The Indianapolis sentinel. [volume] (Indianapolis, Ind.) 1880-1904, 1885-03-07

rate OF interest, bat afterwards he receives a
high rate of interest from the other borrow
ers hence 10 would not De usurious
Under the present law they can not
loan their money 10 outsiders This bill
provides that when the association can not
loan TO any OF their members they can loan
to outsiders nj the legal rate OF interest
This bill has bsen recon mended by 80 loan
associations OF the State. The only capital
the associations ever have Is the weekly dues
upon their shares This bill provides that
the loans shall only be at the legal contract
rate. The provisions in the existing law In
regard to holding property Is not changed.
Members desire some time 10 take out shares
in favor Of their children. We have no
savinfe banks; our laws proved an utter fail.
IRE In regard 10 them These associations
act as savings banks.
Mr.. FOULKE, by consent, amended the
bill so that loans 90 outsiders shall not be at
more than the legal rate.
Mr. BAILEY lam satisfied that the only
purpose OF this bill wodld be to make straight
loans.
Mir. THOMPSON: / believe the spirit Of
fairness has always been exercised in these
associations. None OF the members OF the
associations have spoken against them.
Mr.. CAMPBELL, Of st. Joseph: Since
the bill Is amended 90 that loans 20 those
who are not stockholders shall not be at
more than legal rates, and with no pre-.
miums, the great objection which / saw in
the bill is largely removed.
The bill passed by yeas 3s, nays 0.
THE MILITIA BILL.
The Lieutenant Governor laid before the
Senate the veto of the Militia bill. J. s.
Mr.. FOULKE moved 70 postpone the con-
sideration OF the veto mes age until tO.mOr-
row morning al 10 O'Clock.
The motion was rejected.
On motion of Mr. DAVIS II was ordered
he II ha al AZ IA "a
journals,
Mr. WINTER: think the Constitution
does not contemplate immediate action upon
a veto Reads.
Mr.. WILLARD moved the Senate take up
the consideration OF the Governors veto and
demanded the previous question.
The demand was seconded by the Senate
and under its operations the motion was
agreed To by yeas 2l navs 90
Mr.. FOULK = believed the obi sctions Of the
Governor wouid have weight with the Sen
ate, and the proper way TO treat the message
Is TO refer the BIZ 70 the Judiciary Commit
tee, and he made thai motion.
Mr.. VILLA RD INSISTED the previous cues
ton goes to tie question shall the bill pass
The objections OF the Governor TO the con-
trsry2'
The PRESIDING OFFICER (Mr. McCul-
Tough in the chair decided that the opera
ton OF the previous question had been ex-
haustsd.
Mr.. SMITH, OF Jennings objected to the bill
being referred TO The Judiciary Committee
We can do An honorable services oy sustain
ing the message. Every laboring man against
whom this bill is directed, would praise the
Governor for his glorious action. IT, is the
most odious bill that ha' been introduced in
The Senate. ! demand the previous Question.
The demand vas seconded by the Senate
and underNits operation the motion TO refer
WIS rejected by yeas l6, nays 20.
The Senate sustained the vote OF the Gov
einOr by yeas g. nays 3d.
Mr. CAMPBELL, OF Hendricks, when his
name was called, said / voted for this bill
believing that in a certain emergency It
would do great service in preserving the
peace. | understood that the bill had been
prepared by those competent and interested
in the measure. and had no reason 10 dou DIT
its eopstitutionslity. j gave little attention
to the details; the main provision OF the
bill was all mad ia mind. am constrained
10 believe ana do bslieve that the Gov
ernors objections are valid, and that GER
tam parts OF the bill are unconstitutional.
While | voted to refer the bill to the
Judiciary Committee, | am not prepared to
vote for the bill vote no."
Mr.. JOHNSON, of TippecanOe, in explsna-
ton OF his vote, said: / was in favor Of the
passage OF this bill, but, believing the OBJ
ections OF the Governor valid, vote mo"
Mr.. MARSHALL: ! voted for the bill, be-
lieving IL 10 be Just one and believing that
the people of the State desired that the
militia of our State should stand along side
OF the militia Of Ohio and Illinois. sup
pose. however, the Governor has examined
The constitutionality OF the bill very closely,
and should be COMPETENT to Judge. vote
no
Mr.. OVERSIGHT: The Democratic Sem
atOrs on this floor, who were the especial
champions of the bill, seem to abandon it
in lis time of need. | do not know whether
IL is constitutional measure or no., but as
give a great deal OF weight TO the opinions
of the Governor. l vote no."
z4Mr. WILLARD when his naute was called
said / am still IN favor OF a good militia,
and the only reason that ! now vote against
the passing OF the bill over the Governor s
veto Is that / believe the present bill uncon-
stituuonal. | vote no."
Mr.. WINTER The bill is very lengthy
one, and there was no discussion of its pro
visions in detail think the Governors ob
jections are well taken, and as we have no
right to pass an unconstitutional law, vote
mo-
Mr.. YOUCHE: I voted FOR this bill on its
passage, and should proper militia bill be
broUgh. up, should vote for it. The a-gu-
ments OF the Governor are insuperable, ald
feel II is my duty TO vote against the bill.
vote no"
The vote was then announced as above.
So the Senate refused 70 pass the bill over
the objections Of the Governor.
UNIVERSITIES NAY HOLD REALTY.
On motion by Mr.. FOULKE, the bill II.
+. 400 to allow educational Institutions Il
hold 100000 10 real es ate was sed bg
yeas 81, nays
The Senate adjourned till t0 morrow.
HOUSE OF REPRES ENTATIVES
s1- FRIDAY, March g. 1853 g. m.