The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1891-02-20
Tho UAurH LAVA.

ors having preceded him In the ser
vice.
| The Usury Laws.
Topeka, February 15.-The most i'm
portant measure considered in tn
house yesterday was Speaker Elder
bill amending the usury laws so that il
all cases of usury the money loaner for
feits all principal and all interest. I'm
der the law at present, the money loan
er fOrfeits double the amount of usur
iOus interest taken. Elders bill pro
vides for maximum rate of 10 PEI
cent which is the law at present. I'll,
bill brought out q spirited discussion
continuing nearly all afternoon.
The bill was vigorously opposed By
Medley of Leavenworth, Rice of Bour
bon, Showslter of Sumner, Brown O
Harvey, Pearson of Allen and others
on the ground that it was vicious leg,
islation which would result in great in
jury to the financial interests Of Kansas
The alliance members were practically
solid in favor Of the measure.
In the course Of the debate Mr.. Sho
earnest remarks, in which he said he
was getting sick of the insinuatious
which were being cast upon the oppo'
sition members of this house; that they
were here in the interest of the money
loaners; he wanted to talk plain to this
house; he held himself the peer of any
member on the floor of the house. "You
fellows know" said he, that it is true
that you have told the people in your
school houses that you would come
here and do things that you knew could
not be done-were impossible" Every
member on the floor might be honest,
he said; The did not wantito be impugned.
II am q farmer" he said, land my
brother is a farmer, but great God, gen.
tlemen, the farmers are not all the
poor; there are poor in the cities just
the same as on the farm. The farmers
are not everybody on earth and | don't
want any member in this house to ques-
ton my motives; there has been too
much of it already" and then bringing
down his fist heavily, he said, land l
won't have it." His speech was fol-
lowed by applause.
The bill was recommended for pas
sage by the vote Of the alliance MEM
bers. The provisions of the bill are as
follows:
Section /. That creditors shall be al
lowed to receive interest at the rate OF
per cent. per annum, when no other
rate of interest Is agreed upon, for any
money after it becomes due: for money
lent, or money due on settlement of ac-
counts, from the day of liguidating the
same and ascertaining the balance; for
money received for the use of another
an afot h-
knowledge of the receipt; for money
due and Withheld by an unreasonable
and vexatious delay of payment or set
Element of accounts; for all other money
due, and to become due, for forbearance
of payment whereof an express promise
to pay interest has been made; and for
money due from corporations and indi-
viduals to their monthly employees, from
and after the end of each month, unless
the same shall be paid within thirty days
thereafter; such a rate as has been stipu-
lated in the original contract sued upon
in courts of record and justice of the
peace, from the day on which they are
rendered, which rate shall be specified
in the judgement.
Sec.2. That the parties TO any bond,
bill, promissory note, or other instru-
ment of writing, for the forbearance or
payment of money, stipulate therein
for interest receivable upon the amount
of such bond, bill, promisory note or
other instrument in writing at rate ex-
ceedlng 10 per cent per anum: provided,
that any person, corporation, company
or copartnership so contracting, either
or Indirectly, for a greater
rate of interest than 10 per cent per an
mum shall forfeit the principal and all
the interest so contracting for, and the
courts shall order no judgement for
any sum against the payOr, makers, his
heirs, assigns, administrators or other
legal Representative on such bond, bill,
note or other evidence of
indebtedness wherein such a greater
rate of interest than ten per cent
per anum has been contracted
for either directly or indirectly; and
any discount or bonus in excess of 10
per cent per annum, whether taken in
advance of maturity or otherwise either
directly or indirectly, shall be deemed
and held in law to be usurious interest
within the meaning of this act.
Section 3. That when it can be
shown by testimony of evidence, either
,ral or in writing, that any greater sum
'r rate than 10 per cent per annum has
been charged, taken or received, either
directly or indirectly, by any person,
company, corporation or copartnership,
he person so paying, his heirs or other
egal Representatives shall have his,
Ter or their right of action in any court
VI competent jurisdiction to sue or col
ect from such party so receiving the
anne with interest at the rate of 6 per
,ent per annum from the date of such
,ayment, any time within three years |
rom the date of such payment.
1t is now charged that Senator Ingalls, |