Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1874-03-23

TIE INTEREST BlLL.-The bill! fixing the
rate of interest as it came from the House OF
Dale9ates, passed the State Senate on Satur-
day, and, it is said, will unquestionably receive
the approval of the Governor, so that 1t may
be looked upon as law. The following are Its
provisions
!. Be- it enacted, de-, That sections 4, 8, E,
7 and of chapter 1877 of the Code OF 1873,
and section 6 Of chapter SO OF the same be
amended and re-enacted so as to read as toll
lows: =,
d. Legal interest shall continue to be at the
rate of six dollars upon one hundred dollars tor
a year, and proportionably ter a greater or less
sum. or for logger or shorter tlme aad no
person upon any contract shall take tor the
loan or forbearance Of money or other thing
above the value of such rate III ;, ;.
5. All contracts and assurances made oil
rectly or indirectly for the loan. or forbearance
of money or other thing at greater rate OF III
-terest than is allowed by the preceding section
shall be deemed to be for an illegal consideration
as to the excess beyond the principal amount
so loaned or forborne. ..~.,.: .-a.
6. ANY bank authorized to carry on business
as bank of circulation, deposit, aud Discount
may loan money for period not exceeding Six
mouths, apd discount any bill OF exchange,
promlissory note, or other negotiable paper TOR
The payment of money which will be payable
within six mouths from the time of dlsccunnng
the same. Such back may take interest on It's
loans or discounts at the rate OF one-halt OF one
per centum for thirty days. and the interest
may be received in advance.
7. ANY licensed broker or banker, and any
corporation authorized by law to make loans
or to: purchase or discount bonds, bills, notes,
or other paper, may loan money or discount
bonds, bills, notes, or other paper; may loan
money or discount any bill Of exchange. pro-
missory note, or other negotiable paper at a
rate of interest not exceeding one-haIt OF one
Der, ceutum for thirty days, and may receive
such interest In advance. y.
8. Any defendant may plead in general
terms that the contract, or assurance on when
the action is brought, was for the payment OF
interest at greater rate than Is allowed by
law, to which plea the plaintiff shall rep y gen.
orally, but may give 10 evidence, upon the IS,
sue made up thereon, any matter which could
he given In evidence under SPECIAL replication.
Under the plea aforesaid the defendant may
give in evidence any fact showing, or tending
to show, that the contract or assurance, or otn-
er writing upon which the action was brought,
vas for an usurious considerations; and when
no such plea is made, if the contract or assur'
auce be in writing, and usurious interest be
provided for therein. Judgment shall be rau,
dered for the principal sum only
6. The money received on deposit, and other
funds of the institution, society, or bag <, may,
be invested in or loaned on any stocks. or real
security, or be used in purchasing or discount
ing bonds, bills, notes, or other paper, subject
to the following restrictions: That no surety
for money or other valuable thing, which may
have become payable, other than certificates OF
this State or Of the United States, or of cor
porations, shall be purchased for less than the
full value thereof. with all the Interest due
thereon, and no debt or claim to become due
other than such certificates, shall be purchased
or discounted at rate Of discount or interest
exceeding the rate of oue-haIf of one per GEN.
tum for thirty days; but the interest In any
case may be received 10 advance: !.
2. Section 10 of chapter 1871 of the Code OF
1873 is hereby repealed.
. 3. This act shall be 10 force on and from the
1st dav of June 1874