St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-02-27
Senator'S Take Up the Interest
Question and Discuss 1t
At Length.
The Substitute Ably Cham
pioned by the Committee
On Banks.
Amendments and Substitutes
Without Number Were
Voted Down.
The Legal Rate to Be Six Per
Cent and Contract Prob
ably Eight.


in the state senate from early morning
until dark yesterday, and the interest
question was discussed in every possible
light, from its political bearing at this
time down to the punishment of usur-
ers. Several days ago the banking COM
mttee reported a substitute for the va
rious interest bills introduced during
the session, and this was made special
order for yesterday morning at 10
O'Clock. At the request of Senator
Davis. of NicOllct. his bill was also
placed on the special order for yester-
day.
The morning was spent in discussing
the merits Of the two bills and the queS-
ton of whether or not the committee
had Shelyed the NicOllet Statesman's
bill because of the fact that he was
Republican or not. The members of
the committee on banks cOntended that
politics had not entered into their de-
alterations. They had gone to work to
draft a bill satisfactory to all elements
and interests that, while just to one
section, should not bear unequally upon
the other.
Senators, Davis, Day and others main
tain9d The reverse of this proposition,
and made a hard fight to substitute the
Davis bill for the committees substi-
tGte. They were outvoted by the OPP
position at every turn up to about 5
O'Clock in the afternoon, when they be-
gan to discuss the penalties provided
for punishment Of uSury in the subs
tittute. This they claimed was wrong;
the present law being better
The New Bill
Speaks rs follows on that subject:
sec. > Every person who, directly or
indirectly by any device whatever takes
Or receives Tor a loan or forbearance
interest in money or other property,
or in any form of benefit to the person
receiving :he same, in excess of the rates
prescribed in this act shall upon conviction
thereof. be punished by Il fine not exceeding
three hundred dollars $500, or imprison-
ment in the county jail not exceeding six (6)
months or both. i'll the discretion of the
court: and in any prosecution for violation
of this act it shall not be Il defense that the
person directly receiving the uSurous inter
est acted AZ an agent for another and such
prosecution may be conducted, and the pen
ally herein provided for, enforced against
any person who, as principal or agent, takes
or receives upon any loan or forbearanee
any interest or benefit in excess of the rates
prescribed in this act, and an action upon
either Of The remedies herein prescribed. by
civil or criminal proceedings, shall not pre-
vent pursuing the other remedy.
On this talk Senator Donnelly went
10 the opposition, and on his motion the
bill was referred to a committee of one
tor the purpose of ENGRAVING upon it
the present usury law. He was APP
pointed on this committee, but when he
made his report emb0dyng the main
provisions in the Sevatson bill. the sena-
tOr turned if down, a number of the Re-
publican senators joining Senator
Leayitt and the bulk Of the Democratic
and Alliance senators. The discussion
was then resumed upon the BILL but
nothing was done towards ending the
contest up TO the hour of adjournment.
a / that time, however, there was a de-
cided feeling in favor Of the passage of
the substitute bill as introduced, many
senators believing that it is the best
solution Of the question.
His bill provides that the legal rate
shall be per cent, but the parties may
contract as high as 9 up to the 1St of
next November: for from that time up
to Nov. l. 1892. and thereafter the con-
tract rate shall not be higher than per
cent.
'Tiee Routine.
y short prayer 10y Chaplain Savage
and the usual roll call started the days
work in the senate yesterday morning.
Petitions protesting against the passage
of employers liability and other meas
nrcS were presented, and then came a
number Of resolutions, one of which
furnished the engroSSment committee a
CLERK. This was adopted, and, after a
load Of small matters had been disposed
Of, Senator I.eavitt called for the special
order, which was fixed several days ago,
Oh the substitute interest bill and the
measure introduced by Senator Davis
Oh the FIRST day OF the session The Meek
er county senator moved to take up the
substitute offered bV the committee on
banks, and this was approved by MI.
Davis, WHO demanded that tie two
bills he considered at the same time.
BY vote of D to % the amendment
OF the Nicollet senator was defeated,
and he substitute bill was taken up.
Senator LeaVitt then made brief state
ment Of the conditions leading up to the
Introduction of the substitute. He be-
lieVed the present usury laws menace
to Eastern investors. 1t would be bet
ter for the people to insure the princi-
pal against loss ald fix penalties for
uSury.
Amendments came in thick and fast
from the Republican senators. The
most important was substitute by Sen
ator Crandall, which would Take up the
Davis bill Instead of the substitute.
This was discussed up to nearly 1870,
when, without a vote, a recess was
taken until , O'Clock.
The party whips were very busy dur
ing the recess drumming up absent
members and they were quite sue
ceSSful. for when the hour for reas-
Sembling came around over fifty of the
tiftV-f0ur senators were in their seats.
Later all but one, who was called out of
the city on urgent business were Oh
hand, and ready for war. Politics was
the subject taken up at the afternoon
session of the senate, Senator Leavitt
taking the floor and denying the state
ments made by the Republican members
10 the effect that the Democratic and
Alliance senators had agreed upon the
substitute. No caucus had been held
oil this measure, and no attempt had
been made to make it
\ Political Measure.
The substitute had been mentioned at
meeting Of the members, but no vote
was taken upon it and no effort made
70 bind the members to its support.
Senator Day claimed that there was
politics in the bill. He wanted to vote
for the first interest bill introduced, and
objected 10 its being pushed aside for
the substitute. He read from the
Farmers Alliance platform, and
claimed the Davis bill came nearer to
that declaration than the measure re-
ported by the committee on banks.
Senator McHaie knew nothing of any
caucus, and suggested TO Senator Day
shat perhaps the difference in the two
bills might he due to the fact that there
were other senators upon the floor be-
sides the Alliance men. He was ready
and willing TO make the rate 6 and S
per cent, and would 90 no further He
objected to the section in the substitute
allowing commissions, and asked that
it be struck ont.
Senator DGnnelIy replied TO Senator
Day, saying :hat he had introduced
plll providing for 5 and per cent, but
that he found that the banking commit
tee did not agree with him. There had
been mutual concessions and the result
was fhe substitute BILL Senator Davis
polIed little fan at Mr.. Donnelly,
claiming that he eonId push through his