Wilmington journal., 1875-02-12

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From the Raleigh News
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III ksx8ASR8e IN II
"a \ = Sonats-An ExGitis.z See ene,A -
t. The censider Of the Usury Bill
came UP. In the Senate Saturday on it
third reading II Mr.. sIsel9rand move,
AS a substitute ths. following bill, be
r, ing the msiority report from til,
4 H5ass FAazfee Committee
i n, BILL TO BE EsT1rLED. AN Aor TO REa
! " iu4LArE rHE, 1H,1d 1kdaTG OF INTEREST, AND t,
/ PREVENT UsURY. ..>
l. SECTfoN l.. The General I4ssefa6ks
of- North Carolina do enact, That til.
legal rate Of interest shall be Elk pei
cent Per aunum, or for such time as
interest rusy. accrue, and no more
f'T0rlded, houerer, That upon specia
! contract in writing. signed by the
party to be charged Herewith, or hi.
agent, SO great rate as eight per
| cent. may be allowed. -i7t'
Sec. 2. That no person, banking
institution, corporation or company,
/ upon any. contract shall, directly or
|. i.lldirectly, take for loan Of any mon-
eys, wares, merchandise, real estate or
cUrmodlties Whatsoever, above the
vulue of sixJaolla y or eight dollars as
gslfuF3ded IN sectiqp first OF this act, by
way OF discount or interest for the for
lbeaFrauce Of one hundred; 42ollars for
one year, and SO after the rate aslhbove
s4ectH ed yfor q greater. or less sum, or
fefa larger or shorter time. Ands ali
bonds, contracts, and assurances wliat<'
-%oeSef, 9or the pay ment of amy prjn
clpal or money to be lent, or ooven1
at led TO be pefferned,s upon or for
any usury, whereupon or whereby,
there SHAH be reserved or talk h above
Up ratf Of SIX dollars nr, eight dollars
on the -1undf7d d as az ,resaid, shall be
vt4te9. sna esRsry person, banking insti-
tHtl"n, corporation Or. company, who,
9 laon snyscenascts shall ltaAe. accept
Stnd receive, by way Of any eorrupt
bargain, loan ors.ut htr. means s. hatso-
ever, for the forbeariEg or giving day
:ot aynent. afate Of interest greater
fifftu herei nj. efoie specified, Shall for
4a4it y IA lose for. every such offence,
tie double value OF the moneys, wares,
fhferch8ndlse or real estate SO lent.
bargAlned or Exchanged, to any person
Who viii sue for. the same. pr
). I Sec =. Iah+t sevtrys peron banking
Institution. corporation or COMPANY,
asaas al she ofho Gers and agents OF any
ltaRh !hg. institution cofporation OF
+ bIap any. who shall VOL latezt lie provis-
i"nS OF this act, small be gnllty of a
mlsdc mean0f, and on conviction III bhe
Superior Court, shall be fined net less
tAtta sl.D iior more than 81, coo
Sec +. That the provisions of this
act shall not be construed, TO apply to |
tny existing contract III conformity !
With iaw,aror TO oinvaidate any remedy |
- rights now exefcised by any |
Dtntdlng or Loan Association for their .
owIr stock --@ ".- ,--ti
Sec. 5, That all laws and clauses |
'i laws III conflict with TINS. act sfe
1eret'y REPEALED H@Hf
See. 6. That this act shall take feet !.
md be III force 80 days from aud after t
& ratification.
After a warm discussion, running
h,Cugh three huurs. dnrlng wticiI
me Mr. Morehead desired the refer
nee OF the substitute tothe Judiciary.
'onlml tee, the bill was put upon 5,s
'assage-. AT this stage (24 o'clocA3g
he advocates aud opponents became,
%csted, aud many of the Senators be-
an leaving the Hall, when the Ser
cant t-at-Arms was instructed TO briu II;
sck the Senators and TO close the
Mr. Llnney charged that the oppo-
eDts Of Nhe measure were. en1eavor-4
g to prevent, any action and fer thiG /
easUn he opposed the, reference of the
ii. This lmputation brought Messrs. |
ohke and Morehead to their feet, who /;
idthes did not care what the Senator +
light think they were there to do .
lelr duty to their constituents and to :
e euia ia9ss n5ss st st ths ths State and .aay they
easure against their wishes.
Tie substitute then passed it's third (
eading by the following voter
Affirm mative-tessrs. Bell, Cashwell, .
lement,a Holton. LeGrand, Linney,
owe, Marler, McE!roy, MCMILLAN, =
lore head, Parish, Paschall, Selby, ,
!1aw, Suiith, Taylor, Tucker, Walker, \
''ii{iausbH, Worthy and Young ga !
Negative Messrs. Anderson, Bry :
1T, Cantwell, C. Al. Cooke, N. S.
ook, French, Graham, Irwin, Jen-
ins, Latham, MADISON, McCauley,
|addell and Waring-14
Mfr LInney moved re-considera- {
ou OF .the vote by which the bill {
asged, and that this motion be laid
pom the table. ~..--. .F
MIR Morehead held that these being t
yo separate motions they must be
)nsidered separately. The chair so
ecIdef. ''rT
Mr. Morehead then moved that the
ote by which the bill passed. be re-
pending which motion,
r.. Murehead moved the Senate ad-
,urn, which last motion was adopted,
The motion to reconsider will now
ONE up Monday morning during the
lorniIg session, and as this will
ring up the whole. merits of the bill,
e. may expect to see warm discus