The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1880-03-06


A decision was rendered in the U.
S. Circuit Court of Pennsylvania by
Judge McKennan, in the First Nation
al Bank Of Uniontown VS.. Staufer,
which gives new light to the much
Irrigated question of usury, and is
therefore ofinterest to bankers. How
the learned Judge could hold that
there was any usury in the case, in
the light Of the Mt. Pleasant deci-
sion, is question that at present
remains unanswered. The follow
ing is synopis of the case and di
cision:
This is suit brought on note,
and the defense set up claim that
| interest in excess of the lawful inter
est was charged and further claim as
q set off for the amount of usurious
interest charged by the bank. The
case was previously tried before the
late, Judge Ketcham, and under his
instructions verdict was rendered
in favor of the plaintiff for the amount
of the note In suit with interest from
its maturity to the date of the YER
diet. A motion for new trial was
made by the defendant for the reason
that under the circumstances no in
terest was receivable upon the note,
and that it was an error in the Judge
to instruct the jury otherwise. 1t
was admitted that more than the
legal rate Of interest was charged
and received Ivy the plaintiff for the
period which elapsed between the
date and maturity of the note, and
the question is whether this subjects
the plaintiffs to forfeiture of the in
terest which ACQUIRED afterward. The
National Currency act furnishes a
clear answer to this question. After
fixing the rate of interest to be taken
by national banks at that allowed
by the local law, the 30th section Of
that act enacts; "And the knowing
~ taking, rcserving or charging a
rate of interest greater than aforesaid
shall be held and adjudged to be a
forfeiture of the entire interest which
the note, bill, or other evidence Of
! debt carries with it, or which has
been agreed to be paid therein, and
it is further provided that where such
usurious interest has been paid, twice
the amount may be recovered by an
action commenced within two years"
The entire interest which the note
carries with it is forfeited, and if this
means all the interest which accruos
upon it, as | think 1t clearly does, it
is difficult to understand how any
part of it is recoverable. BY the OPP
Grafton of the act usurious contract
is inherently vicious, so that it can
not cary any interest with it, hence
it would inadequately set forth the
intent of the act to hold that such a
contract is purged of it's faint, and is
invested with a capacity denied to it
before. Where illegal interest has
been knowingly stipulated for but not
paid then only the sum lent without
interest can be recovered. When
such illegal interest has been paid
then twice the amount so paid can
be recovered in penal action Of debt
for suit in the nature of such action
against The offending bank. The
Judge ruled that the plaintiff should
be entitled to recover only the face
value of the note, and new trial will
therefore be ordered, unless the plain
tiff, within ten days, shall remit the
excess of the amount found by the
jury over the principal of the debt"
Dom Piatt, in the Washington
Capital, takes occasion to refer to
Gen. Lee. 1t is very handsome
tribute, all the more marked because
from the pen of one who ''wore the
blue:'
GAS we get further and further re-
moved from the binding passions
that clonded our Judgment, and as
the soothing hand Of time quiets our
wrath, engendered by deadly con-
flict, there is one name that rises
higher and brighter, not only at
home but throughout Europe, as that
of the greatest military leader Of all
time, and that is the name of Robret
f. Lee. Gathering up an army from
a country that no other resource than
the brave hearts of it's doomed peo-
pie, poorly armed, and worse equip
ned, to march without pay, sleep
without shelter, and fight without
food, through the long years of that
terrible conflict, he rode on from vic
tory to victory over superior num-
bcrs, marking the boundary line of
this country with death and disaster
to the enemy. until his devoted army,
wasted through sickness and fatigue,
fell from sheer exhaustion"
New Martinsville is to have fine
new school house. Hon. Ben Will
son should see about this-the Wet
eel people evidently mean to cut
down his majority. Your fences need
looking after, Col. Ben.---Nountain
Echo.
OF all the Radical impudence this
beats all. Take the ignorant negro
from your party, and what would be
left of it, The corner stone Of your