The Caucasian. (Clinton, N.C.) 188?-1913, 1891-02-05
the legal rate at six pc. cent under

ing prosperity Ot the state, au1 her
many developing mechanical, mine.
raj and mar ufac turing Industries. II
the bill pending would or could ac-
cOmplish the ends which the Senator
Of Pitt honestly believed it would,
ht would he one Of It's most ardent
supporters. But 1t would NOT. He
feared only bad results from the pass-
age of such bill as this one. 1t
would cripple every prosperous in
dustry now in course Of develop
ment. Capital was now pouring in
to North Carolina seeking invest
ment, and aiding in bringing before
the world our many latent resources.
Mr.. Bellamy made a clear and con-
else argument, showing that the re-
strictiOh OF the rates Of interest was
damaging to the material prosperity
OF any State.
Mr.. Aycock offered as a subs. itute
to strike out the last three lines Of
section 1885 Of the Code, repeating
all laws in conflict Herewith, and
that this amendment shall not take
effect until November Is, 1892.
Mr.. Aycock thought that if this
bill would drive capital out of the
State, then capital should go. He
did not think such would be the eff.
feet. lie thought that 6 per cent in.
terest would hold capital enough in
North Carolina to develop all her
farms and resources. Capital at j
higher rate Of interest was a curse
to the State, and had better be kept
out Of the State. He thought 6 per
cent was as high any man in North
Carolina could afford to pay and
meet his obligations. He fixed the
date for his substitute to take effect
so as to give capital already invest
ed 10 be prepared to meet the re-
qulrenlcntS OF the law.
Mr.. Williams, of Pitt. said he had
introduced this bill for the good of
old North Carolina and her people
and her industries; her poor people,
her laborers, her farmers and her
all. He believed it would be for the
good of all. Mr.. Williams attributed
the fall Of the Roman Empire to its
usurioUs laws of interest. Unre-
stricted interest laws opened the
doors for fraud, corruption, despot-
ism, cruelty and all manner of evils
to the people of any country. He
knew that no honest man could
thrive upon capital he might be
compelled to bori ow at a higher late
Of interest than 6 per cent, and do
justice to himself aud his country,
and meet his obligations. If our
people cannot use money successful
ly at higher rate of interest than 6
pei cent, then let the laws of North
Carolina make its legal rate 6 per
cent and no more.
Pending consideration of the in
terest bill the Senate adjourned, and
the bill went over as unfinished
business.
22ND DAY, SATURDAY, JAN. 81.
The committee ON Public Printing
reported that they had awarded the
contract to Josephus Daniels, Esq. >,
and that he had entered into bond
for the faithful performance of fduties.
Mr.. Mclean, \ resolution requir-
ing State officers to mail reports to
members of the General Assembly
thirty days before the convening of
the Legislature.
THE INTEREST BILL.
Mr.. Aycock, by consent, Withdrew
his amendment offered vest erday.
Mr.. Williams offered an amend
ment embodying the amendment of
Mr.. Aycock.
Mr.. Williams said this placed the
operation of the bill after the next
election and would give the people
chance to express themselves at
the ballot box.
Mr.. Avery offered an amendme ent
SO as not to apply to Burke and
several other counties.
Mr.. Bellamy, not to apply to New
Hanover.
Mr.. Griggsby, not to apply to
-tshe county.
Mr.. Ardrey, not to apply to
Mecklenburg.
Mr.. Bellamy took the floor against
the bill and corrected certain state
ments made on yesterday by the the
Senator from Pitt. He believed he
distinguished Senator was honest in
his statements, but he was mistaken.
Mr.. Turner said he had no convic-
tions, but he did have an opinion,
and that opinion led him to support
the bill. He doubted the constitu-
tionality f the bill as anne 1ded, and
hoped that it would be committed
to the Judiciary Committee tor in.
vestigation.
Mr.. Butler thought this grave
subject and Was in full sympathy
with the object of the bill-a relief
to the people. IF any Senators was
not in accord with such an object he
was a traitor to his people and had
no right upon the floor. The argu.
| roopt On tho OnnOs itin. Of fhia hill