Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1891-02-06
LONG wRANGLE
On the Usury Biii-N Nangled by Amend.
meuts. and Finally Tabled

On the Usury Bill Nangled by Amend
meuts, and Finally Tabled.
Special Tslsgcans 20 tAs Rs0istsr.
CHARLESTON, w. VA, February g.
The greater portion of this afternoon
session was taken up in the considera-
/ tiOn Of Mr.. JOhnStOn'S usury bill, House
Bin No. Al. IL was on Mr.. JOhnstOn's
motion that the bil was taken up out
Of its order 90 beconSidered on second
reading.
Mr.. Welch, Of Mineral county, OPP
posed the bin. on the ground that il
would drive capitalists outside of the
State % hnd places of investment for
their money. He said: "Our law now
allows only six per cent. which is all
right III you pass this bill you work
lrreparable damage % our State by
impeding the progress OF its mar
velous development by driving the
money out Of it. Leave the law As
it is and don't stand in the way OF the
the States progress"
Mr. Johnston moved TO amend by
striking out an Of section ., except 'all
contracts and assurances made directly
or Indirectly for the loan or forbear-
ance of money or other thing at 4
greater rate of interest than six per
per cent, except where such rate is
now allowed by law shall be void as 10
any and AL. interest and no farther. -
The amendment prevailed.
Mr. st. Clair moved TO strike out all
of the remainder of the bill.
Mr. Johnston forcibly and clearly set
forth mis- views on the matter and read
from Governor Wise'S message TO the
Virginia Legislature 10 show that
no greater rate OF interest than six
per cent. should be charged. He then
told what the legal rate is, and the pen
atty for eXacting uSury in the several
States, among them Virginia. He said
the legal rate there was six per cent.
Judge Ferguson asked IL the gentle
man would allow an interruption. Mr..
Ferguson then read from the code Of Nir-
ginia. showing that banks there are al
lowed 20 charge one and oue-half per
cent. for thirty days This completely
Disconnected Johnston, and he took his
seat.
Mr.. Welch then said he had been
amused at the gent.eman's Johnston 81
beautiful utOpiau dream He pro
posed TO amend 50 aS TO make the pen
atty be the refunding Of the excess OF
interest.
Mr.. Clark, Of Greenbrier, said
the very mention of farmer
in this body prOvokeS Sneer, but il
should not The farmers make them
selves heard sometimes. They did last
I November. We ought 70 do all We can
Do relieve them. They have heavy bur
dens to bear in the way Of paying inter
fest that We should tighten. The rate
of interest fixed by law is six per cent.
and / think any excess above that rate
I is a premium on violation OF the
l laws"
I Mr.. Thompson. of Summers, made
brief and pointed speech against th'
/ bul. and attributed the oppression o
I the farmers 20 the workings OF The
tariff. In his county no farmer nee'
pay usury, but he must under our pres
ent system pay tribste to some othe
. class or section.
Mr.. Hanen spoke against the bill
saying that unless amended IL woul'
drive away an surplus capital TO othe
/ places OF investment
Mr.. Young said. "I've been in thi
Legislature long enough to learn tha
there are at least two things we canno
do. viz: enact law against the whiSk,
power or one against the none,
power"
Mr.. Pugh opposed the bill, saying
IL am not personally interested, haV
no money 90 loan and as long rs cal
/. keep my present Job don't need TO Dor
row"
This provoked considerable laughter
/ Others spoke for and against the meas
.ure, concurriLg In what had been said
The amendment prevailed and the oll
was then tabled, having been SO mercl
lessly mutilated and mangled that IL
lauthor could scarcely recognize 10.