The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-11-21
BUSINESS MEN PROTEST.
CONTEMPLATED LEGISLATION DE-
CLARED EXTREME AND UNwIsE.

1 htEaEn ~
the WiIIingham Prohibition Bill,
the General Tax Bill and the Rate
of Interest Bill-Alderman J. r.
williams Tells of the Evils Which
Would Result From the Passage
of the Tax and Interest BiIIs-AI-
derman Haas TO Represent savan-
nah at the Meeting of Municipal
Representatives in Atlanta To-day.
Decided action was taken yesterday by
| the commercial bodies of Savan-
nah against the passage of the ex-
treme legislation now before the
lower house of the general assembly and
| calling upon the representatives from this
county and the Senator from the First dis
| trict to oppose these measures by every
! legitimate means in their power.
The bills against which the protests are
made are the Willngham prohibition bin,
the general tax bill and the rate of inter-
est bill, all of which are considered I'M
wise and unwarranted by conditions exist
! ing in this state. The protests were mail
ed to the representatives last night.
! Alderman I. G.. Haas also left for At
| lanta for the purpose of repre-
| senting the city at the meeting of May
ors and municipal representatives gener-
| ally called in the capital city to-day by
Mayor ]. G. Woodward for the purpose
of joining in united action against the Will
| lingham bin.
| President Shearson called the meeting of
the Cotton Exchange to order at 12 O'Clock.
| There was a large representation of mem
l,sare CHI hot ha
measures to be acted on had much to do
with the business interests of those pres
ent. The following resolution, introduced
| by Vice President ]. P. Williams, was
unanimously adopted
Whereas, A bin has been introduced
into the Legislature of this state by Mr..
| Carlton of Clarke county to change the
| legal rate of Interest to 6 per cent. per
annum and providing forfeitures and other
penalties for receiving or charging
| greater rate; and
! Whereas, In the opinion of the MEM
| bers of this exchange the passage OF said
| bill would be injur Gus 10 the business in
| terests of this state, particularly in the
case of small and middle class farmers
| and merchants, most of whom would he
unable to borrow money within the pre-
| scTibed rate to make their purchases of
| supplies and merchandise on a cash basis
| and would therefore be compelled to buy
| on time at an advance rate many times
| greater than the interest they might have
| 10 pay, and would also result In the with
| drawal Of capital from the state; therefore
| be il
Resolved. That the president of this
| exchange be, and he is hereby, requested
| to enter formal protest through our
/ Senator and representatives in the Legis-
! lature against the provisions of this bill in
| its present shape, or in any other shape
materially differing in spirit from the law
as 1t now stands the said bill being con-
| trary to good morals in offering induce
| ments 10 borrowers of money under GER
| tain conditions 10 not only violate their
| contracts, but to appropriate to their own
! use money that does not belong to them
| without the authority or consent of Its
| owner and in making what has hereto
| fore <been recognized as legitimate bust
| ness a misdemeanOr punishable by fine
| and Imprisonment.
| BE il further resolved. That the presi-
dent send a copy of these preambles and
resolutions TO our local representatives
and the Senator from this ditrict in the
| Legislature, with the request that they
| oppose the passage of said bill"
! 1t was further provided that the resolu-
| tons should be sent to the officers of the
| House and Senate, the authors of the sew
| eral bills. and the representatives and
/ Senator from this district.
] Mr.. Williams, VINO introduced Ine
resolution, was the only one to discuss 1t.
In opening his remarks Mr. Williams said
! the proposed bill had both financial and
/ a moral side to it. The substance of IL
was that money shall not be loaned in
| this state at higher rate of interest than
per cent, aud a violation of the law
| is to be a misdemeanor punishable by fine
or imprisonment or both. He said the pas
| sage of the bill would be placing a pre-
/ MUM on rascality in Georgia for the rea-
son men not entitled to the benefits ac-
cruing from the bill would plead it against
| the payment Of their honest obligations
Mr.. Williams proceeded in a business
way TO discuss what he considers would
be the effect of the BILL il passed, and the
| reasons why the exchange should early set
the seal of its disapproval before the Leg
! islature. The measure will so change pres
| ent methods of loanng money that instead
of investigating the financial standing of
| a borrower, the lender will also have to
| look up his character, as ne may be able
| under this law, TO defeat the collection OF
his honest debts. Ii is not always the
case that the legal rate represents the
value of the service a borrower gets, but
under the proposed law the collection of
| anything additional is barred
| During the last fifteen years many
| banks have been established and thrived
| in Georgia under the present rate of in
terest," said MIR. Williams III cannot he
! denied that these banks have been bene-
fetal 10 the state, and particularly TO the
| farmers, who have done business with
| them The benefits these banks have been
| to farmers Is apparent to every observing
man by the way they have helped in bring
ing up the price of staple products by aid
ing holders 10 wait for better prices They
will no lonserN be in a position TO protect
the farmer and to help in the develop
ment of the country. a reduction of in
terest win decrease their deposits, which
VIII lessen their capacity for doing bust
ness, thereby causing their capital to lie
idle. or be invested in industrials with
a falling off OF deposits. and a consequent
decrease in dividends, the city banks could
not accommodate country banks, and the
result would be the farmers loss in the
end. Moreover, how many men would
loan money. with the risk of losing it I'M
| der the provisions of such a bin? These
| surplus funds would go elsewhere, where
| lnnAnrs are not smhiacI 10 the crime Of n