St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-03-22

ed 10 the senate by the committee vi Tue
whole a week ago. and at the time the
Eaton bill was mades the special order
for yesterday afternoon. Senator
Stevens argued in his usually forclDle
style against financial legislation at the
present critical time. He thought That
any one who participates in revolution
assumes grave and serious RESPONSE
bility. lie felt that the act, although
there is an abuse in certain quarters,
and legislation will be salutary ut some
time, will drive millions OF dollars from
the state. A few years hence, he held,
it may be eXpedient to pass the klnd OF
an enactment of the character under
discussion.
Senator Keller delivered one of his
characteristic speeches in opposing the
bill. lie argued upon the old principle
OF regulation by supply and demand;
lie held that every inducement should
be held out to bring capital to the state
for investment.
Senator Wood sent up an amendment
changing the date for the act to go into
effect from May to Oct. l.
Senator Mayo characterized the bill
as foolish measure. He gave several
realistic illustrations. lie claimed that
the money he had earned belonged to
him to do as he pleased with. He had
the legal and the moral right to send 1t
to the market where the best results
can be attained.
Not TIL Oct. /.
The Wood amendment was adopted,
and the section insisted upon by Senator
Lommen was then reported. 1t makes
usury felony. Senator Hammer not
nY,ly cY,h hnt thA
whole idea of changing the present in
terest laws. He urged that the effect
will be that money brokers will call in
all investments, and farmers who have
given mortgages will be distressed
thereby for the reason that they will be
forced 10 at once raise the sums they
owe and take up outstanding notes.
Senator March said he knew that pub
lie sentiment is arrayed against touch
ing the present rates in any way. 1t Is
almost impossible to secure money to do
ordinary business. Senator Eaton be-
lleved that the criminal feature was a
mistake, and he hoped the friends of
the bill would vote il down. Mr.. Eaton
insisted that change of two cents in
the rate cannot harm the money market.
He spoke sarcastically of the sOlicitude
of the bankers for the dear people.
Senator Donnelly was gratitied that
the senate had agreed not to disturb the
existing law against usury. The first
Eaton bill would have repealed a law
that had been on the statute books for
twenty years. AT first the supreme
court interpreted the law so that ii
could do no good, but later
The Ruling Was Changed
so that it affords a healthy protection to
the borrowers as well as the lenders.
He favored the penalty clause urged by
Senator Lommen. The Sage held that
1t would be absurd to pass bill prOhib-
iting certain over facts without attaching
penalty. He cited instances in which
men pay S15 year for the use of 500.
He gave review of interest legislation
in Minnesota for over quarter of a
century. The change of the date of
going into effect brings the operation
into new crop year, and he had 10 fear
of crisis that would disturb the tinan-
cial interests of the people of the state.
Amendment after amendment was
offered and voted down, and then Sena-
tor Lommen's penalty clause was voted
upon. The ayes aud noes were de-
manded, and the result was &c ayes aud
% noes. The amendment was adopted.
a Call OF InO senate was Oru0reu, anu III
was moved that the bill be engrosSed
and read third time, and then placed
upon the calendar, and this was lost,
and Senator Sanboru moved to adopt
the report of the committee of the
whole, which was to indefinitely post
pone. The vote was ayes % and noes
%, and the bill was indefinitely post
poned.
New Bills.
| The last day for introduction of bills
is fast approaching, and the senator;
are hurrylng up the drafts of all theiI
! pet schemes. Yesterday the following
bills were introduced:
Senate File No. 500, by Senator Little
Providing for the election of stree
/ commissioners IN villages, boroughs anC
towns operating under special laws.
Senate File No. sol, by Senator WOOD
-FOrfeiting swamp lands granted TO tht
| ST. Cloud q MankatO lines.
Senate File No. SOP, by Senator Day
Prohibiting the keeping of birds o.
fowl for the purpose of game or sport
to be shot at.
Senate File No. sos, by Senator Leav
lit Relating to swamp lands granted t
the Duluth d Iron Range.
Senate File No. 504. by Senator Stress
guth-AnneXing certain lands TO thu
county of Sbley. Passed under sus
| pension of the rules.