspects of the
bill lie said that the passage of this BILL " on top
of the Credit MObher scandal and the Congressional
steal would cause the Republican party to stagger
and totter to its fail in this State" The object OF the
amendment proposed by the speaker was to break
the fall Of the bill on the people of this State. This
bill was but another incident in the great tight
between moneyed corporations and the people, and
it was safer in his opinion to stand by the people,
as they were bound to prevail in the end.
Mr.. Abbott Of Orange followed Mr.. Lincoln, and
took precisely an opposite view of the bill In his
opinion Il was in the interest of the poor man, and
ss such he supported it, He saw no use in the
amendment proposed by the Speaker If the law
proved to be a bad one it could and would be re-
pealed even before the limitation proposed and if
it proved to be a good law there ought not to be
any limitation Of the time in which it to remain
in force. Mr. Vedder sustained the amendment on
party grounds although he in favor of the prin-
ciple of the bill Mr.. Prince said that his constitu-
ents were a unit in favor Of the bill, or of some
modification Of the present usury laws, but he recog
Rized the fact that there was large and intelligent
portion Of the people of the State who opposed
TO it, and that its effect might be inimical to the
Republican party. He therefore favored the amend
ment proposed.
Mr.. Batcheller Of Saratoga was opposed to any
change in the usury laws although his constituents
were doubtless generally in favor of this bill In
his opinion seven per cent interest was all and even
more than any business man could pay for money
and prosper He was satisfied, however, that this
bill or something similar was bound to pass, and
the next best thing Cor him he would heartily sup
port the amendment of Mr. Cornell. Prof. Clark of
Hew-York thought the amendment unnecessary,
absurd, and ridiculous, and no cracking Of party
whip over his head would make him support it.
Mr.. Pierson Of Albany said there were two Ques-
lions involved in this bil-frst question of party
policy and second a question Of public policy. For
his part he had never been able to separate these
questions in his own mind. Parties were organized
70 promote the public veal, and true public policy
ought also to be true party policy At all events,
legislators were in duty bound to act for what they
believed to be the best interests of the whole people,
whateyermght be the effect upon any political party.
What had the present leader of the party in this
State-the brave and sagacious man whom we had
elected for our GOvernor-said upon this subjectf
pr. Person here read from Gov. DX's annual mes
sage an extract strongly recommending a repeal Of
the usUTy laws These were the words, be said, OF
The man who now represents the Republican party
Governor Of this State. In his opinion it would
be entirely safe TO follow such a leader this ques
tiOn. 1t a idea to him that the question of
the usury laws was a party question. He had heard
il discussed ever since he was boy, but never
recolected Of Its being presented as tenet of any
political party. He believed this bill to be in the
interest Of the peoples if it proved to be otherwise
and that the present Legislature had made a mis-
take in passing it, those who came after US could
correct the error.
Mr.. Herring of Westchester supported the bill and
approved the amendment. He maintained that the
Shylocks Of Wall-st., who had been represented as
the men chiefly DESTROYS Of the passage of the BILL
were the very men who prOfted most by the present
laws on the subject of usury 1t was their cunning
and craft exercised in evadng the Usury laws, that
enabled them to wiring from the unfortunate Dor
ROVER their extOrtionate gains. The present bill
would bring honest capital into the money marts
and cheaper interest. AS to its political bearings
they were unworthy the consideration of any legis-
lator. The only question was, "Is Che bill rightP
Il it was then il should be enacted into law, what
ever might be the temporary effect on parties.
The discus on continued for two hours and more
when Mr.. Yeomans moved the previous question:
which was ordered and the roll was called on Mr.
CornelPs amendment, resulting in its adoption by
vote of Go to A..
Mr.. Babcock Of Niagara, in explaining his vote.
said he was in favor of the bill and believed it to be
IN the interest Of the borrower. He also believed
that the fears expressed about the effect of its passage
on the Republican party were entirely groundless
He had no special objection to the amendment
lahough be regarded it useless and would there
fore vote for it.
Mr. Whalen Of Orleans in explaining his vote, said
that the sentiments Of the rural districts with
gard 10 this bill had been entirely misrepresented
at least he represented rural constituency who
were 10 favor Of the bill.