The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1891-03-19

greater part OF the time of the SENATE
for four weeks has been occupied in the
discussion of S. +. No. 1, and had it not
been for the Republican support the
bill would never have passed. The
leaders of the Democratic end OF the
combine were against the bill. and il
was really Alliance and Republican
votes that enabled the measure to pass
the senate. However, there is but lit
tie possibility or probability that the
bill will pass the house. There is no
question that the vast majority of the
citizens OF the agricultural communities
are strongly in favor of 8 and per
cent. interest, but there is very grave
doubt about their wanting their repre-
sentatlves to go as far as the Davis bill
cOntemplates. If the measure becomes
a law it will give Minnesota one of the
severest usury laws in existence in the
United States. The bill not only re-
enacts the most stringent features of
the law passed in 1879, declaring the
forfeiture OF both principal and interest
as the penalty for charging more than
the legal rate OF interest, but goes still
further and makes it misdemeanorf for
any agent or middleman to charge COM
mission for negotiating a loan. Thus 8
per cent. is made the maximum rate
Tor negotiating loan, including every
thing with the exception of small fee
for examining the title of the security
offered. There is another bill pending
which must also be considered in con-
nection with the Davis usury law. It
is Mr.. Donnelly's bill which provides
for the taxation of all mortgages
whether held by residents or non-resi-
dents of the State. In the event of the
passage of this bill and the Davis usury
law, the money-loaner would be able to
get eight per cent. as maximum rate
of interest for his money for which he
would receive as security a mortgage
upon which he would have to paw as
high as four per cent taxes in some Sec
tions of the State, thus leaving him only
TOUR per cent as compensation for the
risk and expense he entails in making
the loan. Many of the leading advo-
Gates of reduction of the rates of in
terest to eight and six per cent. contend
that the Davis and Donnelly bills taken
together go much farther than the peo-
pie demanded at the last election, and
that their passage could have but one
effect, that of driving money awav
from where it is needed the most. The
house has already passed a bill reducing
the rates of interest to and per cent.
but in no other respect changing the
present law, and there is every reason
to believe that that is as far as the
house will go. Conference committees
will probably be appointed on the part
OF the house and senate, and it is alto
gether probable that the senate will
have to accede to the terms of the
house in order to get bill passed at all.
1t is interesting to note the number
OF congressional aspirants which the
present legislature contains. There
are really scores of members in train
ing for the contest of 1892. In the
Princeton district, the Sixth, both H.
G. Stivers and Henry Kellar have their
eyes on the Democratic nomination
while F. E. Searle, of St. Cloud, is
making every effort possible to secure
the Republican endorsement. In the
old First district, A. G.. Greer, of Lake
City, and J. A. Tawney, of Winona,
are playing cards for the Republican
nomination. In the Second district E..
Sevatson, of Jackson, and G. r. Davis,
of St. Peter, are the candidates for the
Alliance and Republican nominations
respectively. There are others also,
who hope to reap rewards by support
ing the granger movement, who will
be mentioned later.
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