St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-12-08
THE CONKL|N USURY BILL
Will Be Urged for Passage at the Com
ing Legislature,
WITH FEW AMENDMENTS.
The Gist Of the Bill and Provision
of Its Sec
tons.

HURON, OAK, Dec. AT the annual
meeting of the Dakota Farmers alliance
held in this city in December of last
year, among other matters considered
was what is known as the proposed
"Conklin Usury Bill" This document
was drawn by S. j, COnklin and by him
presented to the alliance, followed by a
lengthy and forceful speech. Each pro-
vision of the bill was carefully consid-
cred and finally was adopted and ar
engagements made for its presentation to
the legislature at its approaching ses-
sion for enactment. A year having
lapsed since this arrangement, certain
contingencies arise that may cause the
alliance at its session to be held in
jamestown Oh the 18th inst. to recon-
COnklin bill. In the main. however, it
will be unchanged, and its passage by the
assembly asked for. No farmer or other
person who has dealt to any extent with
loan companies in Dakota will deny
that reform is greatly needed in the
very direction that the Farmers
alliance is seeking through the bill pro-
posed.
THE CONKLIN BILL
is entitled "A bill for an act to provide
for the rate of interest on money, and
to define uSury." Section l fixes the
rate of interest at z per cent per year;
contracts to bear the same rate after
they become due; in no case shall
interest exceed 10 per cent per year.
Section 2 forbids any person, COM
pany or corporation to take, receive or
agree TO take greater sum OF value In
money, goods or things in action, than
$40 on 500 for one year; i'll the cOmpu-
tation of interest on bond, note, or other
instrument, interest shall not be com
pounded.
Section provides that where a
greater sum in money OF value is taken
than above specified, on note, mortgage,
as surance, ETC., the same shall be de-
clared uSuriOuS and void from the be-
ginning.
Section a makes the original owner
or receiver of usuriOuS note OF paper
who parts with it before maturity. with
out notifying its purchaser OF its usurious
character, responsible for both interest
and principal: the same applies to any
person who may be interested in or
assisted in procuring the issuance of
such uSuriOuS note or instrument; re-
covery to be obtained by due process.
Section sets forth the means of such
recovery, by empowering the maker of
usuriOus note or instrument, or his
legal representatives, to institute
action for recovery; it shall not
be necessary for the plaintiff to prove
payment of all, or part of such usurious
note or instrument.
Section provides that in cases of the
payment of fees or compensation for
procuring loan or an extension on
loan, which fee when added to the rate
of interest exceeds 10 per cent per
annum, the same shall be declared
usurious, and the maker of the note
shall have the same remedy as specified
in section 5.
Section provides that every person,
company or corporation offending
against this act be compelled. by an
order of court, to answer on oath any
complaint exhibited on file against him
in the district court, and for the discov-
cry of any sum of money, goods or
things in action so taken in violation OF
any of the provisions of this act.
Section Spermits either party to be
witness in his own behalf.
Section says that whenever it APP
pears to the satisfaction of the court
that any note, bond or other instrument
has been received in violation of the
provisions of this act, it shall declare the
same to be void and enjOin any pro
ceedingS theron and order the same to
be cancelled and delivered up.
None of the provisions in this act
shall be construed to apply to any build
ing and loan association incorp Grated
under the provisions of the laws of the
territory.