New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-02-21
NAIIE OF MnNTY.


me SIX PER Cent INTEREST BILL DrBA1Ep AND
ORDERED 10 A THIRD EIADINC IL TIE SENATE.
t,r0, TIE EI.UI, G -roNUCNT or THe TRIBUNE
ALBANY, Feb. 2O.-The proposal 10 reduce
She legal rate ~ uteres IN tuis STATE from per cent %
cr cent wa, the subject OF LONG deha'e ~ the Senate
To-Day. N which most OF the LEADING Senators tooh
part. Inc proposal De- emnudie" lu bill introduced
by senator Eick. Il j, suspected that the friends OF
the measure have go.t as We! as q financial OBJ
ia,t 10 view, reasoning that " the farmer" VIII
look with special fvor upon such candidates
FOR the senate next Fail have secured HIN, az
-t osteus BIZ reduction 10 TIE amount Otlutegcst 10
%. paid on borrowed u tho future. Ia Tie course
" The bate o. the ideas expressed w4ca acts pr
Tie abolition Of the Usury laws are under discussion
were again uttered. As usual. the business ueu,
tho bankers especially, were IN favor u, Ic-
moving all restrictions On ratc3 Il interest.
The opponents Of bF concentrated tArr eto;te 70
defeat g. howcv. r. on minor feature. They SAID l.tIe
about the potcy OF reducing the rate Of interest, but
much concerning d clause declaring that " the acts o.
the attorney agent trustee or any pcrson acting
behalf of tue borrower or lender, shall be de med
the acts ot their principal" clause ruling out middle
men, in the following woods. Was also severely cs,t-
c,sed No person OF corporation. Tor any ATTORNEY,
agent, trustee person acting in behalf o. or
for the borrower lender, shall directly or indirectly
take or receive n money. services. goods, or things H
or m any otuor w.y, any greater value Tor the
loan or forbearance ~ money goods, OK things
tc.Iou. than is above prescribed
senator LOOMS opened the debate with long speech
ia which lac dwelt especially t, atto upt 10 90
Win the services OF nlGdemcu lie SAID that the effect
az this action would be- that the owner OF farm who
c,si.c d o. obtain o loan upon lt from an Insurance
cofpuauy in Nrw-Yurk would have 70 20 90 that city
and personally transact the business. Senator Hughes
-d that 10 was his opinion that ths rate o. Interest
should be reduced Money ought 10 he brought down -
& r,r cen;-tnat would give It honest aud solid
MOT vYv mar
fife United States Government, FOR instance. get
ting all ~ wanted at per cent. d" The flannel" was
kuo,Au. the doors OK the Legislature FOR reor IN
tu, respect and MS wishes must bee respected Senator
Harris SAID that had NOS heard tA- farmer knock
.sat the door; there had been petition, even iog
r,iuotion NJ The rare of Interest The subject
of vas, inpo7tauce aud -hou he very carefully
5ered some of tEc ablest bankers In Albany % ns
grouaIutance differed Oh the sUbjec.. senator
Mccarthy then moved that tho bi-which
about 10 be read a third time aud passed
be r,coumitted 20 the Judiciary Committee
f,r examination. lie sad that he could not sea
what business vHo held real estate would do III
case they desired 10 borrow money after the bin wa
passed Twohrd VI the business mcn % the state held
only personal property. By the provisions of he Dill
they were cut of from getting money At all Tn
tact was that the largest half % the money used By
l;,,uc-s nCn paid Tor al the rate % more than
rec cent senate: Ecclr1ile here inquired Z good com
nerca! paper could De- sold &C per cent senator
Mccarthy Piled that U could b.; but that Il must b.
rr,tcass II the Senators wouI look at the com
mc.cial report, however, they would discover
that me rafe, OF commercial paper w.re g..
90. my fr, 4 fo : mar cent There Wa, another ohi.c-
'"' "'' '' = . 49,, - a.,
ton. Mru every CAV CIs'O9eu Iue present Ia" IA
regard 10 uaury. They DIVE tArOpSA IL Win morse
- coach evary DIV Ersiae.. men were forced 10
'Nu O''" -, -r,.,' ~, = -. ~,
tao3ry 'h' ''l-9 nv 4"'S 1-'''l' N0''-u nun =.
tImes. and wi ~ 10 pay ans rates to obtain IT. II
NOW and stricf- law on The subject were passed thrY
. o., ..t,. -, -, o.. la,
" MA SUI ui-"oc' an" '' ''' ''" 'i'''' i'' nv
-tuarOr John -ail ih4t tie debate seemed 10 b"
,,..d al the iYnyrV-lrud,r, - tue snylpcL. There
- . -. number 90. ba-,kt-g examinations winch
W. , -. . , 80. la.
W"I! De- '''o'-' 'de'''u ny '"o passage oI ''' u"
The charters % the -aTn-~ banks req red tn- app-
. ..- ..t .Y t., t.. fu. rvU.t.-. IL Ia aIu. III,
''"'' '' e.. It
Ire I'.'' o. '."' '''' O. ''--'
we're cot II rom tvI '"H %. I.r t.''- examined hv