The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1876-02-05
FIFTY-FIFTH LEGISLATURE.
Especial to the Press.l
SENATE.

transfer of scholars from districts to free high
schools.
The Committee on Banks and Banking re-
shall declare semi-annual dividend exceeding
p per cent. Ordered printed.
Leave to withdraw was reported on the petit
ton of A. Written and others to be set off
from the town of Sanford and annexed to the
town of Alfred,
The Committee on Education reported legis-
lation inexpedient on the order to amend the
school laws so as to secure more punctual
attendance in public schools.
The Senate then adjourned till Monday at
p. m.
HOUSE.
The House met at a. m. A large number
Of petitions were presented relating to new
matters. Senate papers were disposed of in
concurrence except act relating to witnesses
which passed to be engrossed in this branch
and came from the Senate SO amended so as to
apply to causes now pending. Tabled.
Petitions Presented and NEUTRALITY-SUSPICIOUS.
were presented from Charles Buck ct ais. of Show
hogan, George o. Robinson of Thomaston, and doz-
other places against the bill relating to druggists
and apothercaries; petition of Daniel Kemp ct ais
in aid Of the recommendation of the Fish Commits
McKusick ct ais relating to the sale Of hides Of Eli
jah Comms ct ais for abolition of death penalty act
additional to chapter So r. S., relating to estates of
deceased persons.
The Secretary of State transmitted the
county estimates received from the County
Commissioners of the several counties, as fol-
lows: Androscoggin, $4,000 Aroostook, $13,-
500; Cumberland, $71, 1850; Franklin, $4,000;
Hancock, $4,000; Kennebec, $4,000: Knox,
$50, 10S; Lincoln, $l3,761; Oxford, ST., 800; Pc
nobscot, 10000; Pscataquis, $4,000; Sagada-
hoe, $4,000; Somerset, $4,000; Waldo, $lS,-
600; Washington, $4,000; York, $25,OO0.
Committee; Sought not to pass" on bill au-
thorizing the transfer of scholars from one dis
trict to another; on bill relating to the appor-
tionment of school money; same, an act to
amend sec. "a, chap. II r. S., defining the
duties of the State Superintendent; also re-
solve setting apart school lots in town of May
field; also Legislation inexpedient" on order
relating to amending the school mill tax law
SO that the state officers shall notify the towns
of the amount their due; also a communication
Seminary and Maine Central Institute, main
tain normal departments as required by law.
By the judiciary Committee; bill to amend
chap. 81, sec. 81, which requires the trustees
who hold railroads for bond-holders to make
reports of receipts and expenditures; also an
act for securing the rights of mortgaged bond
holders. (Bills printed.)
By the Pension Com mittee; referring petition
of Melvin Reynolds for pension to Adjutant
General; also resolved granting a pension of
Sc per month to James Johnston of Chelsea.
By the Financial Committee; Sought not to
pass on order relating to abating the state
tax of Perkins Plantation.
The Hense took up AMI debated on the two
reports of the Claims Committee on the matter
of paying Lakeville $500, lost in transitu, but
it was tabled for the special assignment-the
interest bill.
Mr. Lynch resumed his speech. He began
by saying that the special of the Portland
PRESS misrepresented him as saying that DO
one ever thought of taking more than six per
cent. before the law, which be did not say. He
thought there were those who let money for
more than six per cent He also said that the
PRESS misrepresented him in saying that the
money lender was ghoul. He didn't say it.
Passing from this, he said he would see what
the rates of interest were in other states. Yer
mont, per cent; Pennsylvania, 6 per cent. |;
New York, per cent; New Jersey,7 per cent. !;
New Hampshire, 6 per cent; Connecticut,
per cent; Delaware, s per cent; most having
strong usury laws Were these more worthy
to be followed than Washington Territory? In
Utah they have free trade in money and wives
they are consistent Since carpet-baggers
got control of South Carolina, they have made
a law like ours In Nevada the law in the
same as in Maine. In New Mexico, the land
like ours Which will you take, Utah or
Pennsylvania for an example?
Another position taken by the opponents of
the bill is that the law would be imperative.
There is class of people in the state bound
not to break the law of the state relative to in
t6rG9t. knew m w hn.
cause he had an estate of 100000 made as a
money-lender, and never took over six per cent.
One man in a community who sobeys the law
is strength.
when he said that the present law was neces-
sary to help the young men of the state. There
was nothing so destructive to young men as
paying over six per cent. 1t is the ruin of the
youngsman. We have become extravagant.
The average man spends more for living than
the old-fashiOned Congressman. We have vast
municipal, state and national debts to pay.
They will be heavy. We must get ready for it.
In the war the mOney-lenders had whatever in
terest they demanded-those unpatriotic bank
ers and millionaires. The poor patriot gave
his life. left his home, suffered for .wretched
they were exempted from taxation, and now
we are forced to pay taxes to pay that interest.
Mr.. Lynch closed with burst Of eloquence.
Mr.: Hobson of Wiscasset said that the
speech Ut the gentleman from Calais amused
the House 1t was a little of the Southern
states, little about our bad practices, and
good advice, but little about the rate of inter-
est. There were no statistics Mr.. Hobson
reviewed the remarks of Messrs. Pike and Lynch
in relation to savings banks If it could be
urged against them that these banks had col
lectei 500, 600 of money since the usury law
had been abolished, it was well to keep on .
What if they had occasionally made bad in
vestments? They had paid their interest
promptly. The savings were those Of the poor.
AS money borrower be was in favor of the
present law. 1t left him free to borrow in an
open market. If the bill of Mr.. Pike was made
q law, money would seek investments in other
states and he, as a borrower would really be
forced to pay higher rates.
During the time the present law had been in
operation, despite the fact that business has
been risky, the rate of interest had been lower
than before. He knew of bank that never dis
counted less than per cent. Since the law
that bank had taken 7.30. Only two results
would come from the bill-money would leave
the State or the law would be disregarded.
Commodities of all kinds seek the highest
market even when the cost of transportation is
considerable. Money could 60 to New York at
cost OF but three cents for the letter which
takes it. We can just as well raise wheat by
legislation as to regulate the price of money.
Furthermore, the law will be disregarded. The
disregard of law lowers the pnblc morals.
The opposition to savings banks comes large
ly from curb-stone brokers, grasping lenders
and those who can afford no security. There
is every reason why they should.
Mr.. Frank of Portland said he did not desire
to consume time. If there is any measure
which can lift the burdens of the people, he
was for it, He did not, however, believe that
that measure was the usury law. In few
cases it might lower the rate of interest, but
as universal proposition he denied it, The
result of lower interest would not be a univer-
sal good. There are $s,OOO,OOO in Portland
savings banks, largely the earnings and savings
is changed so that 6 per cent. is the legal in
terest, these banks can only divide to their
depositors per cent Who are Injured? Again
a class of lenders are the producers. They are
farmers Pass this law and they cannot COM
pete with the capitalist and broker. They lend
to their neighbors and are honest-the sinew of
the land. They are not grasping. The result