Daily globe., 1879-01-29

for one week. Voted down-ayes IA, nays 18.
Senator y. M. Wilson'S substitute was then
voted upon and lost-ayes, l3; nays. 10.
The original substitution offered bv Senator
PERKINS was then carried-ages, 18: nays, Is.
BILLS INTRODUCED AND pAssrn uNnrn snsprsnrn
RULES.
By Senator J. B. Gilfllan-ro 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
| sloners of Meeker county to issue $40 900 bonds
to build court house and Jail at Litchtield.
by Senator Morrison-'Io detach certain
territory from school district No. 8, in Olmsted
No. lOS.
BY Senator Perkins-To incorporate the vii
| lage OF Sherburne in Martin county.
BY Senator G. F. Buck-To change the name
OF Ruby b. Phillippi to Ruby E. Kinney.
Also, to constitute Hester E. Hurlbnrt heir
at law to William NJ. and HELEN Hurlburt.
BILLS INTRODUCED.
Ry Senator Bonniwell-To locate and estab-
llsh State road from Howard lake, Wright
county.
By Senator Mealey-Amending the statutes
relative to assessors. Provides for the appoint
ment of county assessors, and makes their
term of office four years
by Senator C. d. 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 Marshfeld to
Morse.
BY Senator Macdonald-To amend the laws
OF 1885, relating to real estate.
by Senator Swanstrum-Amending 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
ID" showing a discrepancy in the insaae
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
the printer.
Senator Doran-But it makes the report un-
inteiligible.
The President-The attention of the printer
will be called to the circumstance.
Senator Doran-The supplementary report
calls especial attention to Exhibit s'D,' 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 as it is FOR once.
The President-Will the Senator offer a 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 heir 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. Q, Brown county
Passed under suspended rules.
10 authorize the commissioners of Yellow
Medicine county to issue bonds to fund its
| floating debt.
To amend the special laws 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 number of bills
We're considered of an unimportant character,
| and nothing of i'm portance transpired until
Senator Wilson's bill making the maximum
rate of interest 10 per cent. was reached
Senator Buell. offered amendment fixing
the first day of October, 1879, 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
| money. He was in favor Of the bill in other
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 al this
time.
Senator E. NJ. Wilson said the arguments ad-
| vanced by Senator Buell. in support of his
| amendment We're untenable. The present bill
did not change the old law except to reduce
the rate Of interest from II to 10 per cent, and
| and its provisions were discussed at length
when it became a law and were fully under
stood by the people. 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 a. 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 III 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 a Grim
inal offense to take more than per cent. This
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 embarrassments, and also by the
money interests represented by the national
banks, who do uot want their profits inter-.
fered with, but want their monev 10 earn all it
can. This bill aims to protect all-lender as
well as borrower. Hoped Buells amendment
would not prevail, for it would practically an
null the bill for year.
Senator Rice hoped something would be done
to prevent Shylock 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 Buelrs
amendment would prevail, for it was 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 man and
trying him afterward. The national banks can