The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1895-06-25

III has demanded exclusive favors
privileges, but it has probably
an before been so unreservedly as
"rtod in a court of Justice, in this
s Saote at least. Our Revolutionary ar
TORS anticipated the force, the exac-
t:ons the Indifference to equality to
"~orgrown combinations of capital,
I'D Dlaced in the bill of rights of 1776,
ahs nrovisisn-against the grant of ex-
.Insive privileges, which remain In
- present Constitution as a protec-
Ion to the plain, common people
"Soinst these excessive claims OF
sonov-gathering corporations. The
..irion of Justice Burwell, above
05onted by U.s., shows how little claim
.,ob institutions as this defendant is
SLovn to be have to use the beneficent
.;tIo of building ss)ciations," and
.bot hev are, in fact, thinly- disguised
Ranking associations. claiming to be
.,nerior to our usury law because char
+ored elsewhere. Such discrimination,
if legal, would destroy all our home
hanks. AID other like institutions,
which faithfully observe the law limit
ting the rate of interest, and pay their
taxes to the support of. the State and
county government. Thus freed, II It's
claim is allowed, from both our taxa
tim and usury laws, the defendant
would vet seek to obtain the use of our
courts to collect the money which 1T
has secured by mortgage on real estate
here The circumstances would justify
.barner criticism than we have so far
Given to any case before Us. The de-
fondant asserts immunity from the re
.trictions and burdens imposed by law
IN all others, and at the same time
asks the best security given by law,
ord The use of the process Of the courts
- enforce it. The defendant also
called our attention to a bill which it
nrccured to be passed at the last les
sion of the General Assembly, and
claims that it protects it in the viola
tion of u usury laws. This statute,
which is drawn with considerable art,
nrovides, in the first section, that build
ing and loan associations are restricted
TO 6 per cent, which has, by a general
act of the same legislature, been re
stored as the limitation upon interest.
In a subsequent paragraph the associa
ton is allowed to charge costs, ex
penses, interest, premiums end fines.
The controlling idea in the first para
graph, restricting these corporations
to the six per cent which is the gen
eral policy of the State, must govern,
and calling these other exactions pre-,
miums," penalties" ard the like, does
not make them other than interest, or
authorize the ex ction of more than
six per cent. for the totality.
Asimilar case was Simonton We. La
mel, II N. c., 498. When two con
stuctions of a statute are possible, the
court should adopt that which is most
reasonable, and in accord with the de
clared and recognized public policy of
the State. It would neither be reason
able, nor in accord with our recognized
policy, nor just to the legislature, to
Construe that they deemed that public
opinion and considerations of justice
required that the industries of the
should be protected against the exac
tons of a greater rate than six per
cent. for the use of money, and yet
that the same legislature provided that
Combinations Of capital might, by dub
bing themselves building ard loan as
sOciations," and euphoniousIy styling
their exactions of interest premiums"
fines" penalties, and the like, exact
pay for the use Of money without limi
tations. This would be one law for the
rich and another for the poor. Gould
We hold that the Legislature intended
to 10 enact (and they certainly did nor),
the wisdom Of the organic law has
placed its ban upon such diEcrimina
ton and special privileges. A pen
atty or fue for non payment of money
Is interest, If money is loaned at six
per cent. interest and five per cent.
premium, this is simply IL per cent.
interest. The courts have always said
mat In usury cases they look through
all DISCUSSES. to the real Oatl1ro and
truth OF the transaction" The shifts
and devices Of avarice are countless in
attempting to evade the protection
winch the law-making power e fit to
erect against its exactions. Calling
interest by other names, as "premi,
omS'" fines" and penalties" is a
!nreadbare device, and was laid open
IN the very clear language in u lead