tion; that in all cases of private contract the
rate of interest agreed upon in the contract
should be recoverable. We must remember
that we have a law of this State allowing
parties to go into a court of justice, and
swear to their own case. The money lender
would go before the jury, and his word would
be as good before tire jury and the judge a
that of the money borrower. Men meet in
private and agree, without any writing, upon
certain terms for the loan of money. The
borrower may understand it one way, am
the lender in another way; and when they
go before the court, the shrewd, sharp, cun-
ning money lender will convince the jury in
nine cases out of ten that the contract was a
he understood it, rather than as understood
by the honest, and poor, and needy borrower
I am opposed to all such provisions as that
It is wrong for the law to protect parties who
come together to make contracts in regard to
such loans of money, which is the measure of
the value, the standard of the value of all
commodities in the market. It is right and
proper that the usury law should interpose
between tire poor borrower and the grasping
money lender. If he makes his contract un-
der the law as it now exists, and should by in-
advertence or from necessitous circumstances
agree to pay ten, fifteen, or twenty per cent.,
and it should turn out that his expectations
were not realized with regard to his ability
to pay that money, honesty and justice to
his other creditors requires that he should go
into court, as against the man who had loaned
him money at this exorbitant rate of interest,
and plead usury, and get rid, not of the fair
amount that the man is entitled to, with the
legal rate of interest, but of the excess of in-
terest beyond the rate established by law
He should do that, and no injustice would
be done to any one. The money lender
would get his due, and the bona fide creditor
would get his share of the estate, I think
the money lender is sufficiently helped by
allowing this. lf it turns out that the man's
circumstances are favorable, and he can pay
this large interest, that is a matter for him
then to decide whether he considers it hon-
orable to have borrowed the money at that
rate and having the means to pay it, to de-
cline to pay it simply because there is no
penalty fixed by the law under such a con-
tract as that. I am willing for parties to
fulfil such contracts when they choose; but I
am opposed to any such extension of the
right to contract as to give the lender the
right that this section proposes.
Mr. CUSHING. Mr. President—
Mr. AUDOUN. If my colleague will give
way, I will move that the convention take a
recess,
Mr. CUSHING gave way, and on motion of
Mr. AUDOUN,
The convention took a recess until 8 o'clock,
P.M.
47 |
EVENING SESSION.
The convention met at 8 o'clock, P. M.,
Mr PUGH in the chair.
The roll was called, and the following mem-
bers answered to their names :
Messrs. Abbott, Audoun, Billingsley,
Clarke, Crawford, Cunningham, Cushing,
Daniel, Dent, Earle, Ecker, Gale, Galloway,
Hebb, Hollyday, Horsey, Jones, of Somerset,
Keefer, King, Lee, Mayhugh, McComas, Mil-
ler, Murray, Nyman, Parker, Parran, Pugh,
Purnell, Ridgely, Robinette, Russell, Sands,
Schley, Schlosser, Smith, of Carroll, Smith
of Worcester, Stirling, Stockbridge, Swope,
Thruston, Wooden—42,
There being no quorum present,
Mr. AUDOUN moved that the convention
adjourn.
Mr. SWOPE demanded the yeas and nays,
which were ordered.
The question being taken, the result was—
yeas 19, nays 22—as follows :
Yens—Messrs. Audoun, Crawford, Dent,
Galloway, Harwood, Hollyday, Horsey,
Jones, of Somerset, Keefer, King, Lee, Mur-
ray, Nyman, Parran, Ridgely, Russell,
Sands, Schlosser, Smith, of Worcester—19.
Nays—Messrs. Abbott, Billingsley, Cun-
ningham, Cushing, Daniel, Earle, Ecker,
Gale, Hebb. Mayhugh, McComas, Miller, Par-
ker, Pugh, Purnell, Robinette, Schley,
Smith, of Carroll, Stirling, Stockbridge,
Swope, Wooden—22.
So the convention refused to adjourn.
On motion of Mr. SANDS,
The convention adjourned.
SEVENTY-NINTH DAY.
TUESDAY, August 23, 1864.
The convention met at 10 o'clock, A, M.,
Mr. PUGH in the chair.
Prayer by Rev. Mr. Owen.
The roll was called, and the following
members answered to their names :
Messrs. Abbott, Audoun, Berry, of Prince
George's Billingsley, Blackiston, Bond, Car-
ter, Clarke, Crawford, Cunningham, Cushing,
Daniel, Dellinger, Dennis, Dent, Duvall
Earle, Ecker; Edelen, Galloway, Harwood
Hatch, Hebb, Hodson, Hollyday, Hopkins
Hopper, Horsey, Johnson, Jones, of Cecil
Jones, of Somerset, Keefer, Kennard, King
Larsh, Lee, Mayhugh, McComas, Mitchell
Morgan, Mullikin, Murray, Negley, Nyman
Parker, Parran, Peter, Pugh, Purnell, Ridge
ly, Robinette, Russell, Sands, Schley, Schlos-
ser, Smith, of Carroll, Smith, of Dorchester,
Smith, of Worcester, Sneary, Stirling, Swope,
Sykes, Thomas, Thruston, Turner, Valliant,
Wickard, Wilmer, Wooden— 69.
The proceedings of yesterday were read and
approved. |
