St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-03-03

DdNlS. Z. H., MchuSlck, hlurlcn-o0.
Downs, Mcmillan,
Legislators still have certain,respect
for the opinions of their constituents,
and obey their dictates in many a case
where their own Judgment dictates a
radically different course. This in
fiuence undoubtedly played an import
ant part in passing the Sevatson bill,
loaded as it was with a usury clause OBJ
Jectionable to the opinions OF the wiSeSt
members.
When Representative Estes name
was reached in this roll call he voted
No" and in explaining his action put
knife under the fifth rib of MI. Seyat-
son. He said:
Il ask that what l say be made part
of the journal record of to-day. 1t has
been intimated that have been bribed,
and the gentleman from Jackson (Seyat-
SOM has Just left my seat after intimat-
ing that L had received another $. 600.
Laughter / can not honestly vote for
this bill as it stands"
MIR. SevatsOn sat in his seat, a grim
smile on his face. The house having
no desire to open old wounds, let the
matter pass, and Mr.. Estes explanation
was placed upon the journal. On
reaching the name of John Day Smith,
that gentleman said:
1.-The author of this bill is banker
and money loaner and understand that
the object of the bill is to keep foreign
capital out of the state. | cannot vote
for it,
The bill had majority of three and
goes to the senate where it will proba-
bly, be killed. as was the interest reduc-
ton bill of Senator Clark.
THE STEVENS SUBSTITUTE.
The substitute submitted by Repre-
sentative 81. F. Stevens and defeated,
limited the commission to be charged by
brokers and other agents 10 per cent
per annum, and provided that forfeit
ureS should extend only to interest and
commissions; but further providing
that violation of the usury laws should
constitute felony, punishable by fine
OF not less than $500 nor more than
5000, or by imprisonment for not less
than three months nor more than three
years in the penitentiary: and that, in
case of fine, one-half of the fine should
go to the person on whose testimony the
conviction was had.
SEVATSON 5 BILL.
As passed, Mr.. Seyatson's bill reads
as follows:
Section 1. That chapter 66 Of the
General Laws of the State of Minnesota,
as amended by chapter 66 of the Gen
eTal Laws of the year 1887, be and the
same is hereby amended by striking out
the word ten wherever it may appear
in the said act, and insert the word
''elghf' in lieu thereof. so that hereafter
the N maximum rate of interest in this
state upon any legal Indebtedness shall
be IS on 800 for one year.
Sec. 2. That section of said chap
ter &C of the General Laws Of the state
of Minnesota OF the year 1879, be and
the same is hereby amended by adding
thereto the following proyiso:
Provided. further, That it is the III
tent and purpose of this act that no per-
son shall claim or collect. either by him
self or his attorney or agent. or any per-
son or persons, in the form of COM
missions for making any loan, or for
renewals Of the same, or for examining
the security therefor, or by any other
device, any greater sum, including
interest and commission, than
per centum per annum on the amount
actually received by the borrower from
the date of such loan; and all bonds,
notes, bills, assurances, conyeyances.
chattel mortgages, and all other con-
tracts, including contracts made be-
tween a borrower and third person.
appointing such person the agent of the
borrower, whereupon or whereby any
payment of money or any Indebtedness
is contracted or paid in excess Of said
per ceDtum per annum in the shape of
commissions, or for services in examin-
ing the security therefor. or by any
other device, shall be void, as herein
provided. But nothing herein contained
shall be construed to apply 10 money
actually paid to any practicing attorney
or notary public for examining the
title to any real estate and drawing the
necessary bond, mortgage, or other con-
yeyance, in connection with said loan;
provided, that the said charges are
usual and reasonable, and are not in
tended as cover for usury.
Provided that the payment of inter-
est in advance for not exceeding one
year, at a rate not to exceed eight per
centum per annum, shall not be con-
strued to constitute usury.