St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-03-17

prove that such things operate by
natural law. In other business pur-
suits no such embargOes are laid.
Senator Donnelly replied to Senator
Dean. He desired to call attention TO
the worldwide difference between
money and other commodities. Senator
Dean had argued that there should Oe
no difference between money and a
sewing machine. The difference is
featuring of sewing machines, but there
is no money that can be made without
the assent of the government.
Money Is Not n Commodity.
but an instrumantality for the exchange
of commodities. There is no free trade
in money. and there can be none. The
Sage agreed if all penal laws were re-
pealed it would quicken and deve Top
the mental and physical activities of
the people, for every one would
have to hustle. Still, he doubted the
expedlency Of reducing interest rates
during these trOublOuS financial times.
He agreed with Senator Leavltt that
there is danger, and the nation Is al
most at the mercy of the banks. Inc
banks hoard up the money. and should
they demand sudden redemption the
nation would be practically bankrupt.
Senator Dean interrupted at this
juncture to say that this condition was
because of the departure of the gov
eminent from all natural laws by buy
ing up silver and bullion, and he assert
ed that they might as well have bought
up pig-irOn and potatoes.
Senator DOnnelly astonishsd the sem
ator from Ramsey with his ready rep
artee, and the senate was electrified
by the telling speech which followed
upon the silver question.
Senator Dean was not satisfied. In
return he declared that 1t is foul blrd
that dirtieS his own nest, and Senator
DonneIIy RetOrted.
at is clean bird that tries to get out
of dirty nest" retOrted Senator Don.
nelly.
Senator Dean proceeded that the state
Is prosperous and happy, and that there
is no need of uSury laws to protect tue
people who wish to borrow. Senator
Donnellv to disprOve this theory cited
the fact that the Republican party was
ovethrOWn two years ago because OF the
discomfort brought about by distress In
cldent to mortgages on farms, and
here enSued one of those almost indie
seribable scenes which have illustrated
and Spiced the Sage's legislative career
! besieged by sharp questions from all
sides, and his answers came Instantly
| and so pat that the opposition soon sub
| sided, and Senator Donnelly proceeded
without further interruption.
| Senator Sanborn argued that to re-
| duce the rate of interest it is necessary
| to retain all the confidence that exists,
| and even to increase it if possible. The
| trouble is that the government has put
| out of existence One-half of the money
of the world, and until this is remedied
he insisted that no legislation should be
! had at present. Although he was in
| full sympathy and accord with Senator
| Lommen'S bill, he moved to recommend
| an indefinite poStponement, and Senator
| Leayitt sent up a further amendment
recommending that the committee refer
| Senate File back to the author, with
| the reaaeSt that he report back a Substi-
| tute fixing the rates Of interest at and
per cent, and Incorporating
The Usury Clause,
but not to legislate upon any other
| phase of the financial problem.
| Senator Davis was aStonlShed to note
| that the friends of the bills were reced-
| ing, and he made strong and eloquent
| speech in support OF the course that had
been pursued by the Legislature two
! years ago in treating the interest ques-
ton.
Senator Wood asserted that a dozen
men in the United States can stop
| almost every wheel in the nation. In
| reply to Senator Deans allegation. the
| speaker asserted that not Red river
| valley paper can be found that does not
| publish foreclosure sales. Senator
| Lowmen was opposed to the proposition
| to refer the bill back to himself, and he
was also opposed to the indefinite post
| ponement of all the measures pending
and he argued at length for the position
| assumed. Senator Keller spoke upon
| the scarcity of money, and his friends
from the country are totally unable to
| borrow money from st. Paul banks, no
matter what securities they give.
A PitEaH.
| Senator DOnnelly discovered that the
| LOmmen bill repeats the old uSury law,
| and for this reason he favored Mr..
| Leavitt's motion. Should the bill pass,
| it will affect thousands of usurY notes
in the state, which the borrower might
declare void if driven to the wall by the
lender.
Senator E. R. Smith raised the point
of order that Senator Sanborn's motion
to indefinitely postpone took prece-
denee, and the point was sustained, and
then Senator Eaton, the author of one
of the bills under consideration.
favored the present uSury law and he
opposed all iron-clad provisions, and he
| deprecated the tendency of the times to
add new crimes to the penal laws. He
was willing to accept Senator Woods
bill in lieu OF his own, and Senator
| Hammer also opposed the meas
ure that the preceding speaker
4
| ton prevailed, and when the report
was made Senator Eaton moved to
amend by excepting Senate File 1858 from
the report, and call of the senate was
| had, and Senator Lommen moved as a
| further amendment that Senate File No.
| @ be recommended to pass, and finally
| both the Eaton and the LOmmen bills
were excepted from the report, and the
report was adopted. ThereupOn Sena-
| tor Leavtt urged the amendment to re-
fer Senate File to Senator Lommen for
| amendment, and that 1t may be made
special order for Saturday at o'clock.
| The motion was lost.
ASpecial Ord err.
The Eaton bill was then reported by
| the secretary, and Senator Donnelly
| again raised the point that the old usury
| law is imperiled by the bill. He moved
that the bill be made special order for
| Tuesday afternoon at 3 O'Clock, and this
prevailed. Then Senator Donnelly in
| troduced resolution requiring the sec
rotary of state to report to the senate
| the cost of printing election tickets,
together with the amount paid in by
| candidates for having their names
| printed thereon He explained that his
| object was to learn whether or not the
| amount received did not exceed the
amount paid out. The fee of $50 to a
| poor man is OnerOus, and it has a
| tendency to prevent poor men from &C
resolution was adopted, and the senate
stood adjourned.
| LASHES HIS ENEMY.