St. Charles Republican intelligencer. (St. Charles [Charles City], Iowa) 1856-1857, 1857-01-01
Iowa Legislature.
Iowa CITY, Dec. -.

'CcHdtc communication from the uON-
ernor, accompanied by the report of
the commissioners to revise the school
laws. Mr.. Loughbridge gave notice
of bill for the permanent location of
the asylum for the blind also bill
to incorporate an institution of learn
ing at Oskaloosa.
HoUsE---A committee Of five was
appointed to confer with the Scnatc's
committee for Investigating the affairs
of the superintendent of public III
struction.
House File No. Is, relating to usu-
ry &c. was taken up, when Mr.. Rob
crts remarked that, the question of the
propriety of banking has entered
largely into the late canvass on the
change of our constitution. If we
pass law exacting Is per cent. I'M
doubtcdly the banks will require it.
The eastern banker will receive a trip
lie interest Moncy-makers are like
every body else. The North, South,
East and West are now preparing
great railroad net work that shall
unite and consolidate our country.
The basis of credit must first be form
ed in the State or county where rail-
roads are to be built. Sensible men,
when asked to loan money to be in
vested in public or private enterprise,
inquire after the character of that CHI
terprisc. If any thing is done to en-
courage the spirit of speculation it
will be unsound. Many persons may
have got homes by paying large in
tercst, yet many, very many others
have lost their all in the same way.
Cite me to any railroad that will show
net profit to exceed ten per cent. in
the country. Then / would ask, how
can railroads be built on borrowed
capital without breaking down? If
gentlemen are arc anxious to sec them
selves advertised at public sale, let
them adopt the policy proposed i'll the
bill now before the House..
Mr.. Barker said, he felt bound to
advocate the repeal of our present
usury laws-it was the wish of his
constituents. He supposed that all
members had conferred with their CON
stituents before they came there
There were other ways of approprla'
ting money besides in railroads. Nine
tenths of his constituents wished "a
,, change or modification of the usury
laws. He believed that we should al.
low an influx of money. If we arc
behind Wisconsin we keep money out
of our State. Farm property in New
: York will not yield more than five pei
cent, while in our State it yields one
;; hundred per cent. One hundred per
cent. on money is made by eastern
capitalists, men who never set foot il
our State. The large class of borrow
: crs and lenders in our State set the
laws at defiance. He said he knew o
some instances of appeal to law tt
evade payment. He appealed to every
gentleman if borrowers at 40 per cent
did not always make more in the enc
than the lender.
The gentleman from Lee spoke o
. farms shingled over with mortgage:
:. &C., for my part l would perfer one 81
G shingled to the shingles or rathe
r mortgages without the farm. Nint
!. tenths of the business men in this
State would be served we'll in the re
peal of the present law. The Chamber
q of Commerce Of New York in an ablt
e expose has developed the fact that tn,
o usury laws of that State are disregar
S ded, so also are they in every State
- No surcr step can be ia ken to promot
:. continued improvements in our Stat
U than in the repeal of the present law
o Mr.. Cloud remarked that the repca
r, of the present law would make n,
difference. To sum up the who'll
thing, money will go where it will
is bring the greatest rates of interest.
Mr.. Sullivan said he took the nega
l. tive of this question the other da
C and still saw nothing to convince hil
r that he was in error. If you want t
accommodate the Spectator whorun
= from door to door then change the pres
y ent system. The present state c
J things cannot exist. A strict polit
II cal economy dictates that the men c
h Iowa ought to be money lenders il
! stead of borrowers. Is any man S
), lost to common sense as not to choos
." to be the latter. He wanted that W
II should lcgislate for Iowa instead {
1t New England. They can grind it OF
at the rate Of $4,000 day if yo
please. Hot bed money made in a da,
d | want it expressly understood thu
70 / am in favor of Iowa State Bank
When you come to pay off these Eas
u ern sharpers, how much of their ow
d money is in the pile you present then
or Gentlemen have drawn largely o
r. Democratic policy in their argument
l am Democrat all the timc--thc
F" but few hours-I thank the gentle
y men for their drafts on the Democrat,
l. December 18th.
SENArE.-Thc Report of School Con
missioners to revise the school law
,e being the order was read. Mr.. Bris
e. ham moved to lay it on the table an
); order 200 copies for the use of til
- Senate. Notices of bills for an act
IN protect the fruit growing interests (
Is. the State.
Mr.. Neal offered resolution in re
crencc to the Superintendent of Publ
at Instruction, which was adopted. Ais
on a bill to amend Chapter $50 of Il