The Indianapolis sentinel. [volume] (Indianapolis, Ind.) 1880-1904, 1885-02-16
Omitted from the bottom OF page H.

INTEREST AND UsURY.
Mr.. Williams bill q. r. 146l to fix the
rate OF interest at 6 per cent. being under
consideration
Mr.. MOODY said 1 am opposed to this
bill, and earnestly appeal to gentlemen on
this floor not 20 disturb the present law on
the question of interest. / do not believe
as some gentlemen insist, that legislation on
this question will be in the interest of the
debtor class. i do not loan money, but I'M
fortunately have always borrowed. Do
gentlemen lievs that If we enact law re-
ducing the sgsl rate of interest to per
cent, or soy CHER man can more easily
procure money Whefewith to remove the
mortgage from our little honest No, gen
tlemen, 8 greater delusion was never enter
tanned by man, than to suppose you can
materially assist the poor man by enact
ments reducing the legal rate of interest. II
such results would follow in the pathway OF
such legislation, then why not make
the law 5 per cent? Mr. Speaker, I
believe that legislation on this question lie
kindred to that of legislating on prohibiting
the use of intoxicating liquors. Such law
is of no or but little force unless the people
are educated up to standard where they
will enforce the law, and when they are so
educated the law is not needed; and so in
legisleting on the question of interest the
law reducing the rate of interest in the alb
sence of money will amount TO
nothing, ard when money again be-
comes plenty then you don't need the
law The law of supply and demand will
always regulate the question of interest and
while | stand ready TO vote for any and all
measures in the interest OF the debtor class,
I am opposed to meddling with the interest
law Of this State, for | regard it as the very
best as il is
Mr.. FRENCH: L understood the gentle
man from Hancock Mr.. Gooding) to say
that members representing the people would
vote for per cent. Then / suppose If a
member thought best to vote against this
bill he don't represent the people. New sir,
| believe | am as we'll intended 10 represent
the people IS the gentleman, bnt l don't
harp great deal about it. The price of
money is regulated by the supply and de-
mand. The flow OF money is not regulated
by law. No man will deny that money, like
water. will seek its level. 1t always seeks
the best market. Do you suppose that vot-
ing for or against this bill will be any in
duoement for capitalists to bring money
here and put it upon the market? I shall
vote against the bill.
Mr.. GORDON: j, don't know whether you
can get money at 3, D or per cent, nor L
don't care. 1t has nothing to do with this
question. 1t has no particular bearing on
this question. / think this ought to be en-
titled, "a law to conhscate property"
Here is q man that has mortgage on his
farm, and insurance companies don't make
loans for so long time that they never fall
due. Here is man that has q loan OF sew
eral thousand dollars bearing per cent. in
terest, and when it becomes due they would
not renew it at per cent it must be raised
to 8. / do not believe in trying to humbug
the people and ct the same time do them a
great injury. Suppose all the debts
in the city OF Indianapolis bad
to be paid under such bill
What would be the condition of business .
What would be the result If the debts in the
city of Indianapolis would have to be psio
to the foreign insurance companies and for
eign loan companies under this bill2 think
there is no demand for this law by the peo
pie. / will vote against the bill. l should
vote sgoiDst It if it Was at per cent.
Mr.. HANL0N made an Intellectual demand
for the previous question.
Mr.. WILSON: I should think myself
recreant to my constituents If did not sag
Just few words on this SUBJECT On behalf
of the farmers of my own county would say
there are many of them who have
their farms shingleo with mortgages
These mortgages are falling due every day.
On these is interest at six, seven and eight
per cent. They have no money to pay
these mortgages when they become due aud
if they can not renew them the mortgages
must be foreclosed. ! hope the bill will not
become q law.
Pending this discussion the House ad-
iourned