The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-02-04
10 this method OF making stock law and
he was opposed ito it. Passed second

he was opposed to it. Passed second
reading.
Bin to prevent discrimination in pay
ment of debts in different kinds Of legal
tender money.
Mr. Ray opposed the bill. He said
that man who loans money ought to
have the right to demand the repayment
of the same kind of money they loaned.
Every man ought to make his contracts
like he pleased. He told of an old farmer
in Macon county who had saved $500 in
gold. and wanted to lend, provided he
could make a gold contract His name
was Raby.
Mr.. Butler said there are tow bills of the
same nature. He said the case like Mr.
Ray named were exceptional, while Dor.
rovers who got paper or silver, were re-
quired to sign an obligation to pay gold.
He showed that gold had enhanced in
value, while you could buy as much OF
the products of the farm now with q sill
yer dollar as heretofore
Mr. Moye said the bankers could bank
rupt the State if they should require all
notes payable in gold. We want to put
ourselves on record as being in favor of
silver sure enough.
Mr. Ray said that Western North Car
Dina showed we were on the high road
to progress up to two years ago. The
6 per cent. interest law hurt progress
it was a strong hand on the throat of the
people. That legislation ought to stand
ms a monument of infamy to all who be-
ieve in such legislation. Let every man
be his own guardian. The & per cent.
does not help the Eastern farmer, but has
thrown the development of the West back
twenty years. Banks employ lawyers to
lend money from 6 to % per cent, while
the farmer and others who have to abide
b. the law have to take g per cent. This
is the natural successor of the g per cent.
law. 1t is similar to this measure. In
his section the man who opposes the u
per cent law would get 80 per cent. OF
the vote of the people.
Mr.. Abel claimed the honor Of intro
ducing in the Senate the per cent inter-
est bin. Two years ago my majority was
367. My attitude on s per cent. doubled
my majority There was quite spirited
debate between him and Mr.. Ray. Mr..
Abel was here to speak for the money
borrowers, and not for the Shylocks.
who lend money at from 10 to % per
cent A New York firm has lawyer to
charge big fees for loaning money, which
runs up the interest.
Il can get more money now offered at
per cent. than / could under s per cent.
I have alone saved our people $4,000 in
two years When Mr.. Ray can show me
one farmer who has gold to lend, | will
show him ninety-nine who have not.
Gold contracts are contrary to Demo
cratic platforms.
Mr.. Person sent UP an amendment that
provided for killing the bill. He said he
intended to make q speech, but the Sena-
tor from Macon has so ably defended
the principles of the Republican party
that | need not say anything" dc
moved to table amendment.
Mr.. Abel said: This will carry the
BILL Motion to table failed by vote OF
a to 16 Amendment lost.
Mr.. Ashburn offered an amendment
that it apply only to Pitt and Sampson.
Mr. Smathers offered an amendment
to make huckleberries a legal tender in
Sampson. Lost
Mr. Maxwell offered an amendment
that any farmer who lends his neighbm
n bushel Of corn shall return q busbel OF
wheat.
Mr.. Ray offered nm amendment to ex-
clude the Ninth district. Re made a
ringing speech, full of fire and humor.
Mr. Abel said the people did want n
guardian, but the people of the East
elected the Senate to protect them.
Mr.. Smathers endorsed all that MI
Ray had said. He scored Mr.. Moye, and
said il he continued his frivolous propo-
sitions. he would cost the State $4,000.
Mr.. Justice said from the discussion,
he saw that there was some doubt IN his
mind about whether prohibition of gold
contracts would stand, though he would
vote for it.
There may be a good deal of buncombe
abou; the whole thing. / am not 50 sure
that if this bill passes man can't en-
force a gold contract. He wanted his
counties in the Ninth district excepted
from Mr.. Rays amendment.
Mr.. Wakefield said that notwithstand-
ing that he had been branded as a traitor
and Hanna goldbug he was as true to
the principles for silver as in 1892, when
| refused to swallow Grover Cleveland.
II have been accused by persons in my
section of the State of going back on
hi9 pAihtlpieS anu NOtlIB lUT hdEhilhty.
/ voted for the fusion electoral ticket.
even took Guthrie. The test has now
come He wanted to exclude his coun-
ties Mcdowell, Yancey and MITCHELL,
from Mr.. Rays amendment. Lost by n
vote Of 27 to IT.
Mr.. Anthony voted no, because the Sen
ator from Pitt introduced, and is time
killer. He favored the principle, and
would vote for Buffers bill( it is identical
with this).
The bill passed its second reading by
| yothe of q to IL. Passed third read
ing By viva voce vote.
HOUSE PROCEEDINGS.