New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-03-07
MR. rRw1Ns RATE OF INTEREST BILL,
THE SENATE SENDS IT BACK TO COMMITTEE
AFTER A WARM DISCUSSION.

THE SENATE SENDS 1T BACK TO COMMITTED
AFTER WARM DISCUSSION.
Albany. March (SpecaD.-A motion made by Mr..
Chase OF Albany 10 recommit Mr.. Erwin's bill re-
ducinc the legal of interest in this State from six
10 five per cent provoked storm OF discussion In the
Senate this morning. Mr. Chase limited that the Com
mittcc on General Laws, OF which Mr.. Erwin Is chair
man. had reported the bill for consderaicS rather as
an act Of courtesy than on account OF It's merits
This elected a vigorous protest from Mr.. Erwin
81 don't want any bill Of mine reported by cour
tesvn he cried "Ths bill especially should be con
sidercd on its merits. 1t IS very important one
want il discussed. The usual way Of killing good
bill is to hear It to death There has not been any
general demand for a hearing far as know and
the Albany bankers whom Mr.. Chase represents. have
had ample opportunity already 10 present objections
But LET the discussion take place in the open senate
and not in committee. where killing is easy
II think the bill ought to be rccommited" said MI
Cantor.
Il disagree with YOU The session IS growing.
am informed that Mr. vedder has been asked by an
Albany banker to favor hearing, but hearing would
take up unnecessary time, and its only result so 1ar
as can Sec would be 10 destroy the bill. The Dill
is urgently demanded by the farmers. OF course the
bankers will oppose it, but let them do so through
their representatives here on this Moor"
81 believe il would work against the borrower
said Mr.. Van Gorder.
Colonel Brown declared that people should be free
to pay what interest they pleased IL am not
banker he said "bnt shall oppose the bill Inc
rate is already low enough. In other states 1t is
six and eight per cent
"The samc argument advanced" said Mr.
CoggcshalI when the rate was reduced from seven
per cent. We were told that capi'aI
would 90 elsewhere. that there WOULD
be general foreclosure OF mortgages. and so
on but there wasn't. Ii is an open secret that III
The large money centres money can now be borrowed
NJ less than per cent think the bill oueht 10 uc
discussed here. 1t is fact beyond dispute that ~.
the rural districts the who are struggling again
adverse circumstances with heavy mortgages on ,nc
farms so that they are absolutely on the verge OF
bankruptcv demand this reduction ,.,
| Mr. Chase said his motion was inauc III Peiiic,ta
GOOD faith although after what Mr.. CogeeSlhl had
eeaid no was almost persuaded that the OIL was Il
good one Il should be willing TO nave the CON
mittec Instructed to report 1t next Wednesday nc
added , 49,. h bod rcceivcd
many applications for a hearing. , , !,
Mr. Vcddev said that, the president OF pdllh III
didn't care cent whether the bill was VV'cd up :"
down But he continued. 1T Should pe rc' .t,
hered that the law permits banks 10 tahc noie ,.'
he legal rate of interest. and that rule by recent
decision of the Court of Appeals, applies to anybody
doing "A banking business ,,.. ,-ho &c not
II have failed 10 meet single pahhcr WIN - "o'
AGAINST the bin" said Mr.. Erwin 49, 49,, .h
on a vote Mr. Chasc's motion prevailed, anu ulo
hill was ordered 10 he sent back 20 the Comnircc OH
General Laws with instructions TO report on "cu'oS