The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-01-26
THE PROCEEDINGS In DETAIL.
THE HOUSE.

A Two Per Cent. Reduction I'm the Legal
Rate of Interest.
The session of the House Saturday morning
was opened with prayer by Rev. Mr.. Prentiss, of
Grace P. E. Church.
Favorable reports from committees were pre-
sented on the House concurrent resolution for
the repeal of the law of Congress making appro-
priations for arrears Of pensions
House oils numbered LA. 116 Iamended so
that the widow may elect to choose whether she
takes under the will or under the Statute within
nine months;l 124, 125 and 1877, [made special
order for Wednesday, were ordered engrossed.
Mr. Murphy offered concurrent resolution
which adopted, instructing senators and
requesting Representatives in Congress from In
diana to use their influences to secure pensions
and bounties where necessary, to soldiers of the
late war.
Mr.. McMullen's bill n r. 125, being read the
second time with a favorable committee report
thereon, the Speaker said that the bill provided
for change, allowing appeals to the Circuit
Court from the board Of equalization The
question as to whether it<swas:a meritorous bill
was not to be considered then. 1t was ordered
engrossed.
REDUCING THE RATE OF INTEREST.
X. i. IL.
146l being read the second tinIe, Mr.. Browning
moved to strike out seven and insert "0ght"
instead which was. or the motion of Mr.. Will
iams laid on the table.
Mr.. Peasants moved 10 strike out the word
seven and insert in lieu the word six"
Mr.. Smith. of Tippeeanoe-This begins to look
not like bill to regulate the price of money,
but to drive all the money out of the State. To-
day have been looking over schedule of the
rate Of interest in several States, and find that
we have just as low rate as in any other State.
Mr.. Cartwright made an Intellectual motion to
lay the amendment on the table
Mr.. Wilhams-I am sorry amendments have
been offered to this bill; either to complicate it.
or to make an occasion for members 10 put them
selves on record in favor of lower rate of
interest Six per cent. is too much of q reduc-
ton. am certain this clafnoP for reduction
OF interest will be satisfied with per cent
rate. The fact that those galleries are filed
with laboring men is not because there is no
employment for them, but because there is
financial depression in our cities. It has been
said that this bill ought to be entitled a bill to
drive capital out of the State Gentlemen, that
IS the same cry that was made when the bill was
introduced to reduce the contract rate
OF interest from 10 to per cent.
1t was said no money would
main In Indiana These directors were false
prophets No money lender in the State of Ind
lana took down his shingle after that reduction
was made. will make the prophecy if we re-
duce the legal rate of interest to per cent there
Will DC as flucn money III the state OF Indiana as
there is now. | do hope that this amendment
will be defeated.
Mr.. Pleasants-I offered the amendment TO
reduce the contract rate of interest from seven
to six per cent in perfect good faith. / believe
the time has come when interest can very we'll
be reduced to six per cent know large
amount OF money lying idle. IF the rate is re-
duced TO six per cent there would be much more
money borrowed.
Mr.. Browning-I hope this amendment will
not prevail very strong reason against it Is
that there are places where money will COM
mand more than six per cent Then we have a
large school fund loaned at seven per cent. and
this bill would reduce the rate on the school
fund If money from outside the State can be
had at SIX per cent the income from the school
fund should not be reduced by the passage of
such bill as the one under consideration The
worst thing We can do for the laboring man
would be to reduce the rate of interest to six
per cent.
Mr.. Smith, of Tippecanoe--Wil the fixing
of the rate of interest at six seven per cent
bring back prosperity to the countryl Do man
ufacturers turn men out of employment because
it is q question of six or seven per cent? The
cry is not for a reduction of the rate of interest
to six per cent. am willing to leave the rate
as it stands upon the statute Two years ago
when made motion to make the rate of inter-
EST seven per cent the gentleman from Knox
iMr- Williamsl was the first man to move to lay
il on the table.
Mr.. Moody--It occurs to me that in the dis
cusslon OF this question the speakers lose sight.
OF one material fact-the supply and demand.
An amendment fixing the contract rate Of inter
est at per cent. would kill the BILL and it seems
TO me now Is as good time to test the sense of