The state chronicle. [volume] (Raleigh, N.C.) 1891-1893, 1893-01-28
THE GENERAL ASSEMBLY.
REPORT OF THE PROCEEDINGS
OF THE TwENTY-FIRsF DAY.
ihe General Assembly \ adjourned n.
MARK Of Respect TO the Memory
OF Ex-Secretary James G..
Blaine.

Mr.. Morton, a bill to amend chapter
30, private laws of 1889, passed its first
reading and was referred to the commit.
tee on corporations.
Mr. Owen, a bill in relation to guardi-
ans and others in giving bonds in guar
Ptee and insurance companies Judici
~
Ir. Potter. a bill lauthorszing The msyor
aud commissioners of Morehead City
10 held an election to vote bonds for city /
Improvements. Finance.
Mr.. Battle, a bill TO establish a state |
motto. Judiciary
Mr.. Day, bill for the relief Of Rock
ingham county and for other purposes.
Finance
Senator Morton, bill to enable the
Wilmington light infantry TO issue bonds
and for other purposes. Military Affsirs.
The substitute for the bill to fix the
legal rate Of interest at six per cent came
up again for discussion and ELECTED
long and earnest debate, participated in
by number of the leading members of
the body.
Those opposed to the bill attacked its
copstitutionality on the ground that it
was made dependent on contingency,
iuasmuch as its provisions were not to
take effect until the Federal g1vernment
had passed an act abolishirg the ten per
cent. tax on State banks-an event which
might or might not take place. That it
would be sure on that account to produce
inpumerable and vexatious lawsuits, and
In many other ways do more harm than
| good. While It was no doubt true that
banks would be better off If this measure
and the one on which its effective opera
tior would depend, were enacted, since
the banks could then lend money Ct per
cent. as well as they can now lend it a.
8, yet individuals who had money t. loan
would not be benefited. On the con
trsry, private lenders Of money would
be Injured, and would necessarily have
to seek other fields for the investment OF
their cspieal. The substitute was there
fore piece of class legislation discimi+
mating against the private money lender
and in favor of corporations. 1t also
hurts the borrower by shutting hin off
from the chance OF getting money on real
estate security, which he could now
do on application to private capitalists
As national banks would not lend on real
estate security of ary Kind, so the state
banks would lend upon none bat city
property. leaving the country people and
all who held agricultural lands dependent
,, entirely on the aid of private lenders
, Cut off that source of relief and those
, people, constituting the bulk OF the pop
ulation of the state would be
ruined The mort cages on their
lant,s would be foiecios,d, because tCeir
creditors would do better with their
money in other states. Debtors could no.
raise money to put off the evil day, and
vast amounts of property being thrown
i, on the market at the same time. thC
y prices would be so low as to almost run
the owners.
These propositions were ably combat
ted by those who supported The measure
Senator King taking the lead He con
tended that there was no constitutions
question whatever involved. Severa
amendments were offered excepting par
n ticular counties from the operation 0
the measure, including Bruins wick, New
e Hanover, Buncombe, MADISON, Clay
Jackson, Macon, Forsyth, Davidson
Rowan, Halifax, Yadkin, Vance, War
reD, Macon, Davie, Iredell and Others.
Senator Day moved to table the bill
and on that motion demanded the pre-
> vious question.
' Senator Aycock asked two minutes 70
/ hearing and promised at the end 0
that time to renew Senator Days motion
! He insisted that no county should be eX
II empted that there should be square is
5. sue made on this subject Of u ury righ
Al now and here. Senator Day then re
u newed his motion to table the bill and dc
: manded the previous question.
The motion was lost-ayes II, nays
,e Mr.. Pou earnestly begged the Sen4t
to vote down all amendments, and mad
:, a motiol to that effect, on which b
called the previous question. The Ca
was sustained. The amendments exemp
8. ing counties were rejected.
: Senator Patterson, who had previousl
given notice that he had o
amendment to offer now sent one TO
ward providing that the bill should nc
90 into effect until ninety days after th
4 passage by congress of an act rep lin
u the 10 per cent. tax on state banks
AZ. King accepted the amendmen
and the clerk proceeded to call the TO
upon the adoption Of the bill as amended
The vote stood, ayes a. noes, 20; an
the bill having passed its third and tiu'
lCduiuS "oo oiNSANA " - =
, sent to the house.
Mr.. King then moved to reconsid'
:. the vote by which the bill had passt
e' and to lay that motion On the tabl
Adopted.
nr The special order was then called #
but Mr.. Battle moved to postpone
and take up the bill relating to Gullfor
battle ground.
Y At this point Senator Pou submitte
the following resolution:
8 Resolved, That the senate has hear
with sincere regret of the death IN
morning at II o'clock of that dlstl
guished citizen Of our country, James
:. Blaine; and that it tenders its sympati
Wv as body to his stricken family.
On motion of Senator Jones the rul
OF were suspended and this resolution IL
mediately put upon its passage. 1t W
unanimously adopted by rlsing vote
The consideration of the Gulitord bait
nt- ground bill was resumed.
Senator Battle said that 1t lncreas
the annual appropriation from $500
$500. He then proceeded to make a brl
but ecceedingly eloquent address III
vor of the bill.
Messrs. Olive aud King also advot
ted the bill in patriotic and lmpressl
speeches. The latter pad gIowl
tribute to Judge Schenck for his nor
work in behalf of the truth Of history a
- the honor of North Carolina. de a.
insisted upon the great importance
the measure before the senate a
pleaded for its adoption.
,k. Mr.. Little spoke against the bill,
''nndd 'nd was interrupted by Nc. Pettgfe"' W
T. favored it, with some rather shafp qu
nts tions.
1t Nr Dav made strong speeCn IOi