New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-03-12
OPPOSING A LOWER RATE OF INTEREST
HEARING ON SENATOR ERwIN'S BILL-FAkMhNS
DEMANDING LOWER TAXES AND Ia"
.rrox OF PERSONAL PROPERTY.


ALTON OF Personal PROPERTY.
Albany March II (spcciaD.-The hearing TO-DAY on
Senator Erwin's bill reducing the legal ra'c Vi Az
tercst from g to per cent drew ouu 'io"u ~
bankers and financial agents from dlnereh. pd'' "
the State who expressed their opposition VIII si
deal of energy Mr.. Erwin. who Is chairman Vi .i'o
senate Committee on General Laws, which has inc
hiu in charge said he had received large NUMBER
of letters from farmers all over the state aa'ooas
its passage and from several organizations WHO"
heartily indorse it. as there anybody who wants
10 sneak in favor of the bill Mr. Erwin ASKED "hc
no had read aloud of these letters.
Nobody replied, but five or six people came 'ol-
ward when he asked for arguments against It, Ham
uton Harris presented rcmonstrance signed by
George s. Coe, J. ID. Vermilyc, J. j. Wlllahs' r. H.
Tannen w H. Nash and Richard Hamilton, VINO
were appointed a committee TO express the views VI
the New-York Clearing House. This document pro
tested against the change on the ground thau IL
woud place Ncw-York at serious disadvantage III
comparison with other states in which higher rates
and less stringent usuy laws already oher an eli
ticng field for investment; and on the ur'her sIo""
that il would the Withdrawal Of existing loans
ON real estate and would reduce the returns 10
dcpostors in saving banks. This was III 'le iha'i
the burden of all NE protests.
f. A. C;rocsbcck Of the Albany Commercial BANK
said he thought the bill should be called An Act
to Encourage Investment in Western Loans ana
MORTGAGES or An Act 10 Make Ii More Dlihcuit
for Farmers to Borrow Money "A banker III your
own district. Mr.. Erwin" continued Mr.. Grocsbcch'
said of the bill that he did not believe that per
cent would pay for the bother OF making small loais'
such a. farmers constantly require
Up in our district replied Mr.. Erwin, loans
Of that class are not generally made at per cent
but at higher rate
Then how would it mend matters TO reduce the
rate to ST.
tlof not
affect bankers at ALL yet room full Of YOU come
TO oppose it, What difference do You think the
reduction from TO & per cent in 1ee0 madc''
IL believe it drove money West and stimulated
competition with our agricultural products by de-
vclopne production there. just a. this reduction
would do"
Andrew j. Mcllin. Of Johnstown, said he not
opposed the reduction hut thought the usury laws
should lie modified. Mr.. Erwin said he had letter
from a JOhnsiown business man asserting That there
was about 81 600 900 in that region Of poor peoples
money valnly seeking investment. 81 There is not so
much replied Mr.. Mellin. but whatever the amount
Won would make a mistake BY reducing its earning
capacity Wealthy men can invest their money all
over the world. but think Of the hardship TO the
thrifty poor man. who must make his investment
near home where he satisfy himself as to the
security"
Ex senator Abraham Lansing said he thought 1t
would be suicidal to pass the bill.
:. W. Eowell. Of the Albany First National Bank,
william shaw. representing all the banks of Troy d.
C. Robinson, Of Elmira Clinton Rogers and J. y.
McClintock Of the Rochester Chamber OF Commerce.
and Others spoke 10 the same effect.
The farmer OF the becoming aroused about
the escape Of 50 much personal property from taxa
ton and shifting Of the burden Of supporting the
state Government and county government upon the
owners Of real estate. Today large number Of
farmers, representing the newly organized Farmers
Ieagne and The state Crng-, came for. the Assembly
Committee on Taxation, and urged the PASSAGE oi
either AsScmblyman Lannon'S or Assembly man Denp-
s,ys bill compelling All persons 70 give lis~ II Their
pciso and their real property. e. G. spauldins,
cO.rs bonding secretary OF the Farmers League, sd
that farmers suffering severely IN consequence
Of western competition with their product. ~ | do
make II threat gentlemen SAID Mr. >pahld'
Ing bat merely statement OF fact. that II this
Republican Legislature does not lower the state tax
lats. il viii be succeeded By Democratic one. Nor"
let earnestly advise you to pass BIZ relcV
ns the farmers somewhat OF the weight OF taxation
which 10" presses npon them.
The assembly has passed one such bill inter
upicd General y II. Curtis the chairman 81 the com
mittce, - refer 10 M Ackcrs bill, which viii pre-
mon from buying nonaXablc securities. and on
million, OF personal properly be taxed, and the
farmers Of the state Will be relieved OF taxation 10 that
Il am glad to hear that said Mr. spauidlng. but
We also desire che passage of either W. Lannon's or
Nr. Dempsey bll taNne per onal propcIt'.'
Henry g. ADell predsr Of the Albany an Comfy
ZION In every county Of the >,itc ahd town oiganilI
uons IN hundreds Of town. We appeal I" the
! T..
lent distress among the farmers, - keep the state
tax rate low. and TO refrain from making any need
/ less appropriate m"
Mr.. SpdulGnr then exhibited "A card Of membership
| in the Farmers L/aruc. containing pledge which
| he stated WOuid shortly have iuO.nOD signatures
binding members give their votes 81 secure The
pi-- a-c oi law in the Interest of the farmers. Tho
committee finally requested Mr.. Abcll amend the
Harmon bill IN manner ,dts factory t. ihc farmer,
There "a general agreement that the bill should be
amended Is to exempt church property from taxa
ton.