Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-01-23

Wy JOoeOAuoJ' lCulaiAlhS LII oOooAOA 1lOh4
IL a. m. until 2:30 p. M, minus the recess of
only about half an hour for the joint con-
vention. Six new bills we're introduced,
the most important being that of Mr..
Gregory, of Washington, changing the
manner of drawing juries, Mr.. Cornish,
of Ramsey, also introduced measure that
will undoubtedly attract considerable at
tention, being bill making it a INSIDE
meanor for telegraph clerk, or other
employee, to divulge the contents of tele-
graphic message.
In committee of the whole. the house,
led by Col. Hicks, set down upon
j. E. Child's bill to regulate the drawing
of statutes and session laws by members.
Child in his bill proposed to have so col
lected from members who should fail to
return such books by process of law. Mr..
Hicks and the majority of members seemed
to think that such law would be refec-
tion upon the honesty of members,
and so they amended the
bill to have members, when getting
The books, deposit $5,to be retained by thei
state if the books are not returned at the
end of the session. AS The state has to pay
at the rate of S. per volume for the stat
utes, when taking thousand volumes, it
is fair to presume that should the act be-
come a law, few of the SIS deposited will be
called for Child fought the
amendment vigorously, and pointed
out its inconsistencies, but to
no use. He then sopghS to have the bi
indefinitely postponed but here, too, he
failed.
Another measure that excited consider
able discussion in committee of the whole
was that introduced by Mr.. Rahilly fixing
the maximum rate of interest at Z
per cent. instead of 10 per cent
as now. At his motion per
cent. was substituted for 7, and then
he spoke earnestly in favor of the measure
He claimed that there was plethora eff
money in the country, and that the cap
italists of the country would be glad to loan
it at five per cent. if the law did not allow
them to demand more. Cheap money, he
said, made good times, and he knew from
his own experience that money could
be made cheaper in Mime
sofa. A few years ago. when
the present usury law was passed, and the
maximum of interest was reduced from
2 to 10 per cent, hue and cry was
raised that it would drive money from the
state and create stringency. But the
fact was that money had never been so
plenty in the state as since the passage of
that law, and the passage of the present law
would make no difference whatever with the
volume of money to loan. Mr.. Rahilly was
supported in his advocacy of the bill by
Messrs. Brown, Barker and Thayer, Will
Messrs. Boardman, Collins, Cornish, Hart
ley and Gregory opposed it. In his argu-
ment Mr.. Boardman alluded to the fact that
the maximum rate of interest in Wisconsin
and Iowa was 10 per cent, and in Dakota
II per cent, and that eastern capitalists
could not be expected to put
money IN Minnesota, when higher
interest could be got in adjoining states
and territories. 1t was also asserted that
money was not 80 plenty as for the past
few years, and that merchants and manu-
facturers were now experiencing more or
less trouble in securing the short accom-
modations required in their business at
the present maximum rate. Mr.. Cornish
stated, not he said as a threat,
but as fact, that if the
interest was reduced as proposed, the new
bank with $2,COO,OoO capital it was pro-
posed to start in this city, would not be
started. All the speakers in opposition
claimed that the present flexible law was
in the interest of the business community,
satisfactory in the main to both borrower
and loaner. and that it would be unwise to
change at this time without disposing OF
the bill. The committee reported progress
and were given leave to sit again. The
senate has already killed two such bills,
and the indications are the house will fol-
low suit.