Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-10-17
Al Banks and Big Interest

National B&nks anu Zig Interest
ABILENE, TEX, Oct. 10, 1891
T5fta " Fn'tr.
orr IGNITION has been directed to an
srs..t. III The GAZETTE of October ~,
fe.Eaf The Danger Line, - which in our
.nnl' does injustice to parties repre-
.4.-.., g. us In 4 cause now pending III the
..Tr, .s appeals of this state, and, while it
-.mtfaar..y 10 part of our business or duty
"a resplGl 20 newspaper criticisms Of the
rr-s. conduct of our clients. yet when a
,.rsr So aXf ersiVely circulated and widely
raaf as The GAZETTE sees proper in the
f,rm ~ an editorial under conspicuous
i.seltrrs 20 make assertions and state
mems sn utterly at variance with the exist
~-f4..s we do not feel at liberty under
sr.h circumstances to permit them TO pass
--lha.eu-cd We therefore ask that you
l5vau space for that purpose.
You START ont with the statement '.the
Abilene national banks are fighting the
constitution of the state of Texas, and re
tlse fn acknowledge any power Ill that in
s-r..er.. Outhe laws made under it to regu-
L.arna rate of interest they may charge.
lie M'r., adopted constitutional amend
men, iiz.s 10 per cent as the maximum rate
u Interest 10 be charged. The Abilene ma
iona! banks resist the cutting down of
.reT elr. of interest, holding that they are
MT under state control, and neither the
institution or the laws of the state can
reach hem; they Will continue, therefore,
% cud money At usury and snap their fin
rel> d, The state legislature Now If the
.tyve statement i untrue it is certainly
calculated TO prejudice the Abilene national
banks. aud while we DO not charge TIE Ga
zrlE with a williul or intentional false
Statement yet the fact remains that
there IS not one word Of truth i'll it except
,.a fact that the lately adopted constitu-
'6aal amendment fixes 10 per cent as the
maximum rate to be charged.
The facts are that the Farmers and Mer-
chants national bank of Abilene loaned
Gentleman Of this city S34 and charged him
s. for The use Of the money for thirty days.
For that 3. 3. Kenyon, cashier of that
yaGk. Is being prosecuted under the recent
a. OF the legislature making it criminal
UGeuse 10 charge or receive more than y
per cent interest on money loaned. See
Acts Twenty sccond legislature, page 20.
he is resisting the prosecution on the
grounds. !. That the law is contrary to
AID E..l4tive Of the constitution as it ex-
.-.rl 81 The time the law was passed. :.
la4t The recent constitutional amendment
superseded all previous law on the subject
u usurg Ia line state. 3. That the act of
congress commonly known IS THE Ma
iona. Banking Law having fix cd and i'm
nosed q uniform penalty for charging or re-
It.F.1.- O.. greater rate of interest than is al
..Eei b., In. state, no state law inflictinr
4l. other or greater penalty can be en-
I gea AGAINST national banks,
The ul4er national banks at Abilene, feel
.--ial. his was a matter in which they
,spgy. Is, though ia common with all other
ur.s0u, living or doing business in Texas
wa-. directly interested, determined to
stand s Mir. Kenyon. or rather the Farm
ers' 4a. Merchants national bank of Abb
.r.e iH testing the validity of this law in
H.",yur.s uf the country. and this is all
'4.rs .s II il. Ne are at u loss to find any,
'a.- IN His state Of facts to warrant the
assertion that the Abilene national banks
s.a h-.riug The constitution of the state of
i.N..-. and refuse 10 ACKNOWLEDGE any power.
.a THAI Instrument to regulate the rate of
-,,gr.-- 'hsy NAV CHARGE The fact Is.
.aey are routendinr that the constitution as
g. ..v exists is the oaly law in Texas fixing
'.a l4.s Of interest they may Iawfully
c.ag-c
IT, IS uerhaps sufficient for orr pur-
g-se which is simply 10 correct the errors
IL contained in the articles referred to,