St. Paul daily globe., 1891-02-01
The Senate Committee on
Banks Opens UP the Inter-
est Question.
Bankers and Capitalists, as
Well as Farmers, May Dis
euSs the Question.
The Make-Up Of This Impor.
tant Committee Promises
Good Results.
Unlike It's Predecessor, All
Interests Are Given
a Show.

q SklVWe
Wednesday evening the senate COM
mittee on banks and banking proposes to
hold an open meeting in the senate
chamber, at which all people, whether
bankers or others, will be given an op-
portunity to express their views on the
question of a reduction in the rate OF
interest in this state. The Introduction
of the two OF three interest bills in the
senate caused a number of bankers to
request chance to be heard before the
committee took action, and so the COM
mittee arranged tor this meeting.
While the committee Oil banks is
conservative one, there is little doubt
that it will recommend the passage of a
bill reducing the legal rate OF interest to
per cent. The rate that may be fixed
by agreement is the point over which
there is some difference OF opinion.
some thinking that this is matter that
Will to some extent regulate itself. 1t
is pretty safe to say, however, that
this will not be fixed at a
lower rate than per cent,
owing to the fact that it would operate
to the disadvantage of many of the
younger counties of the state If any
lower rate were fixed. 1t is the inten-
ton of the committee Oh banks to hear
all sides discuss this question on
Wednesday evening, after which the
the several bills on this subject already
in. The committee on banks is made
up as follows:
Senator Leavitt, of Meeker, chairman;
La Due, of Rock: Guderian, of Anoka;
Probstield, of Clay; and Smith. OF LIE
Sueur.
The chairman of the committee on
banks, Senator Leavitt, is one of the
most promising men in the present SEN
ate. Although comparatively young
man he is exceedingly well-posted OIL
all public questions, and has come to be
considered as one of the Democratic
leaders. Indeed, Senator McHale, of
Scott, is about his only rival i'll this di-
rection. Being thorough business
man he has had little time to devote to
his oratorical talents, but, nOtwithstand-
ing this, there are few men i'll either
house who are capable OF making a
more convincing speech than the little
giant from Meeker. Like all the other7
Democratic senators he is convinced
that the voters represented by the Alll-i
ance senators agree perfectly Oh all
public questions with those represented
by the Democratic members, and it will
not be his fault if the work of the
present session is not satisfactory to
the constituents of the combination
senators.
Senator Jay La Due, one of the two
Alliance members of this committee, is
built physically on the plan Of Senator
Leayitt. and this resemblance is carried
into their mode of thinking on public
questions. Senator La Due is not heard
from as often as some OF his brother
senators, but when he rises to champion.
or oppose a measure his views always
command the attention of all, and when
the vote is taken he is usually found
to have carried his point. He is
a farmer, giving considerable attention
to the breeding of fine horses. During
the past few days four fine gold medals,
presented to him by the car of all the
Russias, have been on exhibition at the
Merchants. These medals were given
to him as the breeder of the only Ameri-
Russian race track. They were woH by
a horse bred on his farm in Rock
county and afterwards sold to a
wealthy foreigner and entered for races
at Vienna and other places, finally
reaching Moscow. There the owner
and the driver both endeayored to Sc
cure the medals, valued at some 8400;
but they were unsuccessful, as the
medals were offered to the breeder and
the owner, and after great deal of cor
respondence theywere finally turned not
over to Mr.. La Due. He is now having
them placed in handsome cases. after
which they will be placed an exhibition
at some well-knOwn point in the city.
The other Alliance member of this
committee, Senator Probstfield, of Clay
county, may be described as a jewel in
the rough. He is level-headed, we'll
informed farmer, who thinks for him
self and acts for the interests of his
constituents as he sees them. He is a
man lobbyist would know better than
to tackle. Hailing from the great Red
thoroughly imbued with the idea of its
future possibilities ii it is given half
chance, and he proposes to do all he
can to give it the advantages it needs.
Senator Guderian, of AnOka, one of
the two Republican members has had
more experience in the line of business
that will come before his committee be-
ing both banker and farmer. Hav-
ing been in both occupations he will
undoubtedly have an opportunity to
demonstrate that the interests of the
two occupations do not clash, as, in
deed, all will admit they should not, if
equal and exact justice is done. The
certain seasons, and the banker desires
to advance him this money. The only
difference of opinion arising is the value
of these accommodations. Senator
Guderian should be valuable men,
ber.
Senator E. r. Smith Republican) of