Daily press and Dakotaian. [volume] (Yankton, Dakota Territory [S.D.]) 1875-1880, 1879-02-14
NE QUESTION o. utrrakst.

TIE QUESTION: o. Mrrakst. &
Edaors Rsss and Dslesaiia~ :-Walton'.
bill for the reduction Of the rate Of contract
interest from le to 10 pr cent, was BY "a,
the most important that has been before ths
legislature. 1t was in the interest Of The
people, and niae-tenths Of the people weir
for 1t; and the house Of representatives rec
oguising this fact, passed it almost unani'
mously.
The press was forit-shs people we're fol
it. The Elk Point Courier Of this week. bad
the following:
1.-THE bill before the legislature reducing
interest 70 10 per cent 10 . just measure,
and should become . law. It will have 1
tendency to make Investments more posi-.
whole. Let it pass b. all .msans."
Other papefs, In different parts Of the
territory, bed spoken in similar strains, and
the Press & Dakotaian had 40 able article
in advocacy Of the measure last week.
But yesterday, when the bill came up 10
the council, in shameful disregard Of the
peoples interests. the bill was indefinitely
postponed by Q unanimous vote. Kuyken.
dali. smarting no doubt under the sting Of
the g~overnor's veto Of his free interest bill
for the Hills counties. moves to indefinitely
postpone. and, under the whiplash
of Pettigrew s Co., real estate
agents and loan brokers, even
that great lover Of the dear people,
Capt. Miner, Of Clay who was SO mindful
Of his constituents interests a to oppose tax.
ing them for the construction Of county
buildings, votes aye; and thus lends the
great weight of his influence in favor Of
continuing the extraordinary rate of twelve
per cent. on all the loans Of his beloved sup
porters. We had supposed that when this
bill reached the council the gallant captain
would cry aloud and spare not; but alas for
all human hopes. they vanish as the nom
ing vapor scattered BY the sun'srays, when
subjected to the chicanery Of the politicians
wand.
And at the very time the council defeats
this meritorious measure, they have before
them, and will pass, q bill to issue $4,000
8 per cent. bonds for territorial purposes
conditioned that they be sold at par and t.
influence favorable action on this bill, thel
parade kilograms from New York to show
that the 8 per cent. bond
can be negotiated at par; thus advertising I,
the world that capitalists east are anxious Il
put their money here at 8 per cent, but a
the same time continuing = rate of interes
that compels every poor man, whose tamil,
is shivering in . claim shanty on the prai
RE, if he borrows at all, to pay II per cent
Are the people Of the territory-are III
people of Yankton county, satisfied Wit
such legislation?
The Loaf. agent argue against the reduc
ton now, as they did in 1874, for the re-.
son as they assert, thst reduction will peven
US getting money. 1t was reduced the
from IS to 10 per cent; money continued I
flow this way for investment; and none br
good results have followed. And so it woul
be now, if reduced to ten per cent. But th
shylocks demand their pound Of flesh, az,
the council said by their vote yesterda.
they should have it, even if the blood of th
poor farmer and mechanic, who mortgag
their little all to get . start IN life. shall lov
as a consequence.
What will be the action of the house o,
the bond bill of the firm Of Pettigrew 4 Co
when it reaches that popular branch of th
peoples representatives? Will they Civ
it the sleep that knows no waking? If &C
they may be assured the people will sa;
amen, and amen! OLD SETTLER.
Yankton, Feb. ii, 1879.