St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-02-02

-nle0-pllG most. numerous Class WHO
did not understand the value OF mouey
Oh the market. He referred to the
farmer, the mechanic and the laboring
man, to whom. nine times out OF ten,
the loaner charged the utmost farthIng
that the law allowed.
Senator Daniels rose with great eau
ton and spoke with considerable delib-
Grafton. ''l belong" he commenced,
ito that class called the bloated bond
holders. Laughter.l look at myself
and wonder why the bloated" and l
lock for the bonds and wonder where
they are?" Renewed laughter.
Chairman Ward-ASk the GLOBE.
Senator Daniels plant was that they
could not legislate money from a mans
pocket: it was an utter imp0ssibility.
The law did not regulate The rate OF
interest on money, nor never had.
Money was. loaned according to the
security; the better the security, the
cheaper the rate of interest.
Senator Kellar was in favor OF the
bill when the proper time came, but as
yet the state was not ripe for 1t. lie
spoke with particular reference to the
Fifth diStrict-a part of the state which
was almost destitute, where they had
to give the farmers seed grain and
where the children needed clothing.
These people had mortgaged their prop.
erty, and it would be wrong to tamper
with the interest laws and make it
necessary for all loans to be called IN.
1t would ruin the people of the Fifth
district. Their cook-stoves and feather
beds would be sold, and instead OF
amending the uSury laws Mr.. Clark
might hang out the three balls and say:
Gentlemen, here we are" Loud
laughter.l
Senator Dodge argued that the poor
must be protected against grinding
capitalists, and that this was the object
of the bill: but Senator HiXson did not
see this and was opposed to the bill.
Senator Kellar wished to state he
was connected with national bank.
Did they, wish to l Ia "a and 1 make IKE.
that bank loan $1G0 for 60 cents per
month? Never; [ say never, never.
Leave the law where she is" Laugh
ter.
Senator Pope-The remark was made
by Senator Clark that this bill was
Republican bill. Years ago it was said
mo good thing comes out of Nazareth"
Senator Daniels-I call the gentle
man to order. He is not discussing the
question.
This rally on the part of Senator Dan.
iels was hugely enjoyed by the audi
tors, Senator Pope being caught in the
trap he had laid out for other members
OF the senate. He, however, proceeded
to make fine, spirited address. 1.-The
question is" he said, lone between
capital and labor; whether or no in the
interests of the state capital has not APP
propriated too much of the earnings OF
industry-capital,w which creates nothing
&c X
ingman, the agriculturist, who have
produced every cent, every dollar of
the state. 1t is capitalists who come in
and appropriate too much OF it, and
these men who are the producers need
to be defended by the legislature"
Senator Shields stated that the bill
was simply to reduce the interest OF
those frontier bankers, and he instaneed
how farmers, in purchasing machinery,
were charged 20 per cent usury.
Senator Kellar delivered another
speech, in which he hoped no senator
would work for his own interest, but
that of the state at large. Let us get
through with this business" he con-
Guided, land [ move that the bill be in
definitely postponed" Laughter.
Senator MATHEMATICIAN ell-regulated
circus travels without clown, and
Tall TO see tHe Necessity Ill oCCuPy iaS
the time of this committee in remarks
not pertinent to the question.
Senator Kellar-If Senator Whiteman
is Democrat and has heart as big as
an OK, let him come out and support my
motion. Laughter.
Senator Wniteman did so, and upon a
division nineteen voted for the indefi-
mite poStponement of the bill and twelve
against. When the committee rose, and
the report was read to President Rice,
the roll was called for by Senator Pope
on the adoption of the report.