The Indianapolis sentinel. [volume] (Indianapolis, Ind.) 1880-1904, 1885-01-26

per cent. II 10 would not drive money away
IRON the State % places more favorable, YET
believe at this time il would be bad step
TO take. am not quite sure but that am
In favor OF letting the interest law remain as
1t Is az the present, until a higher authority
than the Legisls ture of Indians has reg1.
lated this difficulty and brought rs the
remedy-untn the $400 600 600 of money
now rusting In the United States Treasury
Is set free aud sent into the bushes chan
nels Of this country
Mr.. RIVERS: l am in favor OF this
amendment. The fact is the rate of per
cent at the preseat time is not giving en-
ploymeut 70 the workingmen of this coun-
try. There is desire % give the n employ
ment There is money not loaned because
the business men Of the country eau not az
ford TO pSy per cent interest. IL the money
can't be loaned at psr cent, why not re
duce the rate 10 Ger cent? There is some
remedy for the present business stsguation.
and that remedy Is to reduce the rate to
per cent. Farmers can't afford to pay per
cent, and therefore for these, among other
reasons. am in favor of reducing the rate.
Mr.. ROBINSON: Ny recollection is that
when the law was changed from 10 to per
cent. the same arguments were used by gen.
tlemen who opposed the reduction that are
now being used. | desire in my humble
capacity TO stand for the people of this
State, and am in favor OF the reduction OF
i a
duction will drive from our State money SO
We can not secure il. ] believe the price of
our products and the price of our labor have
been reduced fully 2 per cent. within the
past four years, so that 8 per cent. fully
represents DER cant. four years ago. Tde
oty from the opposition to the red1c-
ton is that We can not borrow on
the proposed reduction, but I under
take to say money holders do not loan
money unless they obtain good col lateral.
They require first mortgages on real estate.
la justice to the laboring men of Indiana [
insist toe rate of interest ought to be re-
duced. Labor and capital are represented as
joint partners. The rate OF interest has
much to do with the amount OF money la
borers receive. The former generally de.
Ponds, as has been said, upon borrowed cap.
ital. III they have to pay a high rate of
interest, they have to pay correspondingly
low rate to their help. IL they borrow at q
correspondingly low rate of interest, they
can afford to pay more to their laborers
The result of reduction will prove bene-
fetal 10 the interests of the State.
Mr.. SMITH, OF Warrick: It seems TO me
we ought to reduce the rate of interest on
moneys to 6 per cent. To do justice to the
macs OF the people. let US make the reduc.
ton. am decidedly in favor Of the amend
ment.
Mr.. BOYD: Just at this time l think we
can reduce the rate 1 per cent, because
Eastern capitalists are only asking per
cent. for their money here in Indiana /
think we can safely enact a law reducing
the rate to per cent, but it would be folly
to reduce it to 6 per cent. would favor
voting down this amendment.
Mr.. DITTEMORE demanded the prev ious
question, which was seconded by the House,
and under its operations the amendment
was agreed to by yeas, 80; nays. SO.
Mr.. FISHER moved to strike out the en-
acting clause, which motion was laid on the
table by yeas, So; nays, %.
The bill was ordered engroseed for the
third reading by yeas, 60; nays, -.