Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1876-02-09
Remarks Of Mr.. Keegan Of Madaws.t,.

Remarks OF Mr.. Keegan OF MadaWasks.
IN THE HOUSE OF REPRESENTATIVES, February
4. 1876, IN favor of the bill IAN act to limit tho
rate of interest"
Mr.. Keegan had much to say and but little time
to say it. Gentlemen opposed the bill because it
was asked for by no petitions. Would they tell
him who and how many had demanded the pres
ent lawi He was here in 1870, when it was
enacted, and in the very questionable manner
which had been shown, and he saw not one. But
now when q usurer, he asked pardon, . money
lender, came into his office to take mortgage o!
the little home OF some poor victim, to secure the
payment of money loaned at q rate Of interest 90
high as must necessarily devour it, and speedily
and when he drove by some such place and saw
the poor man and his poor wife and their half
naked children, vainly struggling to free them
selves from the deadly grasp of the usurer; vainly
striving to redeem their humble yet beloved home,
which in an hour of sickness or misfortune fell
into his power, and which every day and every
week find, more and more involved, 20 that i
must soon be theirs no longer; he felt that here
was petition which, If too weak and silent to be
heard amid the aggressive and insolent tones Of
the money power OF the land, would be heard and
answered too, from the very throne Of God. and
when the money-lender, having accomplished his
object by means of his "all-absorbing" interest a.
he seldom failed to do, came to him - profes-
sional man, TO help him get possession Of the little
home he had devoured, to turn the poor debtor
''cold charities" and its tender ''mercies''; and
when the wealthy, the influential and the power
ful from every section Of the State, crowded the
halls and lobbies Of the Capitol a the interests
OF the poor man. of course), b.seeching members
not to meddle with the law, he regarded these.
too, as pet TONERS for change; and with his Off
cial oath upon him, and the duty of seeing "thst
the Republic receive no detriment"; that the weak
be protected against the strong; he must here and
now enter his solemn protest and raise warning
yraya tkA
whereby our country places were being depopu-
lated and deserts were substituted for happy and
prosperous homes, and the "bold peasantry, the
country pride" were driven to seek ne n abodes
IN distant places; or being reduced by extorton to
absolute beggaty, henceforth to be charges upon
already sufficiently burdened municipalities. Let
no man say that it was no" concern Of ours what
contracts men made; this was Q matter Of public
interest, as public must be the burden when pau
perism shall ensue.
The enormous rates of interest charged in differ.
ent sections of the State under the present law,
had been lnstanced, and the gentleman from
Houlton had taken exception to the statements of
the gentleman from Calais as to The rates some
times taken in Aroostook. So did he; but not be-
cause it was over-stated, but because the truth
had not half been told. He had hlmsef known
OF several instances far worse than even the most
outrageous which had been mentioned. This dis
ease was confined to no particular locality, but
extended over and afflicted the entire State from
Kiltery and Quoddy to his native Madswaska. II
was an evll.so great and so universal that no law
could absolutely remedy it; but something must
be done to stay its progress else the once flourish
ing State OF Maine must soon become desert.
In vain, gentlemen told us that the law would
have no etfect-that to enact it would even In
crease the rate of interest. 1t was not 20. GEN
uemen might theorze as they pleased, but univer-
sal experience was against them. In his section,
previous to the enactment Of the present law, he
had seldom heard of more than six per cent. being
taken; and since then less than twice that rate
was equally rare. Then again, if these money
lenders believed that going back to the former law
would increase the rate Of interest, why were they
here making such strenuous efforts to prevent il
For these very fine, polite gentlemen, who had
been treated so courteously during the debate
(bankers, brokers', at worst, money-lenders, not
usurers give us distinctly to understand that they
will not regard the law. Why then, if they were
not to be hampered by it in the least, and it was
to be for their benefit, were they heref To help
the poor borrower, of course. When the money.
lender will be found working for the poor borrow
er, the lion and the lamb shall lie down together"
And here he wished to say that no man had
greater respect than he for the business men, the
merchants of the State and nation; they were of
the very highest benefit to both producers and
consumers, and for the labor and the skill and
talent they put into their business he wished them
adequate returns, and he would do nothing to OBJ.
struct business in the least degree; but for the
mere money lender, and he would call him by his
proper name, the usurer, the man who puts In NO
labor or SKILL takes no risks or chances, but always
exacts the highest security, and sits down and
waits while interest that fearful power, was suck.
ing the financial lite-blood of his vIctim-kept
knawng knawing, day by day-the man
who doing nothing himself had the whole
community toiling for him, while he alone
reaped the rich harvest of their toll: for
that man he had little respect, and such an
one it was he would limit and restrain;
and this law would do much towards it, and there.
fore such men were here doing everything in their
power to prevent its enactment.
And short as WAS his time he could not helm
commenting upon the remark of the gentleman
frsm Houlton, that the present law was ain the
direction oil progress. "The march is onward" Z"
says the gentleman. He would remind the House
that it WAS not every new idea that was progres.
sive; not every innovation that was an improve
ment; not every theorist who was q sage; else the
abomnable doctrines Of the advocates Of free-lsye
must be regarded eminently progressive; and
our lax divorce laws, subyersive to the best TO-
terests of society, so destructive of the social
fabric, that under their Influence the very word
home the sweetest IN the language, fast losing
its significance and its charm, must be proofs OF
advancing civilization. And when it was stated
in debate with the design of prejudicing the pres
ent bill, that the very unjust prejudice against
money lenders was due to the influence of the
Bible and the teachings of the Christian Fathers
he felt bound to say that we were making progress,
iLdeed, rapid progress toward destruction. Was
it not time to stopl He was one of the few who
were so far behind the present age as to have some
respect for the Divine law and furthermore, he
had been taught to believe that the Christian
Fathers were very respectable gentlemen although
in the broad light Of modern civilization with its
utilitaran tendencies, they doubtless appeared ex-
tremely silly old fools, because instead of engag-
ing in the very profitable business of money lend.
ing like their Jewish contemporaries, they passed
their time in endeavoring to promote the welfare
and happiness, temporal and spiritual of their
fellow men.
The House had been given to understand that
the present law of the State had become almost
universal. 1t was not so; for besides most Of the
| nations of the Old World, thiry-four out of the
forty five States and Territories had law estab-
fishing some limit. lie regretted that his time did
not allow him to give the law of the several States
in detail, as that of several had been quoted in
opposition. He would refer, however, to that of
| New York. which, with its immense moneyed in
terests, prospered under law limiting the rate of
interest at seven per cent, with penalty for its
violation Of 81 900 fine, six months imprisonment,
| or both. The District of Columbia, whose lavs
were made by Congress, the combined wisdom of