Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1876-02-02

ness Of their own. but deposited Il with business
men. A large amount Of money there held could
be obtained by business men when needed at six
per cent and they did obtain it. Those people
wero cautious. having dread of investing out
side of their own community. Aud what had been
the result of the present law? savings bank
had been organized there about the time of the
peal of the usury laws, and it was supposed that
it would be safe, as such institutions are intended
to be, the receptacle of the money of people of
small means. But how disastrous its effects upon
the business of that community 1t had become
the receptacle of 100000, all belonging IN that
vicinity, with few exceptions, perhaps. About
all the money of that section had been in that
bank for five years. That institution, he argued,
regulates the rate Of interest and money transac-
tions there, and had raised the rate from six to
eight per cent. and upwards. The business men
are obliged to 60 there and pay that late of in
terest which. for that community, was enormous
And those outside having money TO let charge
more than the savings bank.
1t had been said that the old law was evaded
He did not claim that it would be a pauecea for
all our ills that there never would be where
a larger rate of interest than six per cent. would
be taken. But to his mind the most important
thing in this connection was the moral effect OF
the law. He spoke of the aggressiveness OF
money, and Of the advantages the lender
has over the borrower. Gentlemen had been
appealed to and asked to vote against the
BILL because it would have no effect, on account
of its being violated. at will have this effect.
be said; 1--WE in our legislative capacity, and il is
supposed that represent portion, if not all the
wisdom of the State of Maipe, shall say by enact
ing the usury law, that no business Of the State OF
Maine can afford to pay over six per cent; and
that if man takes over six per cent. he does a
wrong to his neighbor, wrong to the best inter-
ests Of the State of Maine, and in the sight of led
does a wrong to himself"
He continued in favor of the bill but gave way
for an adjournment which took place on motion
Of Mr.. PIKE.
PETITIONS, BILLS, &c. PRESENTED AND RE
FERRED.
BY Mr.. NATURALIZATION of Thomas ii. Hicks
ct ais, for amendment of charter of city of Rock
land of John S. Case for the same remonstrance
OF Pnilo Thurston ct ais. against the same. Re
felred to the next Legislature.
BY Mr.. TALBoT.-Pettion Of VIM. n. Flynn ct
ais of Whitneyville for repeal of Calais Court
Bill. Referred to the Committee on the Judicial
ry.
BY Mr.. CLEAvEs-Bill an act authorizing as
signees of judgments to bring scrc facias Re
ferred to the Committee on the Judiciary: also re-
monstIance of Harbor Commissioners of Portland
against so much of Deering Boulevard bill
refers to daming the water at back Cove. Re-
ferred to the Committee on Ways and Bridges.
BY Mr.. HAMlLToN.-Bill an act additional in
relation to auctioncers. Referred to the Commit
tee on the Judiciary.
BY Mr.. Observation-Disclosures of the cti-
zens of Sabattus village against dscontinuing the
railroad from Leeds junction to Crowleys. Re
ierred to the Committee on Railroads.
by Mr.. SToRY.-Claim Of Woodland plantation
for bounty paid on Tears. Referred to the Com
mlttee on Claims.
Kicker and A others against incorporation of
Deering Boulevard and Water Park; of solomon
Stuart ct ais, against the same. Referred to the
Committee on Ways and Bridges.