The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-10-30

MIR. Dorsheimer Says 1t Can Be Recovered
from Ferd Wards Rich Patrons.


New York Herald
The Fish and Ward case assumes a new phase.
The law OF this State prohibits usury, and any
person ng money and receiving more than
the lega of per cent. interest per annum
can be -cuted and the amount thus unlaw-
fully d recovered in the courts Attention
having called to the statute on this subject
a reporter of the Herald visited United States
District Attorney Dorshemer yesterday to ask
his opinion on this point.
THE law is plain and explicit" he said land
the receiver of the Marine Bank and the receives
of Grant & Ward can begin action against the
wealthy holders of the immense sums paid as
bonuses to them by Ward and his associates
Restitution should have been made long ago /
have been waiting TO give everybody fair
chance, and allow the men holding these unlaw-
full gains time to refund the money to those from
whom it has been extorted.n
How much do you estimate should be re-.
turnedT asked the reporter
I'm the neigh borhood of 81 00G 000 The total
of these usury sums is definitely known, ano
there is nothing in the way of restitution but a
lack of willingness on the part of the holders Of
the l-gotten money"
do you mean to say Mr. Dorsheimer that
Mayor Grace and the other wealthy capitalists
who loaned money to Grant q Ward will have
to refund all that they rec eived special inter
estP
II mention no names whatever. I am making
no charges against single individuals. But do
| say that proceedings to recover the ST. 000 O0e
| illegally paid for the use of money Can be begun
| 1t is for the courts to decide who has received
| this money The books will show the illegal
amounts and to whom they were paid Itclaim
| that there is enough money that can be recov-
| cred from the great corporations and rich men
| who have violated the statute in receiving it to
I put the Marine Bank on It's feet again, and make
| the old firm of Grant & Ward independent and
| solvent. No consideration was paid for the
money received, and as high as FIVE or six hun.
dred per cent: was usuriously paid with money
belonging to depositors."
when 90 you intend to proceed against the
| men holding this money!" asked the reporter.
II have nothing to do with it as United States
District Attorney, except where the national
banking law has been violated, as in the case
| or the Marine Bank But |. any other cti-
| zen, has right. under the law to prosecute 1t
is the duty of the two receivers to begin suit at
| once and recover this money. Here is the
statute bearing the subject You will see
| that chapter 4, title 3. part 2, contains these
| sections" and Mr. Dorsheimer showed the follow
| ing:
Section 1.-The rate of interest upon the loan or
forbearance of any money. goods, things in action
shall be So upon 100 for one year. and after that
rate, for greater less sum, or for longer or
shorter time
Sec 3-Every person who, for any such loan or for
beai ance shall pay deliver any greater sum or
value than is above allowed to be received and his
personal representative, may recover In an action
against the person who shall have taken received
the same and his personal representatives the
| amount of the money paid value delivered
above the rate aforesaid if such action be brought
within one year after such payment or delivery.
| Sec 4-If such suit be not brought within the said
one year and prosecuted with effect then the said sum
may be sued for and recovered, with costs. at any
time within three years after the said year by any
overseer OF the poor OF the town where such
may have been made, or by any county superintend-
ent of the poor of the county in which the payment
may have been made.
| Sec. 6-Every person offending against the pro-
visions of this title shall be compelled to
IRnt,o Ioa .4n1
| Court of Chancery for the discovery of any of
money, goods things in action taken accepted or
received in violation of the foregoing provisions
| either of them.
|
| Sec. livery person who shall discover and repay
| or return the money goods things taken,
| cepted received the value thereof, shall be
| Quilted and discharged from any other further
| forfeiture penalty punishment which he may have
incurred by taking or receiving the money goods or
other thing so discovered and repaid returned
| aforesaid