Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1886-10-16
MR.. GETTINGER'S DEFENSE.


Martinsburg, W. Va, Oct. 10 1886. Editors of
The Herald: Gent: In the last issue of your
paper, you did me great Injustice, by the pub
LEGATION of the following. MIR. Gettinger
when in the Legislature voted point blank to
make the rate of legal interest in West Va.
ten per cent-if not in as many words, yet to
the same effect" Expecting thai my actions.
as representative, will be scrutinized and
criticised. as 1 have been honored by the
Democratic party of this Senatorial district.
as its nominee, yet. l feel that even in the
heat of a political campaign, you would not
Intentionally msrepresent my action as a
member of the Legislature of 1875. l request
that this communication may be given the
same publicity as the statement quoted from
your issue OF the 9th inst. Such Bill as you
suggest was not before the Legislature during
the period that had the honor of represent
Ing this County in that Body. AS such repre-
sentative, was never called upon to vote for
any bill, having for Its object the change of
the legal rate of interest from per cent to
any other per cent. The report to which you
gave circulation, by publishing it editorialiy,
| suppose originated from my action on q bill
introduced in 1870, and against the passage of
which my vote Is recorded. This bill did not
seek to change the legal rate of interest, but
only related to the penalty. 1t provided that
anyone loaning money at a greater rate of
interest than per cent. should forfeit the en-
tire amount, principal and interest. On the
passage of this bill voted in the negative,
conscious that my reasons for opposing IT,
when fully understood. would meet the APP
prevail of my constituents. did not hesitate
but determined to rest my vindication upon
stoned me as their representative. Toproper-
ly understand my action, 1t should be remem-
bered, that the interest law was at that time.
and is now, to wit: That If the lender OF
money took over per cent. interest, he
should not. in suit, recover more than the
principal and the per cent. and If the bor-
rover had paid over o per cent. the excess
over that rate should be applied as O credit on
the obligation. The bill l voted against
sought to amend this law. by forfeit OF the
whole debt and Its interest," These are among
the reasons controlling me In voting against
the Bill. LIST. felt confident, from my know
ledge of the people of this County, and the
general honesty of sentiment existing, that if
such n bill became law, 1t would defeat the
very object Its friends hoped to accomplish by
It's passage, because, no honest man would
have been willing to place upon the records of
our Courts, the declaration that he refused to
pay, not the excess over6 per cent. but any
part of his obligation. principal or interest,"
Let each reader ask himself the plain ques-
ton. Would such Il law have been taken ad-
vantage of by the honest citizens of Berkeley
County. End, The provisions of this bill
would not have affected the loans made by
National Banks. but only citizens of this State
and Banks created by the State. 1t would
therefore. have made the National Banks a
privileged class, enjoying under a State law
rights and immunitles denied by the State to
its own citizens and Banks. And this at a
time when almost every Bank in the State
loaning money, was n National Bank and
could not have been affected by this proposed
law, as decided by the Supreme Court of the
United states, In the case of Farmers and
Mechanics Natl Band of Buffalo. N. Y VS.
bearing 81 U. $. Reports -. This decision
was made just two months be fore was called
upon to vote on this bill. My position on this
subject is clearly shown by the following reso-
lutions offered by me, (Feb. 9th, 1875, nearly a
year before the bill was voted upon,) and
adopted by the house of which was mem
Der. See House Jour. Feb. 9Th, 1875, page 26S.
Mr.. Gettinger offered the following House
Joint resolution. Whereas. The present high |
rates of interest prevailing in this country |
brought about by the heavy Indebtedness OF
the General State, County and Municipal Gov |
oh Lofty Ixxrt t,a r..
that the General Government enters the
market, SO largely as the competitor of the |
borrower, at rates that the great interests
especially the AgrioulturaD of the country |
cannot bear, therefore, as preliminary step |
relief OF the people, be 1t Resolved That |
our Senators in Congress are hereby instruct |
ed, and our Representatives requested to |
Iavor and support such policy as Will unable |
to reduce and make uniform throughout the
United states. the rate of interest, and If |
practicable, to provide for the taxation Of the
Government bonds. Which resolution was
adopted. This Messrs Editors is nv record
lpon the subject of interest and the Usnrv
bill. feel confident that, when fu lly under /
'tood, my action will be approved by the hon.
.st intelligent citizens OF the Cou nty The
BEST evidence OF the correctness of my posi-
Ion is that as soon as, and never until, the |
Ter bonds at a lower rate of Interest we ware
ihapled 10 get lower rates of interest in West I
"a, ana also, that for the past eight O, len
ears. no public sentiment has ask ed the pas.
age OF any such law as that which / voted |
gainst, and the interest law remains to-day
ust what 1t was then, Wis., that ali contracts
or interest above per cent. are void, so far
IS 10 forfeit the excess of per cent
Respectfully,
]. HOWARD GETrINGEn,