The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-11-29
AGAINST TaR TwIrTY BILL.
The Cotton Kxchange's Protest to Il
LeQiSlatura


The Cotton Exchanges Protest to the
Legislature.
The cotton exchange protested yester.
day against the passage of the Twitty bill
by the legislature.
A meeting of the exchange was held at
noon to take action upon the bill, the i'll
effects OF which were recognized by the
members. Col j. L. War
rem presided at ths meeting, aud stated its
object. Alderman Herman Myers offered
the following resolutions, protesting against
the passage of the bill, and they were
unanimously adopted:
WHEREAS, a bill has passed the House of
representatives or the state of Georgia known
as the '.Twitty BILL" which Substantially de-.
clares illegal contracts made between parties
lot the payment OF attorney fees upon notes
and other contracts to be recovered against the
Debtor in case of suit, in addition TO prtncinal
and interest of the debt;
WHEREAS, The passage of such @ bin tends to
ulSarrange credits among the people at large
and to retard the prosperity of the state Of
Georgia. and 1t is proper that the commercial
oodies IN this state should express themselves
upon TINS measure, so that the general assem-
ply may nave ali possible information in pass
It'll
Resolved, By the Savannah Cotton Exchange.
in meeting assembled for this purpose:
]. That the merchants of Savannah repre-
sentated in this exchange hereby protest
against the passage of said bill as an unwise
piece OF legislation which would benefit
neither the lender nor the borrower but would
STOP the flow of money into the state Of Geor.
gla from without and from the monev centers
OF the state TO the interior, and from the
country merchants and local banks to the
planters.
The passage of such bill would not be blow
at lawyers, who would get their fees out of the
amount collected in any event, but would di.
rectly ln1ure the borrowing class, because they
could not make their creditors secure, in the
collection of principal and interest which
would result in higher rates of interest in
order TO provide for the contingency in case OF
collection.
2. ResoIved, further, That we protest against
the passage of this bill for the additional rea.
son that Georgia is fast becoming a manufact-
passage OF this bill would tend TO check such
ueVeiopments, so material to the prosperity
OF the people at large and the enhancement OF
the value of land all over the state for it goes
without saying that the rapid completion OF
the lines now projected will not only increase
| land values and the fortunes of the agricult.
-, ural class, but, by the rapid enhancement OF
Ine values or property, will decrease taxation,
| Tne railroads being constructed, and to be CON
| structed, are compelled to issue bonds which
| are largely taken by capitalists north and east
| and If no provision can bs put in the trust
| mortgage, protecting the collection of these
| ponds. IN case of default, with all expenses of
court and attorneys fees then the bonds can.
not be Sold
ReSolced further, That copies of these reso.
lutions be Immediately transmitted by the
| secretary of this EXCHANGE to the governor OF
| Georgia. the president Of the Senate the
| speaker OF the House, the senator from the
| First district, the representative OF Chatham
| county and to all OF the commercial bodies of
the state, requesting these latter to take action
upon these matters Immediately, and transmit
| the same to their local senators and representa-
tves, aud that the SAVANNAH MoRNING NEWS
and the Savannah Daily Times be requested tC
| publish these resolutions, and the press of the
state generally is respectfully requested to give
the same publication, the Importance of this
matter not being confined to any section, as
| must be manifest to all thinking people.