The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-01-31
LEGAL INTEREST
Shall 1t Be Reduced to
Six Per Cent? !.
HUNTING INSURANCE GAME.
Proposition to Facilitate the River improve
ments at Spuyten DuyviI
ALBANY, Jan. 80, 1879.

mcnt with which Senators have been for several
weeks assailing the Of their constituents
srikingy illustrated this afternoon. Senator Tur-
ner offered resolution appointing L. A. Carter to the
position OF clerk to the Committee Privileges and
Elections There is not single seat in contest nor
is there 80 far as human foresight can tell. tho
slightest shadow Of chance Of there being any
thing whatever for that committee to do. Prob
ably it will not meet at ALL Yet in the
face Of tbeee facts only I'VE Senators
voted in opposition to the appointment. and it
made Senator Ecclesine tersely stated the situation
and voted "No." His example was followed by
Messrs. Hogan, Payne and St. John; oil the others
voting eyes" Consequently the people Of the State
will have the pleasure Of paying about Sc day from
now until the close of tho session to gentleman
who need not make his appearance here except to
draw his pay. Only few minutes before this prac.
tical direct and present test OF the sentiments
of the honorable gentlemen in the matter
of public economy was made there
still another opportunity afforded them to
show how anxious they wore to reduce expenses
sometime in the sweet by and by''-on paper. They
all voted for that ut II aresolution offered
by Senator Murphy, calling for joint committee Of
three Senator'S and five Representatives, investi-
gate the entire government of the city of New York.
including the Legislative financial Judicial and law
departments. The committee. it is proposed, shall
have the power to administer the oath to witnesses
| and to compel the production of books and
! papers. 1t is provided that it shall report
| to the present session Of the Legislature
| what departments Of the city government may be
| abolished consolidated with advantage; what
| salaries may be reduced, what officials dispensed
with apd generally what measures may be taken to
tighten the burdens of the oppressed taxpayers.
This was adopted without dissenting voice. To
paraphrase Popes line it would seem that public ex-
| penses never "are." but always "to be" reduced.
| q
The trustees of the Five Points House of Industry,
through Judge Robertson. of westchester ask for
adopt into families any whole or half orphans or
destitute children that may have been in their
little ones under years When children are over
ten they ask authority to adopt them out after they
have had the care OF them six months. secoud
section OF the bill directs the Board of Estimate and
Apportionment to hereafter include in the tax levy
to the House Of Industry So per week for every child
| supported by IL. The measure Is in the hands Of
| the Committee Finance.
| LEGAL INTEREST PER CENT.
The debate OF the day occurred on the bill Of Sena
tor Edick, which was favorably reported by the
| Committee Judiciary. This bin. il will be
membered fixes the legal rate OF interest ut six per
cent, and makes another amendment to the laws
| lating to Interest Of money" This amendment is
very important, it affects every person in the
| State that has dollar to lend that has
lar. senator Edick intended by the change
| to prevent middle men from getting usurious
a "t any so
| agent trustee. or any person acting on behalf Of
the borrower or lender to directly or indirectly re
ceive any recompense beyond the rate or interest
mentioned, and the acts OF any agent acting on be-
| half OF borrower lender shall be deemed the acts
OF the principal. Nothing In the act. however. shall
be construed TO prohibit the bond tide agent attor-
ney either borrower lender from being paid for
his services in getting loan. senator Edick made
clear aud eloquent little address In support of the
amendments proposed. Senator Mccarthy took posi-
ton adverse to them 1t appeared to him that the
interpoated into the act could not properly be passed
as an amendment, because, in his judgment, they
changed the whole statute. As for the first section.
changing the OF interest. that well enough.
| Any amount could now be borrowed at six per
| on bonds and mortgages. The proposition to
the borrower all expense, however. would not. he
| thought. work WELL Under the laws incorporating
savings banks borrowers were expected to pay ali
| expenses Incidental to loans. The trustees OF
savings banks were. after oil. only acting
agents for the poor depositors, aud il the
banks were compelled to pay for the searching OF
titles to property on which loans were asked it would
be severe tax upon the aforesaid poor depositors
and would in many instances prevent the loan being
made. In this way the proposed amendment would
| lead to great suffering among farmers and others
whose very life depended at times upon their getting
loans This class did not object to paying pretty well
for money at such times.
| Is THE CHANCE NECESSARY?
Senator Loomis Thought that Mr.. Elick in
| error in saying that poor men and farmers the
borrowers anu capitalists tho lenders He OF
cause their deposits supported most Of the sayinss
banks OF the State. Senator Ratnes not aware Of
the slightest necessity existing for any change in the
rate OF interest us fixed by law. He was not
| in favor of increasing 1t. and until the
business interests OF the country demanded
reduction he should not feel called upon to
sustain any measure having that object In view. lie
i criticised as inconsistent tine position assumed by
I Senator Mccarthy in declaring In Of q lower
rate intercst and then excepting the second
ton regarding middle men and Incidental charges.
The debate Was listened to with interest BY the
Senate and everybody seemed fully alive to the inn
| portance OF the Proposed amendments. Permission
to sit again on the bill was accorded the Judiciary
Committee and further discussion was deferred
| ASSEMBLY, EcosoMY.
Another lengthy debate was INDUCED in to-day in
| tive expenditures, The matter came up ON u mo-
ton OF Mr.. Hepburn TO Immediately appoint clerk
to the special Committee on Apportionmont. Mr..
Brooks took occasion in discussing this proposition
| to rap the republican reformers over the knuckles
committee clerks and messengers WHO were paid
high salaries tor doing nothing. Mr. skinner
offered substitute which called upon the
Speaker to designate the messengers al
ready appointed who would discharge the
necessary duties incumbent upon clerk to the APP
| portionnient Committee. Mr. Brooks applied tho
lash vigorously, and no supported in his position
by Mr.. Skinner, republican member from Jefferson
county. The latter called attention 60 the tact that
5000 had been expended for messengers and clerk
the committee last year for work for which an
compensation. The usual bunoombe was INDUCED
In by several members who wished 10 "plsce thom-
selves on record In this retrenchment business.
Speaker to DO imperative legal grounds IL passed.
Mr. Hepburn's resolution providing for the appoint
ment of clerk was finally adopted
| REDUCING ALDERMEN.
| Mr.. Deans bill proposes that the Aldermen shall
salaries made 5000 instead Of per annum the
| President OF the Board to have 5000.
INSURANCE TIuHr CONTINUED.
| Another blow has been levelled ut the Insurance
| Department in the resolution OF MIR. Fish calling
| upon Mr.. smyth 10 furnish the list OF Asscmbyincn
the present Legislature any. who have any claims
| for examiners or appraisers, DC. In insurance
matters.
TUrAL ABsTAINEIis.
Petitions continue to Ia from different parts
of the state asking for the passage Of prohbitory
| liquor law.
| REFORM IN BROOKLYN.
| Mr. Stevenson aims to cut down the salaries OF
| officials In Brooklyn ten per cent after the LIST OF
| January next This bill gives the Board OF super
vsors authority make this change after that DATE
Another proposition from the same gentleman sng
gests the abolition Of the Offices of Supervsor-at-
Large and County Auditor, and inerges their duties
with those OF the President Of the Board OF super
| visors.
PECULIAR cREMAronY PETITION.