St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-03-03
INSIDE OF TWO HOURS
The House Takes a Turn at
the VeXed Usury and In
terest Questions,
And in Quick Order Recon-
mendS the Passage of the
Bull Bill,
By Which Legal Rate Of In
terest Is Reduced to 8
Per Cent.
Forty-Eight Members Absent
When This Important Mat
ter Was Decided.


The house yesterday tackled the in
tereSt question and practically disposed
of it inside of two hours. There were
only SiXty-three members present, and
all attempts that were made TO defer
action on the bill until full attendance
of members were quickly voted down.
Mr.. Bull is responsible for the bill in
the house relating to interest on money
and usury, reducing the rate of interest
from 10 to s and Z to per cent. The
author OF the bill moved that it be rec
commended to pass.
Mr.. Kinney, of st. Louis, pointed out
there was a small attendance of men,
bers and urged that the bill be made
special order for Friday afternoon.
A large number of members opposed
any pOstpOnement. There was ma
jority of members present, so let them
go right on with their work.
The proposition of Mr.. Kinney was
voted down, and the discussion of the
provisions of the bill was taken up.
Mr.. Stivers. of Crow Wing, sent up
an amendment excluding the county of
Crow Wing from the provisions of the
bill. His constituents did not want any
alteration in the rate of interest. They
were quite satisfied with the present
law. He made a special request to the
house to pass this amendment. remark
ing that it was rarely he asked for any
fdvOrS.
The amendment was voted down by q
for and 81 against.
Mr.. Feig here asked that the chairman
request some attorney to give his Opin-
ion as to whether the exclusion of any
county from the provisions of the bill
would not make it unconstitutional.
Chairman Diment-The chairman of
the judiciary committee will answer the
question.
Mir. Furlong-ln my opinion it would.
Mr.. StiVerS-l rise to 4 question of
privilege. The amendment l proposed
has been treated as a joke. L did not
intend it as joke. do not believe L
have been treated fairly in this matter.
Nh. Lynn moved to amend by fixing
the rate of interest at 9 per cent.
The amendment was voted down.
Mr.. StiverS once more took the floor.
He said if there was any sense of fair
play. in the house he asked that the vote
respecting the exclusion OF Crow Wing
county from this bill be recOnSiderad.
Mr.. Foley seconded.
Mr.. Bull, personally, was desirous OF
giving MI. SuiverS all the favOrS pos
sible. But if they excepted one county
they might as we'll Kill the bill.
Mr.. Lynn said he had had cOnversa-
tions with prominent attorneys, and
was informed that the bill would be
quite constitutional with the exception
OF any counties.
Mr.. Furlong maintained the bill would
be unconstitutional, ana therefore,
while desirous OF according Mr.. Stivers
all possible cOurtesies. he had been COM
PEELED TO vote against Ills amendment.
Mr.. Stivers-l know something about
this question of interest, and never
heard of such an objection raised against
the amendment | proposed.
Mr.. Greer-Did you ever hear OF any
exception of this kind?
Mr.. StiverS-YOu are an attorney and
ought to know.
Mr.. Turrell, of Redwood. moved to
amend by excluding mutual building
associations from the bill.
The amendment was voted down.
Mr.. Lynn moved TO exclude Henne-
pin and Crow Wing counties from the
bill.
Mr.. Currier-What are your reasons
for this amendment?
Mr.. Lynn-Simply because the peo-
pie do not want it and that it will drive
capital away.
Mr.. Moore, of Becker-What about
capital driving people out of this state?
Hundreds of people ale driven to the
doors by the high rate of interest, and
it is time the legislature did something
to protect.
Mr.. Turrell made a lengthy address
against the BILL He claimed that the
bill, if passed, would work against the
interests of the people, especially the
small borrowers. Besides, the bill
would discriminate against the smaller
banks, as they could not interfere with
the national banks.
Mr.. Gildea supported the bill. 1t was
| the old cry of the usdrer that the reduc-
ton of the legal rate of interest would
drive capital from the state.
Other members participated in the
debate, when the amendment TO exclude
Hennepin and Crow Wing counties was
voted down.
Mr.. Turrell sent up q substitute bill.
This bill fixed the rate of interest at
8 per cent, to go into effect Nov. l.
aud remain the rate of interest for
one year, when it would be reduce to s
| per cent. The bill also repealed the
| usury laws. Mr.. Turrell urged tile
| adoption OF this cOmproise bill.
Mr.. Gildea asked the part of the state
where the people do not want this
| reduction?
| Mr.. Turrell said those in the north
| western part of the state.
Nh Gildea-The very people who
! the gentleman says do not want re-
| duction are the people who are clamor-
| lug the most for it. Does he mean TO
say that the people do not know what
| they want?
Mr.. Turrell-That is just what /
mean, The people do not know what
they want.
Mr. Kinney remarked that he had in
| tended addressing the house at length
upon this question, but considering the
temper of the members it would be
futile to attempt anything of the kind.
| He protested against the hasty man
! ner I'D which amendments proposed
were being disposed of. The house
would spend hours in discussing
whether the flag-raiser should be paid
| So or S. day, and get upon a question
| of vatil Importance to the state they
were disposed Of summarily pass upon
! it.
Mr.. Diment called Mr.. Stone. Of Ram
| sey, 10 the chair, and at once took the
! floor. He lectured a section of the
| members who were eternaliy calling
Question" when members rose to adj
| dress the committee. 1t was positively
| unfair to treat members in this way.
| In committee of the whole, the desire
was TO discuss measures In all their
| bearings, and he hoped that members
would not attempt to cut off discussion
in so abrupt manner.
| Mr.. Lynn urged the desirability of
more careful consideration Of the sub
stitute bill.