Mexico weekly ledger., 1879-02-20

not to place any limits On interest of
Banks are taxed a per cent,
some pay as much as 5 IL per cent.
Banks often borrow money to accom-
modate merchants and others ;circum-
stances govern the money market
There were times when high rates OF
interest must be paid; to attempt to
arrest that might close up monetary
institutions. Col. Don Morrison
thought it would be very unwise to
do that and thus drive capital from
the State. The House bill which
limits interest to 6 per cent. ought to
be entitled a bill to bankrupt every
farmer that has a mortgage or deed
of trust on his property and to wind
up all business in this State. There
is no more wisdom in attempting to
regulate the value of money by leeis-
lation than 10 fix the price of pork i'll
the same way. The pending bill Will
increase instead of decrease the rate
of interest. There is no statesman
ship in the bill. There is no sense
in it. Very few of the banks are
making any money or declaring any
dividends for the that money
is cheap and they are compelled to
loan at any possible rates. If he was
a member of the Legislature he would
let the law stand as it is. 1t was I'M
wise to make banks rely on the money
of their depositors as a means OF
earning dividends. J. H. Dowell
said he had been told that the House
bill was the farmers bill. If that was
so he was convinced that the farmers
| do not understand it's effect. He was
certain that the passage of the bill
would be detrimental to the agricul-
turaI interest. If he had no other in
ducement he would oppose the bill
as ruinous to the farmers. He Their
explained the effect which driving
money from the State would necessa
rily have upon the price of produce
Col. Don Morrison was invited to ad
dress the members of the Legislature
on this subject.
HOUSE.
Feb. 11.-Mr. Miles introduced
resolution providing that no none.
be appropriated to State University
unless the faculty gave satisfactor.
assurances that the liquor laws vii
be enforced at Columbia. A com
municaton was received from tn
Judges Of the Supreme court settini
forth the impossibility of cleaning u
their docket. The bill creating
-. commission to assist them was los
after debate, Yeas 25; Nays 1O3
. The bill requiring not less than So
nor more than $500 for six month
, saloon license for State use passed
Yeas SO; Nays %. A number of ne
bills were introduced.
Feb. IA number of new bill
8 were introduced. Bill to abolish Il
6 office of prosecuting attorney an
, create that of circuit attorney W!
refused engrossment. The scho
bill was taken up. Amendments r
jected.
r. Feb 13.-Several memorials al
; new bills were introduced. An a
to regulate building of barbed WI
fence was put upon its passage al
lost. Bill excepting benevolent s
cieties from the operation of life j
surance companies laws was passe
Yeas 1O3 Nays 8. The section ia
intr peddlers for license was amen
ed.
Feb. IA number of new bi
!. were intro duced, among them o
relating to gambling officials. I
bill reducing c, 'mpensation of circ'
e clerks, ex-oficio, recorders az
g produced considera BILE debate, a
r was finally referred to Joint comm
tee on revision.
Feb. 15.-Besides receiving a
reading memorials and new bus a
Y engrossing and referring old ont
but little was done by either hou,'
1.-THE Senate, however, rescinded tt
JOINT resolution creating the commi
Il tee on revision because it had N,
1t been adopted according to constitu
ional requirement nor submitted
the Governor.