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82 The Maryland Constitution of 1864. [428
incorporated in the article on the Legislative Department,
it is interesting to note that during its consideration in
the Convention two movements developed which, though
unsuccessful, show that certain members were far in ad-
vance of the thought of that day in their views on mone-
tary questions. One movement was an attack on state
banks led by Mr. Cushing of Baltimore City, one of the
most progressive members of the Convention, and the
other an effort to abolish the rigid restriction of the usury
laws. Of this latter, Mr. Belt of Prince George's was the
leading advocate.
Mr. Cushing desired to have the old provision, which
provided for the limited liability of stockholders, inspec-
tion of banks, etc.,182 so amended as to read—"The Gen-
eral Assembly shall grant no charter for banking purposes,
or renew any banking corporation now in existence." He
stated that he desired the question of currency and note
issues to be fairly met, and favored the support by Mary-
land of Secretary of the Treasury Chase's National Bank
plan, which provided for much more uniformity in the
banking institutions of the country and in their note issues.
It should be noticed that this was an anticipation, by at
least a year, of the action of the Federal Government
which laid the prohibitory tax of ten per cent on the note
issues of state banks, and drove so many of the latter to
reincorporation under national laws. Mr. Cushing's plan
received little support, and was rather treated with indif-
ference, so that gentleman withdrew his motion.183
Early in the session, on motion of Mr. Belt, a special
committee of five was appointed to consider and report
upon interest and usury laws.184 This committee reported
in favor of a provision fixing the legal rate of interest at
six per centum per annum, except in cases where a differ-
ent rate might be agreed upon between contracting par-
182 Art. iii, sec. 45 (Cons. of 1850-1).
183 Deb., ii, 835-45. 184 Proc., 18.
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