Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-01-29

senator f. M. Wilson'S substitute was then
vo1ed upon and lost-ayes, Is; nays, 18.
Inc original substitution offered by Senator
Perkins was then carried-ages, Is: nays, IS.
BILLS INTRODUCED AND PASSED UNDER SUSPENDED
RULES.
BY Senator J. B. Gilfllan-To change the
name of the first Baptist church of st. An
thony to that of Olivet Baptist church of Min
| neapOlis.
by Senator Cutts-To authorize the commits
| sioners of Meeker county to issue $40, 600 bonds
to build court house and Jail at Litchfield.
by Senator Morrison-'To detach certain
territory from school district No. 8, in Olmsted
county, and attach the same to school district
No. 10S.
By Senator Pcrkins-To incorporate the vii
lage of Sherburne in Martin county
By Senator O. F. Buck-'Co change the name
OF Ruby p. Philippi to Ruby E. Kinney.
| Also, to constitute Hester +. Hurlburt heir
at law to William M. and HELEN Hurlburt.
BILLS INTRODUCED.
Ry Senator Bonniwell-To locate and estab-
lish State road from Howard lake, Wright
| county.
By Senator Notwithstanding the statutes
| relative to assessors. Provides for the appoint
| ment of county assessors, and makes their
term of Office four Years.
! BY Senator G. ID. Gilfllan-To enable the
city of st. Paul to consolidate the debt of said
| city.
BY Senator Helling-To remove the county
| seat of Lincoln county from Marshfield to
Morse.
By Senator Macdonald-To amend the laws
| OF 1876, relating to real estate.
By Senator Observation-Disclosures the laws
of 1877, relative to the debt of St. Louis
county.
EXEMPTIONS FOR PRINTERS
Senator Castle reported an amendment to the
bill repeating the act exempting country print
ing offices, whereby $1,000 shall be exempt
from execution.
PECULIAR OMISSION.
Senator Doran called the attention of the
President of the Senate to the fact that Exhibit
d. showing a discrepancy in the insane
asylum accounts, was left out of the report of
| the public examiner on the financial conduct
OF that institution.
The President-It is doubtless mistake of
Senator Doran-But it makes the report un-
Ineligible.
The President-The attention of the printer
| will be called to the circumstance.
Senator Doran-The supplementary report
| calls especial attention to Exhibit 3D." and
the Whole thing is unintelligible without it.
Therefore, move that the 500 copies be re-
( turned to the printer to be printed according to
| the copy furnished. We want to get at this
| thing just az it is for once.
The President-Will the Senator offer reso-
luton to that effect?
Senator Doran-The secretary of the Senate
| informs me that he will collect and return the
reports to the printer for correction, which will
bring about the result desired.
FIRST READING OF HOUSE BILLS.
To incorporate the village of Crookston, in
Pope county.
Constituting Mary r. Reynolds heiy at law of
Sarah r. Reynolds.
| To authorize the board of education of De-
| troit to issue bonds.
To legalize the acts of the special school
meeting of district No. 9, Brown county,
| Passed unrer suspended rules.
To authorize the commissioners of Yellow
Medicine county to issue bonds to fund it's
| floating debt.
To amend the special law. of 1877 authoriz-
ing the issue of bonds by Lyon county,
| Passed under suspended rules.
Joint resolution asking Congress to appro-
pirate money to improve navigation on Red
river. Passed under suspended rules.
THE INTEREST QUESTION.
In com mittee of the whole a number of bills
were considered of an unimportant character,
and nothing of imp ortance transpired until
Senator Wilson's bill making the m aximum
| rate of interest 10 per cent. was reached
| Senator Buell. offered an amendment fixing
the first day of October, 1879 as the date when
| the law shall become operative saying he
| offered the amendment that the people might
! have an opportunity of becoming acquainted
with the stringent provisions of the bill, and
also that farmers might be able to harvest an
other crop of wheat before it went into effect.
Many farmers had not made living this year,
and he did not wish to further embarrass them
! by making it more difficult for them to borrow
| III :,@f e Al
respects. When labor produces small returns
| the rate of interest should be low, and as the
| legislature possessed the sole power of fixing
the rate of interest, he did not wish 1t to shirk
the responsibility devolving upon it az this
| time
Senator E. M. Wilson said the arguments adj
vanced by Senator Buell. in support Of his
| amendment were untenable. The present bill
did not change the old law except to reduce
the rate Of interest from IL to 10 per cent, and
and its provisions were discussed at length
! when it became law and were fully under
stood by the people. A high rate of interest
would never relieve the stringency of tn,
times, and he did not think the contemplated
reduction would keep money away from the
State, saying capital sought not high rates of
interest SO much as absolute security. In olden
times per cent. per month sent almost every
presumption in the State to the auctioneer's
block and had retarded the growth of the State
five years. Times had changed now; crops
have not been plentiful, and specie payments
have been reached by the shedding of vast
| amount of financial blood, and we have now
reached the bed rock of values where the rate
| of interest should more nearly approximate
! the rates received IN Europe. The Senator
| read from the Governors message and said his
| words upon this subject were the words of wis
! dom. He also read the rate Of interest in the
| various States and commented upon the strin-
gent law in New York, which makes it q Grim
| ina1 offonaa fn tai than
was opposed by Two classes, tO-wit: those who
are needy and take no thought for the future
| but will sacrifice all they have to bridge over
! their present endorsements, and also by the
| money interests represented by the national
banks, who do not want their profits inter-
| fered with, but want their money! to earn all it
| can. This bill aims to protect all-lender as
we'll as borrower. Hoped Buell's amendment
| would not prevail, for it would practically an
null the bill for year.
Senator Rice hoped something would be done
| to prevent SbylOck from taking his pound of
! flesh, but he had but little faith that it could
be done. The law is evaded, and notwith-
standing the stringent law we have, money is
loaned at from Is to Is per cent. in his dis
| trict, but there is chance for this law to do
great good to the farmers. Farm machinery is
| sold to them and their notes bear per cent
until maturity when it bears IL. Thousands
| will be saved to farmers by reducing the rate
to 10 per cent. and for this reason he should
vote for it..
Senator D. Buck hoped Senator Buells
| amendment would prevail, for it vas hardly
fair to pass bill with such stringent provis-
ions without giving the people chance to
learn what they are. The time might be short
ened, say till the first of June, but to give no
| time is too much like hanging a man and
| trying him afterward. The national banks can
bid defiance and snap their fingers at all at
| tempts at forfeiture Of principal, for by the
| terms of their charters this law can not be en-
forced against them, and practically this bill is