The Indianapolis sentinel. [volume] (Indianapolis, Ind.) 1880-1904, 1885-01-26
HOUSE OF REPRESENTATIVES,.
SATURDAY, Jan, q. lSS5-lO 8

Mr.. MURPHY offered concurrent RESP
luton, which was adopted, instructing Sen
ators and requesting Representatives in Con-
gress from Indiana 10 use their influence TO
secure pensions and bouuties to soldiers ia
the late war, so as To earn the gratitude OF
soldiers who fought in the Union army.
Mr.. McMullen's bill. r 125, being read
the secone time with a favorable committee
report thereon
The SPEAKER said: 1 will state that this
bill provides for but one changs-allowing
appeals to the Circuit Court from the Board
it is meritorious bill is not to De consid.
cred now.
The bill was ordered engrossed.
IETERsT AND usURY.
Mr. Williams per cent. interest bill II.
r. 1867 being read the second time
Mr.. BROWNING moved to strike out
seven" and insert "eight" in lieu.
Mr.. WILLIAMS That would be folly.
That is the statute as it now stands. My bill
proposes to reduce the contract rate of in-
terest from per cent to Z. There Is roo n
fo- sonly two opinions; Either the rae
ought TO be reduced, or 1t ought to remain
as it is. In fairness to that class OF people
who are demanding a redution in the rate of
interest the bill ought to pass. / move to lay
the amendment on the table.
The motion was agreed to.
Mr.. PLEASANTS moved 10 strike out the
word seven" and insert in lieu thereof the
word six"
Mr.. SHIT 4, OF Tippecanoe: This begins
to look NJ ike bill 10 regulate the price
of money, at 10 drive all the money out of
the State. Thers are few men on this
ioer whose 6slf.cts are absolutely flooded
with money; and where there are men going
around crying money to loan at per cent,
and find no takers. But have never been
in those districts. To-day have been look.
ing over schedule of the rate of interest in
several States, and we have Just as low as
in any other Sta Q.
Mr.. CARTWRIGHT made an Intellectual
motion to lay the amendment on the table.
Mr.. WILLIAMS: l am sorry amendments
have been offered to this bill: either to com
plicate it, or to make an occasion for mem
bers to put themselves on record IN favor OF
lower rate OF interest. Six per cent is too
much of a reduction. ] am certain this
clsmor for a reduction of interest will be
satisfied with Z per cent. rate. The fact
that these galleries are filed from time to
time with laboring men is not because there
is no employment for them. but because
there is financial depression in our cities.
1t is known there is depression In every
class OF trade; In all manufacturing estab
ishments. and in every city throughout the
length and breadth of the land. 1t has been
said that this bill ought to be entitled a
bill to drive capital ont of the State. Gen.
tlemen, that is the same cry made when the
bill was introduced to reduce the contract
rate of interest from 10 to per cent. 1t
was said no money would remain in Indiana
These directors were false prophets. No
money-lender in the State of Indiana took
down bis shingle after that reduction was
made. will make the prophecy If we re-
dHce the legal rate OF interest to per cent.
there Will be as much money in the State OF
Indiana as there is now. do hope that
this amendment will be defeated.
Mr.. PLEASANrS: | offered the amend.
ment to reduce the contract rate of interest
from to per cent in perfect good faith.
believe the time has come when interest can
| very well be reduced to per cent. know
large amount of money lying idle, and if
| the rate is reduced to per cent. there would
| be much more money borrowed.
Mr.. BROWNING: / hope this amend.
ment will not prevail. A very strong reason
against it is that there are places where
money will command more than per cent.
| Then We have large school fund loaned at
| per cent, and this bill would reduce the
rate On the school fund. II money from out.
side of the State can be had at 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 per
| CEN,
SMl1d, Oh llpphcdUO6. VIII LDP
| fixing of the rate of interest at 8 or pr
cent bring back prosperity to the country
Do manufacturers turn men out OF employ
ment because it is question OF or 7 per
! cent? The cry is not for q reduction of th =
rate of interest to per cent. / am willing
to leave the rate as it stands upon tn,
! statute. Two years ago, when / made q mo-
ton to make the rate of interest per cent
the gentleman from Knox (Mr. Williams
was the hrst man to move to lay 1t on tn
| table.
Mr.. MOODY: 1t seems to me that tn,
gentlemen in the discussion of this question
| lose sight of one material fact, the suppl,
and demand. An amendment to fix up til,
| contract rate rate of interest at per cent
| would kill the bill, and it seems to me now
| is good time TO test the sense of the House
| on this question as any other time. 1t seems
to me the law on the SUBJECT of interest in
| this State is one of the very best that could
be enacted, which provides for contract
! rate OF per cent. OF course il there il
| plenty of money TO be had it can be Dor
rowed at per cent. But Just as sure as q 6
| per cent. law is passed money would leave
| our State, and inste ad of such a measure as
sisting the poor man he would be unable to
| borrow money at all. | am opposed to the
! amendment
Mr.. REEVES: l am in favor of getting as
| low rate as can be had, but l don't be
| lieve it would be best to pass a law reducing
| the rate of interest in this State to g per
cent. To say the least. 6 per cent. is a very
low rate of interest II is claimed that such
q reduction would be for the benefit of the
poor man. That may be true in one sense,
but that class of men are much more inter
ested in the general business prosperity of
| the country than in borrowing a small
/ amount of money at q low rate of interest
| A reduction of the rate from to per cent
| would disturb the business of the State. 4
great deal tine busiusss of orr State is
done on borrowed capital. If l thought
| business interests would not be shaken by
4 it would be in favor of the amendment
do not fear a reduction to per cent, but
/ do fear q reduction to per cent.
Mr.. KELLISON: / am not In favor OF the
amendment. 1t would be an injury to the
| business interests of the State. There are
| thousands of mortgages falling due soon aud
| it would be absolutely impossible to renew
| their loans unless the lenders could get more