The state chronicle. [volume] (Raleigh, N.C.) 1891-1893, 1893-01-26
money, but would be at the mercy of
mortgage sharks. If we can legislate
money into the pockets of the farmers.

money into the pockets of the farmers,
let US go further and reduce
the rate to four, or even two
per cent. He said that the
great law of supply and demand
governed the rate of interest This law
did not reduce the rate of interest, but
simply took away the discretion of the
borrower. He reviewed the rates of in
terest in the different states. Thirty
four states allowed per cent. or over.
His speech was an able argument
MIR. Lucas favored the bill. The ques
tion was discussed in his district during
the last campaign and the people wanted
this per cent. rate of interest. He was
wiling to exempt the counties of Bruins
wick and New Hanover. The farmer can
not exist under the per cent. rate. He
spoke earnestly for the measure
MIR. Little said the matter had already
| been well discussed. The people of his
district, an intelligent and astute citi.
zenry, did not want the law changed
He thought the law as it stands is just.
| If be could benefit the farmers by voting
for this bill he would gladly support it,
but he thought the measure would work
| injury to the farmer.
He saw no benefit to accrue from this
measure and therefore he opposed it,
though he held in high regard the efforts
in the opposite direction of the venera-
ble ex Senator Williams, of Pitt county,
and of his worthy young successor.
| MIR. Little is an entertaining speaker
and is always listened to with interest
and marked attention by his brother sen
ators.
Mr. Campbell next addressed the sen
ate. He opposed the measure in an earn
est spec ch, which is published in full in
to days CHRONICLE. Mr.. Campbell
speaks with the fire of the orator and
his manner is quite impressive.
Mr.. Aycock said that right, justice
and the people of North Carolina were
on the side of this measure. He wanted
the senate to meet the issue squarely and
fairly. He wanted the bill to apply to
the whole state. Mr.. Morton asked if
this bill would not work injury to the
people of this state and work in favor OF
surrounding states. Mr.. Aycock an
swered No"
Mr.. King offered substitute for the
bill. This provides that section 1885 Of
the Code be amended by striking out all
of that section after the word ''more." in
line two, the act to go into effect from
and after the repeal of the 10 per cent
tax on state banks of is ue by the Q United
States congress. He spoke in favor oi
his substitute and advocating its adop
ton. He thought the original bill woulG
seriously affect the business interests Of
the state as we'll as our farming inter
ests 1t would be wrong to pass this
bill until the tax upon state banks of is
sue was repealed. He offered strong
points in favor of the substitute.
The question of the adoption of Mr.
Mortons amendment was put and lost
16 ayes, "a noes.
The amendment of Mr. Campbell wa
next put and lost-ayes 13, noes "a.
Mr. Day offered an amendment pro
vidipg that the bill shall not apply t.
subsisting contracts. s.-Adopted.
The question of the adoption of tn
substitute was put,
Mr.. Jones saw no reason for maklr
a change in the existing law. The ].
! slant discussion of this matter in tr
J recurring session of the legislatr un
settled business. He reviewed the actio
. of former legislatures This is not tn
time for such law. Money will see
J its highest market and this bill woul
drain the money from the State. He OF
posed both the substitute and the bill
;. There was no prospect of the repeal {
. the State bank tax. Therefore he OF
posed the substitute. He thought tt
law should be left as it is. You cannt
y y legistate money into a peoples pocket
= and it is useless to attempt such legisl;
10 ton.
Mr.. Mcdowell said he did not belle,
g in the policy of enacting one law, d
= pending upon the repeal of another la
and therefore he opposed the substitut
J Mr.. King asked if Mr.. Mcdowell woul
vote against all the bills that have bee
- y introduced to establish State banks
u issue Mr.. Mcdowell answered, mo
Mr.. King thought Mr.. Mcdowell was i
consistent.
-s Mr.. Campbell moved to table the su
7, stitate. The motion was lost-ayes 2
IL noes 20,
The chair then stated the question
= be upon the adoption of the substitut
!, The ayes and noes were called for.
II Mr.. Pou said that the senators WI
10 favored the reduction in the legal "a
ni of interest had best vote for the subs
III tute, IS the vote on the original b
We would be too close for trifing.
IN thought this was good substitute
p the original bill. Mr.. Mcdowell ask
n if Mr.. Pou had any idea when congre
e. would repeal the 10 per cent. tax on sta
re banks, or if they would repeal it at a
IT Mr. Pom said he did not believe that
"a great democratic party would go back
1e its solemn pledge made in its platform
Chicago. The state bank tax wou
ol certainly be repealed.
40 Mr.. Jones moved that the considel
w. ton of the matter be deferred.
ne Mr.. Sandifer arose to point of ord'
OF that all speeches and motions were out
NC order pending the roll call.
IT. The chair decided that the point v
". we'll taken.
On The question of the adoption of \
"a Kings substitute was put. The vote
ia sulted in tie.
70 After a moments consideration
es lieutenant governor voted ''aye."
st this the advocates of the measure lout
-. applauded.
at The third reading of the bill was
ne dered, but Mr.. Morton objected and
lr. bill took its place u pom the calendar.
On motion of Mr.. Sheriff. the sen
n then adjourned until to morrow at
de o'clock.
ait House of fRepresenta tives.
te. yrrDrroDAv Tan 25-The house