St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-02-28
TO CHEAPEN MONEY.
This Is the Object Of Those
Senator'S Backing the
Substitute.
By Making the Principal Sc
cure, Investors Will Be-
come Confident.
Imprisonment and Interest
Forfeiture Are Provided
for USurerS.
Numerous Amendments and
Substitutes Voted Down.
Oratory Wasted.

The second days battle In the senate
over the interest question ended much
the same as the first, with the odds
slightly in favor of the substitute bill.
Several more of the leading Republican
senators yesterday joined the bulk OF
the Alliance senators in favor of ''slX
and eight" bill, with a forfeiture of tn,
interest and Imprisonment in case OF
usury. On the latter only was yester-
days fight waged. AS matter of party
policy, nearly all of the Republican
senators Joined Senator Donnelly yes
terday in behalf of the proposition to
attach the present usury laws, which
provide for tie forfeiture of principal
and interest also, to the imprisonment
feature of the substitute bill.
To this, however. such well-known
Alliance men as Senators HOmpe,
Iommen, La Due, Wood, Probstfeld and
Mayo interposed powerful objections.
and declared that the frontier counties
could not stand such bill. They ar
gued that, if the investor in the East
felt sure of the safety of his principal,
money would soon become cheap IN
this state, and not otherwise. Senators
Donnelly, Sevatson and Davis opposed
this, and offered resolutions, motions,
amendments and substitutes without
number. embodying the present laws on
the question of usury. Senators
Tawney and Stevens, on the Republi-
can side, vigorously backed up
the views of the banking committee.
Up to the middle of the afternoon the
committee had won on every vote. At
that time, however, through the ab-
Sence of Senators Mcmillan and Mayo,
who were ill, the Sage succeeded in Sc
curing the adoption of an amendment.
An effort was then made to clinch the
present laws, which was defeated by a
square vote of 80 nays to 20 yeas.
Senator Leavitt through the second
days fight. as well as the first, eXhib-
tied rare tact and ability as a leader.
He did not weary the senate with fire.
Quent speeches, and only took the floor
when II was absolutely demanded. He
had invaluable aids yesterday in Sena-
tors La Due, Hompe, Lommen, Tawney
and John Day Smith. All this support
was needed, however, for the Sage OF
Nininger made some powerful speeches
on his side Of the question.
How 1t WAS Bone.
At the opening of the session Senator
Donnelly wanted to suspend the special
order and introduce some bills and
transact other business. The senators
seeme d determined however, to either
pass an interest reduction measure or
fail. At any rate, their minds were
fixed, and they voted down the motion to
suspend the rules by the overwhelming
vote of 80 nays to l6 yeas. Senator La
Due then moved to substitute Senate
File No. 375 for all pending measures,
and suggested that this bill could be
amended and made satisfactory.
Senator DOnnelly opposed this mo-
ton. declaring that the combination
seemed to have gone to pieces on this
measure at least, and he was opposed
to the change IN the usury laws. The
discussion was continued by Senators
Leavitt, Sevatson, Mayo and Davis,
the latter declaring that he proposed to
stay with the Sage through the fight.
The motion of the Rock county Sena-
tor was declared out OF order, and the
pending question was the substitute for
the committee bill offered by Senator
SegatsOn. Amendments without num-
ber were offered by Senators Dean, Don
nelly and Davis, and then the talk was
resumed.
Senator Lommen made an able speech in
behalf of the substitute. He declared that
there was nothing that would bring cheap
money to the state SO quickly as the passage
Of the substitute. If the principal were made
secure the Eastern investors would have con-
6dence IN the security OF their principal. we
need money in this state TO develop our great
resources We want ii at the lowest rate pos
Bible, and the best way to do this is to re-
move the present usuTy laws, which are a
dead letter. and thus make investors safe.
Morse offered 0mpndmnOt for
feiing double the interest in case of usury.
This was yoted down, and a vote on the Sc
watson substitute was voted down by the fol
owing vote;