The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1889-02-16
THE TINE FOR ACTION.
THE CONVENTIONAL INTEREST MEAS
URE SOON TO COME UP.
A Telegram Announcing the Fact and
Inviting Those Who Want To Be
Heard to Report at Nsshvine-A Meet
ing Heidi Missionary Work.

Unless postponement is secured tho
bill establishing conventional rate OF in
terest in Tennessee will come up before
the Senate Judiciary Committee on Mon
day next.
a telegram to this effect, and inviting
Memphis to send up delegation II she
wanted hearing, was received from Sem
ator j. NJ. Crews, by Col. John Il. God
win, yesterday.
Acting upon the information and sug-
gestion, a meeting was called to get the
matter in definite shape. There was a
representative attendance, in which the
sentiment in favor OF the measure was
hearty and aggressive. The expediency
Of sending up the delegation as invited by
Senator Crews, was discussed. the choice
being for Col. John Overton, Jr. Col.
Overton was present and stated that he
would be compelled TO be in Nashville on
the 25th inst, but would be unable TO 20
ut an earlier date. He proposed to ask
for continuance until that time, and Col.
Goodwin accordingly wired Senator Crews
10 that end, asking for a reply on the pros
poets OF securing it, In the event it can
not 60 over, he and Mr.. VI. Il. Trczevant
will probably leave for Nashville tonight.
Memphis and the whole OF West Ten
nessee seems TO be very much in earnest
for the conventional rate OF interest.
When the joint Committee on Charitable
Institutions came 10 Memphis, missionary
work for the measure was performed, and
with good effect, so 1t is believed. Senator
Pcnland, a member OF the committee, and
an intelligent but young representative in
Legislative halls. was one OF the parties
upon whom tho best efforts were cN-
pended. Senator Penland is from an East
Tennessee district, section where the
sturdy yoemanry seems opposed To mn in
creased rate Tor conventional purposes
lie listened TO the arguments attcntlvciy
and respectively, admitted they were un-
answerbie. but said: "My constituents
are, many Of them, ignorant Of financial
problems, DO not understand how u con-
ventional rate OF interest higher than
the present rate could benefit them, are
opposed TO II, and consequently | must
vote against IL" The reasoning reader
may crilcse this policy OF Senator PEN
land and Others who are in the same boat,
but that has nothing TO do with the fate
of the bill soon 10 come mp for disposition.
said an earnest advocate of the bill tonn
APPEAL reporter yesterday: There are
now In Memphis $1,000, 900 seeking in
vcslncnt, much OF which the owners
would like TO put down in West Tcnnes-
see, but not 81 OF 1t will be invested in
this or any other section OF Tennessee un-
der the existing law. Just Tor illustra-
ton, suppose this Sl0,OOO.OOO took the
place OF a like sum our merchants have In
the country; then these merchants would
be compelled TO invest in manufactures or
compete with foreign capital, which eau
be obtained at very low rate OF interest.
Competition Is what We want in every.
thing. That factor brought interest down
in Kansas City. Minneapolis. Omaha aud
all those progressive, growing cities 1t
will DO the same here"