The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-02-12

lat evening Iu reject MF, Johnson Dlll
.., I ,.,ort the substitute offered by Mr..
T,,nat
~----
rh,Interrst 0"c~tlo" In The legislature
The House of Delegates debated the
nay bill at great length yesterday, both
during the iay ahd night sessions, and
adjourned at iasL Without coming 10 a
yOle. Tile hIII discussed proEldes Tor a
forfeiture Of double the amount OF money
loaOe IN cases where more than SIX per
rent is charged. This is about as sweep
Jog bill MS We ever remember among
lhemany that have been discussed ut one
time OF another by our various IeglsIa-
turs. When tile present law was enact
elitWas regarded as compromise, in
amncI as while 1t establishes per cent
sIhe legal rate 1t lniIIcts no penalty for
aTeaieF rate SIX per cent is the only
rate that can be collected by law, and in
allcases where usury lspIeaded and prov
en- the costs OF suit fall upon the money
lender Thus the borrower always has
htdeFnler resort under tho present law
Then crowded to tho wall, and 1t protects
hu e'lec'naIIy'
The proposed law steps in and iorbids
any contract ioF more than SIX per cent.
HaIer penalty OF a double Ior-
tIIare' Iiow such law can be made
TO work these days Is grave problem.
Its exactly the law oil virginia when We
we've a part Of that State Those who re-
SI&cI The worKIngs oil That Old law Will
NaflIllsF 'I'al 1t d'd not prevent usurl-
'u'tOn'FacIs tor money This too, not
outstanding I"e 'act that 1t provided as
@epTOpoSvI law does that the lender oil
money could be compelled to discover up
oaPa'A all OAFEalns' contracts or sllllts
relative to such loan anu the interest or
consideration OF the same This tea-
'a@ OI the old law did not pre-
veal persons from buying notes ut
navy s''aSe'' AMI all efforts to suppress
Uaty Oy that Indirect method did not
%I H. Inc TACT ls' that II a man is
Po''el ior money to such m extent
HO be willing to pay usurious rates
:" IL lie VIII get II II he nus 70 sell
na%IEf al rate greater than Is now
"Ise' an" II ile goes INTO the'markei
aD'*'" II '"GFe Is 'O way ol punlshlng
'AE''a'' VII" buys 1t.
|'~' '''c rate "' interest Is limited to
w., 'eO'' under lhe penalties inflicted
E%g proposed law, it would seem as i "
''SA'c'lanSr would become necessary in
T,s 'u''''''S VI BANKS III West Virginia
'IF! aF' now taxed as follows;
W. V''y pr cent per ann'lm on the't
BnrRaI ia
's,'st S y e''E"la''c"' 7s
-, V"''H"'' OF one per cent per annum
'4%e'' ~ average deposits
-, o0e'l'a'l OF one per. cent OH the
T-s' ~ amount OF capital stock invested
y, ",S' =, SlaleS MmI5.
"''' '''e ''ill amount ol State, county
,I' "S, aS On IheIr real estate and capi'
aNOck
ad these together and see how many
n.y., sso4a' banks, or any other kind, can re-
. a--'l 'n 'Sl'lcnrein this State. Even now
,ss ,'ss O' The banks that arc State deposi'
'sD5", ,,'.I, ae sending wordto Treasurer West
y, ~'s,T''%% s% '''eSt"tc'smoney, as they can
,s,. ''ION' ''m f" pav interest on it. lftl.is
y, ~~'y DIL passes, "" apprehend that nc
a'S'a's'smoney on interest, or, for that
w., aa'SE' =, anybody "lsc's. We are aware
S a., w.t. y, 'nap Stuart pooh.poollcd tht
Ds1,'l D,'1 Of their not wanting the none,
Ia, s'si a;'s. Su'', circumstances, in his spcecl
SIn.sn,, ".s",, "n' then Mr. Stuart, smart us hi
o,s, t" ,I,a 'E''o" everything. lie can'tge
,er., ',p ,,,, s,'', circumstance that the dcposi
J.Do,i'. a' even, even now surrc"dGring tho Stat
Va, 1iI VII, "." :, Il they are doing this nos
lreSn.. ".' lucy I,,, d" whe" the present bill
NJ -,.s FSss. .aS W.,
a.oo, ,I4'' ,Ia .a''. .'a" much to say last nigh
onl' ,s., SS ,En, ,,4 twelve "nd fifteen pc
aon., "'Is S,.I, 'Iy banks were charging 70