Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1874-03-27
TKcY5fferel.s1iI ain.

We give below theinterest bill as it pass
ed both houses Of the legislature, with the
single remark that bill sentitled bill to
regulate the tides of the ocean" would be
just about as effective in accomplishing
it's object:
/. Bei enacted BY the General Assembly,
That sections4, 5, 6, 7 and of chapter 1877
of the Code of 1873, and section of chap
ter SO OF the same be amended and re-en-
acted so as to read as follows:
4. Legal interest shall continue to be at
the rate of six dollars upon one hundred
dollars for year, and proportionably for
greater or less sum- or for longer or short
Ell time and no person upon any contract
shall take for the loan or forbearance of
money or other thing above the value Of
such rate.
5. All contracts and assurances made,
directly OF indirectly, for the loan OF for
bearance of money or other thing at
greater rate Of interest than is allowed by
he preceding section shall be deemed to be
or an illegal consideration as to the ex-
;ess beyond the principal amount so loan
ID or foIborne. ri
s. ANY bank authorized to- carry OH bus
ness as bank of circulation, deposit, and
discount may loan money for a period not
I'll of exchange, prOmissory note, or other
negotiable paper for he payment OF money
which will be payable within six months
rom the time of discountiug the same
Such bank may take interest on its loans
or discounts at the rate of one-half OF one
oar centum for thirty days. and the inter
est 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 mon
ey OF discount bonds, bills, notes, or other
| paper may loan money OF discount any
bill of exchange promissory note, or othei
negotiable paper, at a rate of interest not
exceeding one-half uf one per centum for
thirty days. and may receive sucl interest
| in advance.
8. Any defendant may plead in general
terms that the contract, OF assurance on
which the action is brought, was for the
payment of interest at greater rate than
5 allowed by law, to which plea the plain
| iff shall reply generally, but may give In
violence, upon Che issue made up thereon,
INV matter which could be given in EVIL
lence under special replication. Under
he plea aforesaid the defendant may give
IN evidence any fact showing, or tending
20 show, that the contract or assurance.
IL other writing upon which the action
Vas brought, was for an uslrlous consld-
ration and when no such plea is made,
t the contract or assurance be i'll writing,
md usurious interest be provided for there
in, judgment shall be rendered for the
principal sum only.
6. The money received on deposit, and
ther funds of the institution, society, or
Dank, may be invested in or loaned on any
stocks OF real security, or be used in pur-
chasing OF discounting bonds, bills, notes,
" other paper, subject to the following re-
itrictions: That no surety for money
or other valuable thing, which may have
become payable, other than certificates
IF this State or of the United States,
II of corporations, 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 OF dis
counted at rate of discount or interest
exceeding the rate OF one-half Of one per
centum for thirty days !; but the interest
in any case may be received in advance.
2. Section 10 of chapter 1877 of the Code
of 1873 is hereby repealed.
8. This act shall be in force ON and from
the lSt day of June, 1874.