New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-04-24
ALBANY.
MODIFYING THE UsURY LAWS.

MODIFYING THE USUk1 LAWo'
VIM SENATE PASSES BILL TO PREVENT UsURY-
TWO VOTES on TUE SANK BuL--EFFECT OF THE
PROPOSED LAW.
rvRoM THR REGULAR CORRESPONDENT OF THE TRInuSE'l
ALBANY, April 23.-The chief event in the Senate,
This morning. was the passage of Mr.. Winslows Dill
70 modify the Usury laws. The bill is entitled
~An Act to Regulate Interest and Prevent
T,ury.D 1t was introduced by Senator WINSTON
an the 9Th of February. and referred to
the Judiciary Committee. On the l4th Oh
February it was reported by that Committee for inc
consideration of the Senate. After having been III
the Committee Of the Whole two OF three times IL
was ordered to a third reading on the Goth OF MarVn
Two DAVIS later it came up on the question Oh l'0
final massage and was lost having failed 10 Ie0o,'
The votes of majority of the Senate as "
Che Constitution. The vote on that occaSioi We" -
follows Democrats in italics ,o-,.
yE,s-Ncesrs. Allen Chatdeld COek, Graham, LEWIS
Lord Robertson, Scoresoy, I1epG'" ""N"'''
VIZ HIYsMesSr Adams. Benedict, Bowen Deknsop'
narrower johnson, MCGOWAN hAuoen' A''i'' "
Wood J. WOOd-n
The vote by which the bill passed to-day was
Yr.s-Ncssrs. Allen Bowen, Chatheld, Cock; Foster
Graham, Narrower, LOWS IOIG, A"IPxxSy Wnodin
Seorcs6y T.emana Wagner Winslow, j. Wool "oouin
YlYs-Messrs Adams, Baker, Benedict Dickinson
JOhHSyn, LoWeTy' MAuooh' v % '''' A"1'
d. p Wood-ll.
I,viil he noticed that the bill received only the
q, votcs necessary TO pass it, Messrs. Bowen, Har-
,ouer. and James Wood who voted against the bill
an tbe 2Sth Of March, voted in favor Of it to-day.
n, Weismann voted for the bin in March and
,g,inst II TODAY. Messrs. MCGOWAN and Perry, who
were absent to-day, voted against the bill in March.
The division on the bill in full Senate would have
been II Yeas to 10 Nays. OF the four Senators from
Gev-York City, three voted against the bill, VIZ,
Benedict Weismann, and OBrien.
II the bill should become law, it would still be
Illegal to take more than seven per cent interest.
The penalty for taking than the lawful rate is
reduced TO the forfeiture of the interest leaving to
Ae lender the principal intact. No person but the
borrower can bring suit for the recovery of the
sxcess Of interest above the lawful rate and no suit
ron be brought by the borrower unless commenced
within six months after the time for which the
money was borrowed has expired. The above sum
mary includes all the changes which the bill would
affect in the existing laws The last section pro
vides that the act shall take effect on the LIST OF
August next.
Mr. Weismann has introduced an elaborate bill to
prevent the construction of the Gilbert Elevated
Raway. IL authorizes any person who is dissatls-
ned with the present location of the route TO apply
TO any Supreme Court judge of the First District,
within 80 days after the passage of the BILL for the
appointment of three commissioners, any two Of
whom may prevent the company from building
the road by signifylng their pleasure to change the
route. Within 30 days more they may file
certificate with the Register of the county. The
company must then appeal within 20 days
70 the Supreme Court, General Term. The Supreme
Court may then IN due season fix the route, by
which time it is presumed that either the Gilbert
Elevated Railway Company will have passed out of
existence OF that some centenarian from NewYork
will be prepared with bill to suppress its further
operations. The bill was referred to the Judiciary
Committee, instead Of TO the Railroad Committee,
where it properly belongs, that reference being
made by unanimous consent at the request Of Mr..
Weismann.