INTEREST LAW.
Mr. BUNDY, from, the Judiciary Committee returned the Committee's bill [84] concerning interest on money, with an amendment of the 10th section, repealing the 51st section of the Misdemeanor act of 1852. The Committee say that they have never seen a case of prosecution for usury which did not originate in spite. The amendment will harmonize the law. He said the Committee had endeavored to carry out the wishes of the House.
Mr. FRASIER, Did the bill provide that the judgment should bear the rate of interest in the contract ?
Mr. BUNDY. It was so understood by the Committee.
Mr. PARRETT. It should read: "Shall re-cover the principal with legal interest"deducting the illegal interest where usury is plead.
Mr. BUNDY. That is in the bill.
Mr. PARRETT. It was not so in the last clause.
The House acquiesced, and it was so amended.
Mr. FRASIER proposed to amend the clause in the 3d section as to judgments, by inserting, "interest not exceeding six per cent."
Mr. HEFFREN. This was obviously the wrong time to meddle with this matter. It would compel every man indebted to pay ten per cent. Who paid this ten per cent? It came from the laborers, the men of toil. No interest was paid but what was paid by the labor of the country. It was adding two-thirds to the burdens of usury already paid. It was a bill to make the rich richer, and the poor poorer.
