ter in which the people are very deeply inter-
ested, and not knowing fully the wishes of
my constituents on this subject I shall vote
against any proposition to change the rate of
interest, on the ground that the constitution
can be easily changed by submitting the
question to the people,
Mr. PUGH said: I had intended to submit a
few remarks on this question if the previous
question had not been called. I am influ-
enced in my vote upon this question by my
own view of it, which is altogether different
from any which I have beard presented here.
I shall not pretend to take up the time to pre-
sent my peculiar view. I do not think any
serious injury will be done to business men
in any community in the State by obliging
them, at least for the present, to pay as much
interest as the government thinks proper to
pay. While the United States government
pays that amount, I am willing that all who
are borrowers should pay the same. For that
reason I vote against the amendment of the
gentleman from Washington county (Mr.
Negley,) and shall vote in favor of the amend-
ment of the gentleman from Baltimore city
(Mr. Abbott.) I vote "no."
Mr. RIDGELY said; I vote against this
amendment in the hope that I shall have an
opportunity to vote for the proposition of the
gentleman from Prince George's (Mr. Belt.)
I vote " no."
Mr. BELT said: My object is, so far as I
can, to set trade free—money and everything
else. if I cannot free them entirely I want to
free them as far as possible. But this propo-
sition not coming up to the point I hope we
can attain, I shall vote in the negative.
The amendment was accordingly rejected.
The question recurred upon the amendment
submitted by Mr. ABBOTT, to insert after the
words ''per annum" in the second line, the
words " but such rates may be contracted for
as Congress have or may hereafter allow on
any loans of the United States.
Mr. SANDS demanded the yeas and nays, and
they were ordered.
The question being taken, the result was
—yeas 19, nays 40—as follows:
Yeas—Messrs, Abbott, Annan, Brown,
Cushing, Daniel, Dellinger, Greene, Hebb
Hoffman, Hopper, Lansdale, Markey, Negley
Parker, Pugh, Scott, Sneary, Stirling
Todd—19.
Nays— Messrs. Audoun, Baker, Brooks
Belt Carter, Crawford, Davis, of Washing
ton, Dent. Duvall, Ecker; Farrow, Galloway
Hatch, Henkle, Horsey, Jones, of Cecil
Keefer, Kennard, King, Larsh, Lee, Marbury
McComas, Mitchell, Miller, Morgan, Mullikin
Murray, Nyman, Parran, Purnell, Ridgely
Russell, Sands, Stockbridge, Swope, Sykes
Valliant, Wickard, Wooden—40.
When their names were called,
Mr. ABBOTT said: Every member here will
see that the proposition which I have offered |
does not alter the section in the least. My
object in offering it and in voting for it, is
simply to make it in conformity with the
wishes, as I think, of most of our people, that
they may be allowed to make such contracts
and subscribe for such amounts of govern-
ment bonds as they may desire to do, with-
out running counter to the fundamental law
of our State, and to put our people on a par
with the offers that the government may
make, that our citizens may not be debarred
from lending their money to one another by
the higher rates of interest that the govern-
ment may offer. I vote "aye."
Mr. MILLER said: Notwithstanding what
has been so ably and eloquently urged by my
friend from Prince George's (Mr. Belt) about
the laws of trade, I believe the effect of allow-
ing the rate of interest to rise above six per
cent. to seven and three-tenths or eight per
cent., will be immediately to cause all the
banking institutions of the State to raise their
rate of discount to the maximum rate for
which they are allowed to contract; and the
people whom I represent and those in other
agricultural portions of the State, who have
been in the habit of obtaining discounts upon
their crops at the rate of six per cent., will
immediately have to pay ten per cent. instead
of six, notwithstanding all that is urged
here.
The amendment was accordingly rejected.
The question recurred on the substitute
submitted by Mr. BELT, as follows :
"That the legal rate of interest in this
State shall be six per cent. per annum, ex-
cept in cases of agreements between contract-
ing parties; and in all such cases parties
contracting shall have power to contract and
to recover any rate of interest not exceed-
ing ten per centum per annum,"
Mr. KING demanded the yeas and mays, and
they were ordered.
The question being taken, the result was
yeas 22, nays 37—as follows:
Yeas— Messrs. Belt, Brooks, Brown, Cushing"
Daniel, Dellinger, Hatch, Hebb, Hoffman,
Lansdale, Larsh, Markey, Negley, Parker,
Pugh, Ridgely, Schley, Scott, Sneary, Stir-
ling, Stockbridge, Sykes—22.
Nays—Messrs. Abbott, Annan, Audoun,
Baker, Carter, Crawford, Davis, of Washing-
ton, Dent, Duvall, Ecker, Farrow, Galloway,
Greene, Henkle, Hopper, Horsey, Jones, of
Cecil, Keefer, Kennard, King, Lee, Marbury,
McComas, Mitchell, Miller, Morgan, Mullikin,
Murray, Nyman, Parran; Purnell, Russell,
Sands,' Swope, Todd, Valliant, Wooden—37
When their names were called,
Mr. KENNARD said: I was in favor of and
supported the reconsideration of this question
because I was open to conviction, and was
willing to modify my views respecting it
and I have done so to some extent, but still
my views have not been modified so far as to
authorize me to vote for the proposition be |
