The daily state chronicle. [volume] (Raleigh, N.C.) 188?-1891, 1891-02-21
SENATOR GREEN. HARNETT.
ON THE RATE OF INTEREST,".

During the discussion in the Senate on
Wednesday on the bill to make six per
cent. the legal rate OF interest, Senator
Green, OF Harnett, sent forward an
amendment TO exclude the COUNTIES Of
Cumberland and Harlett, and said
Mr President | do Dot favor class
legislation, but for fear that this bll may
become a law | desire this amendment
| to go in. am satisfied in NY mind that
sucn legislation al this time would i'm
peril the financial condition of this
State and work harm to every important
industry. II we had plenty of money
| his would be wise and Just measure.
and would be the last man to oppose it.
| But, sir, let us review the situation to-
| day. Dr.. Ourrie, in his able speech be-
fore this General Assembly stated that
this country is always in six months of
starvation, and no one will or can truth
fully deny but what money is the scare
est article in all the land The cry Of
the whole country is more money. Why,
there came near being money panic in
our country last year. But for tha
intervention of the treasury of these Uni
| ted States that tlded over things until our
cotton crop could be placed on the mar
ket, 1t might have come. One cry is for
free coinage Of silver as measure to help
| the state Of affairs that now exist, and
| say here to-day that with this and the
| ten per cent taken off of the State Banks
we might then come here and ask that
the rate Of interest be placed at lower
| figure. Money would then be plentiful
and interest would in q manner regulate
itself, and at a Very low rate. With State
Banks you could borrow money on real
estate which you cannot do under the
present banking system. A sub treasury
plan looking TO this end is demanded by
the Farmers Alliance OF this country
and, sir, | am free to say that the most
feasible plan l have yet seen has been iu-
trOduced by Senator Stanford in the
/ Senate of the United States We, the
| farmers, will hail its enactment with
} pleasure and delight, because it would
give Us money at a low rate of interest
] and would give US the chance to borrow
on reel estate at per cent, payable in
2 twenty years. Money, Mr. President,
Q is loaned for profit, and / fail to see
how the banks of this country can bor-
row money at 6 per cent, as they often
a have to pay, and then loan it at the
# same rate. / received letter from the
e president of bank in my district, stat
: ing that such law would have ruiz
d Gus effect and stagnate the money circles
d in this State. Farmers can now borrow
t money at 5 per cent. without having
some one in the city or town to endorse
for them, as it was few years ago. AL
liancemen can join together and make
: notes and procure loans at per cent.
and buy their supplies for casn and
! save from thirty to one hundred per
! cent, but, sir, if this bill becomes law
- money will go out of this State instead
: Of coming in. 1t has been argued on this
, floor that money Is easier obtained IN
- Virginia at six per cent than here at g. 1t
= has been said that man just over this
:, line will lose his money in his State at
~ six per cent rather than loan to his
- North Carolina neighbor at with
equal security. Now. Mr.. President, does
this look reasonable2 Would sane man
do this all things being equaI submit he
e would not unless he had some religious
as scruples about usury, and he would have
ol to pray lead me not into temptation.
What is the condition of the farmers TO-
se day? We are mostly, if not all in debt.
Of Many under mortgage unable to pay al
j. this time and here we are about to force
an the collection of most, if not every
,is debt now due. Who does not see the
10 distress this bill will bring2 Every man
who has loaned money to his neighbo
will or may say, 81 would like to indulge
you, but it Is impossible for me to do sc
longer" Merchants could and would
refuse in all probability to allow US tt
;rs renew our mortgages that are past due
and many, yes many would not be abb,
to save the home that now gives then
shelter. | ask, in the name Of all that i!
he right, not to force this upon the peopl
i Of this State at this time when we ar
- fighting against so many obstacles.
lie ask you in the name of my people, in th
ra- name Of justice and right not to pas
this bill. Let US wait, hoping and wish
NJ. ing that the time may come when it will
r work no harm, and then, Mr.. President
no it will he my duty as well as my pleasur
.en to advocate and support this or a simila
,as measure. | shall vote against the bill