, 1879-03-05

WIS ts,tlowcd by MIR. collins, who ctnits,cd tint
ttic t1osornn,cnt should no moro nttcn,pt 10
pass laws iserffnlnatinE aQatnst tnoney finn
against any other c!ata OF property.
The bill was hnally ordered TO third rcat1-
Y Mr. Wilson moved to ss|,,spt the bill by strik:
Ing out oil TINT rurt Of tho bill excepting TINT
anl wl1ich IL pcr rens, aud providing that par
ties may contract In writing to receive a'1d pay
atly rate Of interest.
Mr. Wilson argued TINT fixing tl.c rata per
cent, which must always he. placed higher ttan
the current rate IN the market. simply tonrcis
tic lender to 'tletnnnt tltnt rnte. mil makes
money ,!carcr t,y forcing tic lender to deitial.d
premium for the risk he takes on making
loan aooyc the usual rntes. The Csury laws
have never accomplished tllo purpose for which
they were intended, nt,d nta tmpoitttc Mll I'm
mural III their tendencies.
Mr. Durfcc was not In favor Of practically
appointing tie State guardian for tic purpose
ii protecting The people who wcre. not mile tn
tnke uare of themselves, and putting tllssn otl
the same footing with lhc idiot, tic minor, and
thu femme covert.
money WINS and necessarily must be regulated
by theI rca.tvo supply and demand. sluney
ran to-day be obtaned Of much less ~
terest than Is allowed br law. Why
osy !. !'' Is s"ey esap 'l Il '',sy .y ns1kss sssass
These usury laws aro inopcsattye and unjust.
They tnrrca.c tho cost to the borrower. When
money Is worth y pcr cent mil tho Inv says II II
faet, ra,iwr than lover. Tic Value O. Of MONEY
and the ynluc Of Its use arc not controlled by
statuic, nml cannut bc, In the nature of tile
cnac, except By d law aB fixed as tho law OF
grnytnttonA. Sir. flOpk,us tt,ok strong grounds
for lower rate OF interest tan TINT named In
the bill, nn1 sent tic fs'l1uwng letter to the
CLERKS dcsk, 10 be read for tie Information OF
tkt llouss:
NEw YonK. Fob. =, 1s77.-7o IL, ,Lr1tsiaiart
fImA I'm s1nrrn NiAfta
of rea. estate ca!ls mperattye1y for reiei in some
way that yunr wlsdom will doubtless provide for.
NJ ea.ye nndss th 9na
botI borrower and lender. I'ho borrower ve,a dIs-
property which o does not want and cannot sell. md
i,odslhc unfortunate dtDtor for tho deficiency. fhn
holders af mortgages nsc largely fsom The East,
and 1Lfu.tnanraico companies nrO prominent ne
lenders, and nre Tho inost cxtortlonate OF all,
Claiming ths highest ratc ot interest or foreclos.
relies. :rnu CONNECTICUT Mutual Life Insurance,
OF Hartford. Cnnn., are tho holders Ut 'hc mort
rsge J. am w.iing nbout. They refusu nersn,ptor'y
stay Of two Of three years ut low rats Of inter.
est might bring mo ont without tnss, as, by TINT
time. propesty might and ptoDab'y 'yGnl1 Frca,ly
improve. 4 wise postponcnent would greatly Fc-
lluSo ynurs, respcctfally. JAMES DisowstSa.
Mr.. Butturvorsh, OF Winaobago, spoke in
favor OF reduction Of tic rntes Of Interest.
Farmers, manufacturers, nnd business Men de-
being paitl. Ton prr ccnt was too nuelt Tor
business men TO par.
DR.. Rogers, ut Mclean, made strong speech
IN tayur Of Tile changc OF iutercst proposed in
tho bill, saying thnt the pcopic demanded
lower rate.
Tho DOCTORS remarks wcro applaudcd. Tile
bill was tlnallr ordered to third eeEdE without
amendment, itxlng the rate of Interest ut per
| cunt on contracts nlld pcs cent un Judgments
| unh ACCOUNTS.
| THIS AFTERNOON Mr.. Mitchell, OF Mclean,
called up BILL 910 for the purpose 0f having II
rcad second tine anl passed. to third read-
Atr. Harrington raised tho point Of orlcr that
thts hllt was u Deficiency bill, unl theru were no
Vouchers or specifications to toll what tho af,-
preparation was for. 1t uskcl for s50U0 To
inry at Joliet. Tic said the bill was fraud.
anyhow, md to pass such q measure Was against
Eootl policy and good government. The Com
intsstuners had rtGht to ruu tile institution In
debt, or 10 10 beyuul tie limit Of tic appro-
sir. Wentworth called the attention of the
li9,.so tn the fact TINT thus measure, being Do.
ltetcncy hs1l, would require two'th1rds majority
| tU pass It.
Alr. Robson characterized the bill rs fraud,
and asked for tlnc to consider Its provisions
md lools up The vouchcrs ulld thu items which
made up thu nlno1lnt.
madc special order for II o'elock tomorrow.
| EARLIER HOURS.
Mr. Nentworth, from the Committee or
Rules, reported a resolution proYsd1ng inr til.
changing oil the hour Of meeting fronl 10 i. M
to q. nj. hercaltur, 4 sauabblo cnatleu ovci
The ndoptt0n ot the report, tho Republicans be
Ing generally for 1t A.ltl 1le Democrats aGntns
1t. The Chair was unab'o to determine whclel
the report wnB adopted or lost by Il vlva yocs
vote. md the yeas ltu nays wero called, Wte'
it vas found that u VOTED for 1t ulll 81 ngaius
1t. Tie House t!icrcupou adjourned to u. TT
tomorrow mprutily.
| scRo06s.
THIS afternoon tho Hon. George ScrogGs, O
Chnn,pa!Ep. ~ being congratulated by his FOL
law-inctnbcrs Oh h!s appointment ia Consul K
iianbutC, the news Of which reached lin thi
uIterHGitt,. Mr.. SerDGgs received these con
gratulntions with smiles that were raliAnt INT
bultry. Mr.. scroCys, WHO has been !rozcn VI
with cold for three Wecss, on tIu receipt o
this ncws suddenly thawed out. and Is as tropca
Us 4 lady in july.
| TIE HON. c. II. ilAnpY,
ol Chicago, Is here looking after the bill rcgu
latIng the interests vi Masters IN Chanccry.
THE LABOR CONM1rTEn
who visited Cn!eago to investigate the contlitEo,
VI workliIgincn ttlere wcEu in their PLACES tn te
Il0us9 to-day, anu In sllurt ttulu will l1av
t.Ieir report ready to presrnt to the Genera
Assembly.
:, GEORGE WEHDLING,
who Ias brought himself Into nutoElcsy by re
futlng thu doctrines of Bob lngessolI upou til
subject Of religion. waa upon tl,e flour VI III
lt0tac Ills morning, n,ld Grnvltatea to III
DGUiucratic s!dU Uf tnu clnnloGr, where lie re
reivcd u tender anu synpatArttc welcome. /
Is thought fortunate thing for WclilsihE thu
tngersull was burn.
WISCONSIN,.
ElDAfNG III,