Butte semi-weekly miner. [volume] (Butte, Mont.) 1886-1890, 1889-02-13
THE LEGISLATURE.

The Twenty-sixth Day-Lively Discussion
| on the Question of Interest.
| HELENA, February 9.-There was nc
session, to-day, of either House.
At the afternoon session of the House,
Friday, Garrett, from the committee on
towns and counties, reported House bill
No. 12, an act allowing towns and cities to
increase indebtedness, with the recon-.
| mendation that the bill pass.
Rhea. from committee on election and
Territorial affairs, reported Council bill
No: 13 in relation to the legal rate o
| interest without recommendation.
Council bill No. II, which refers to the
| time when acts and resolutions shall take
effect, was reported with amendment and
tine recommendation that as amended, the
bill pass.
The House resolved into committee of
the whole, Swigget 10 the chair.
Council bill No. 16, relating to attach
ments, was reported with the recommends
tion that the bill do not pass.
House bill No. 13, relating to the protec-
tion OF fish, was referred to O. select COM
mittee.
LEGAL RATE OF INTEREST.
Council bill No. 13, relating to the legal
rate OF interest, caused q momentary
breeze. Haskell proposed to amend by
making the rate of interest ten instead of
eight per cent.
Mantle opposed the amendment. II
adopted it 1uld virtually leave the law as
it now stands.
Roberts moved to amend by striking out
the enacting clause.
Mantle said it seemed to him that the
time had come when it would be we'll for
the territory to adjust it's rates of Interest
to new condition of affairs. The law as
it stood permitted the borrower or lender
OF money to make any agreement as to
rate, of interest mutually satisfactory.
The law proposed affected chiefly judg-
ments, and reached a class of men who
had been unfortunate in business. He
thought it would be well to give the un-
fortunate class OF debtors the benefit OF a
reduced rate.
Joslyn saw the question in q different
light. The proposed measure chiefly
affected the merchants of the Territory.
The rate OF interest charged by the banks
was per cent. month. II merchant,
as was often the case, had to pay for bank
ing accommodation 1 per cent, he didn't
see why, alter getting judgment against
debtor, which cost from $25 to 500, the
judgment should only draw per cent. per
annum.
Haskell opposed the bill, which was
finally lost by a to z vote.
INDEBTEDNESS OF TOWNS AND CITIES.
Il. B. No. 12, to enable towns and cities
to incur indebtedness, next received at
tention. Davis thought the bill should
be referred to q select committee, as it
chiefly affected tine towns OF Helena and |
Butte.
Hunt stated that the bill simply author |
lied a city desiring to increase it's indebt- |
edness to submit the proposition to vote |
OF the qualified electors of such city. The |
bill had been recommended to him by the |
City Council OF Helena, which desired to |
extend it's sewerage system.
The bill was favorably recommended.
The House resumed and adopted the re-
port OF the committee of the whole.
G. B. No. IL was ordered engrossed.
Joslyn suggested that the sergeant-at.i \
arms be instructed TO ventilate the cham
Der OF the House as soon as recess or ad- |
journment had been taken. The chair /
called the attention of the official to the |
matter, and after brief discussion the |
House adjourned till Monday at Up. m.