AFTERNOON SESSION.
The SPEAKER announced that the special order was Mr. GRAHAM'S bill [H. R. 256] to provide a fund for the permanent endowment of the State University.
Mr. GIBSON moved the House resolve itself into the Committee of the Whole to consider the special order. The motion was agreed to and Mr. Gibson was called to the Chair.
Mr. McMULLEN moved that the Committee rise, report a recommendation that the bill be recommitted to the Committee on Education to be reported back to the House not later than Friday night.
The motion was agreed to, and the Committee rose and the Chairman reported as directed.
The report of the Committee of the Whole was agreed to.
NEW PROPOSITIONS.
The following described bills were introduced, read the first time, and severally passed to a second reading, unless otherwise stated:
By Mr. MOCK [H. R. 367] to provide for the assessment and collection of taxes by cities and towns in certain cases.
By Mr. McCORMICK [H. R. 368] to amend Section 4 of an act to provide for the government and discipline of the State Prisons.
By Mr. SUTTON [H. R. 369] concerning the duties of County, Township and State officers.
By Mr. SUTTON, by request, [H. R. 370] to amend Section 4,273 of the Revised Statutes of 1881, concerning drainage.
By Mr. W1LEY, by request. [H. R. 371] for the relief of Baker, Smith & Co.
By Mr. CHITTENDEN [H. R. 372] concerning voluntary associations.
By Mr. WILEY [H. R. 373] to amend Section 261 of an act concerning; proceedings in criminal cases.
By Mr. STERRITT [H. R. 374] to amend Section 309 of the Revised Statutes of 1881, concerning proceedings in civil cases.
By Mr. JEWETT [H. R. 375] to amend Section 815 of the Revised Statutes of 1881, concerning proceedings in civil cases.
Mr. Jewett moved that the Constitution rules be suspended; that the bill be read the second time by title, be considered engrossed, read the third time by sections and put upon its passage. '
The motion was agreed to by yeas, 85; nays, 0.
The bill was read a second time by title; a third time by sections, and passed the House by yeas, 85; nays, 0.
DECEDENTS' ESTATES
The special order [H. R. 223] was now called up, the question being on Mr. Shively's amendment striking out the word "fifty dollars," when it refers to filing of claims of that amount and upward.
Mr. DEEM moved an amendment to the amendment by inserting "one hundred dollars" instead of "fifty dollars."
Mr. FRAZER made an ineffectual motion-yeas, 36; nays, 48-to postpone indefinitely the amendment to the amendment.
Mr. FRAZER moved the previous question, which was seconded by the House and under its operation the amendment to the amendment was adopted.
The amendment as amended was agreed to by yeas, 46; nays, 37.
On motion by Mr. FRAZER the bill as amended was ordered engrossed.
PROMISSORY NOTES.
It was announced by the Speaker that the special order for the hour was the Committee reports or the bill [H. R. 26] to repeal Section 6 of an act concerning promissory notes, etc.
Mr. WILSON, of Marion, said: The principal object of this bill seems to be to protect those who can not protect themselves against the patent-right and hay-fork sharpers. It comes with humble professions of good will to the people of this State and a benediction upon our business interests. It would have been better to have entitled the bill as one to strike down all business men working on credit, to paralyze business at home and excite ridicule abroad!
If a man of ordinary care is so stupid that he can not tell the difference between the promissory note payable in bank and one that is not, or a promissory note end a contract that is not a promissory note, he should have a guardian appointed, or he should interpose the defence, when sued, that he was non compos mentis, in which event he would escape liability. If he does not exercise ordinary care, then it ill becomes this Legislature to protect him against his own folly, and at the same time, while thus encouraging carelessness, break in upon a law, the practical value of which to the business world has been attested by the experience of centuries.
Under the law as it now stands a third party can not recover on a promissory note payable in bank, unless he gets it before maturity, bona fide, in the ordinary course of business, for a valuable consideration and without knowledge of defence to the same; even when so gotten he can not recover if it was forged, procured by duress, executed by one under disabilities, or for a consideration prohibited by statute. This is enough.
The repeal of the present law will do no good and must do infinite harm.
The stupid innocent who can not tell what he is doing will be induced to accept bills of exchange or indorse them, or to put his name on a blank paper, which will blossom into a bill of exchange; or he will sign a promissory note as heretofore, not payable in a bank in Indiana, but payable in Kentucky, Michigan, Ohio or Illinois; this will be governed by the law of the plea of payment. So you will not protect those you seek to protect.
But you will do harm. You repeal a law which had its origin from the inexorable demands of business; had its origin from the usages and customs of merchants; a law that is recognized in every civilized country on the face of the earth as of practical value in business. Without it you cannot issue and negotiate a single bond (for they are but promissory notes); without such negotiable bonds (unless payable out of the State) what building enterprise of any magnitude can be ventuted on? You will drive capital out of the State; what credit will be gives by a business man when he page: 173[View Page 173] knows he can not get a bank to discount the paper? What bank will be anxious to loan money directly when it can not dispose of the paper?
Mr. McMullen's report was rejected by yeas, 19; nays, 64.
The question recurring on Mr. Stewart's report, it was concurred in by yeas, 66; nays, 19.
Mr. JEWETT moved that the bill be ordered engrossed.
Mr. SHIVELEY moved to amend the bill by striking out all after the enacting clause and inserting in lieu new matter.
Pending which-
The House adjourned.
