Daily Kennebec journal., 1899-03-02

aus VI IHNSTcSt. we SIMPLY WANT u
make it possible for people who are un-
fortunate and pressed from one situa-
ion of disaster to another, If it is pos
sible. to tighten their burdens. and they
are heavy. all over this State, and the
members of the Senate understand that
as we'll as l do. We do not want any
freak legislation; we do not want to
put upon the statute books a mass of
incompetent stuff: we simply want to
place there something that is reason
able and if this statement that l make
is correct and the bill accomplishes
that one thing, I say that there can be
no reason in the world why 1t should
not pass.
Now who have objected to the bill?
have heard it said that it is objected
to because it establishes a high rate.
l say if l understand that bill. that 1t
does not. Then who has objected to it?
Is it anybody who has been paying high
rates or anybody who has been paying
high rates or anybody who has been
paying low rates? Not at all. Ine
only persons who have appeared
before the committee and expressed
themselves as dissatisfied with 1t, so far
as know, are people who are interest
ed in high rates. These are the peo-
pie who are interested in the defeat OF
this bill, as l understand 1t. Ii am
wrong. point out my error ana VIII
vote against the bill or ask to nave II
amended. If l am right. ask you
senators by this yea and nay vote to
place yourselves where you belleVe you
ought to stand. l, for one, am siau
that a yea and nay vote is called Tor.
do not for Il minute think thal any :
body in the future is going TO pe IN
terested enough in my positlon 10 IN
uuire how | stood on these matters,
but | want the record to show how l
stood. | want it to appear that L was
opposed to high rates of interest and
want it to appear in this session, on
the vote here today. l say that these
are the only persons we know that, OBJ
iected to it, these people who have be-
come so accustomed to and 10 per
cent. a month that the sympathetic
side of their nature seems to be lulled
into eternal repose-these are the peo-
nlo whose interests we should not con-
slider. Just so far as we can. let us pro-
tect the rights of those who are weak
Mr.. BLANCHARD: Mr.. President
and gentlemen: l had trusted that no
discussion of this bill would arise, but
after listening to the remarks OF the
senator from Cumberland. l feel that
it is incumbent upon me to explain my
position. After listening also to the
pathetic scenes which he has described
in regard to the excessive rates OF m
terest charged in certain sections OF the
State, l also deem that it is necessary
for me to give a word OF explanation
and / hope that l can explain to the
gentleman and the members OF TINS
body that it is not because l believe In
an excessive rate of interest that l
am opposed to this measure, but
for other reasons which l Will
give. I understand the history of this
bill to be, that it was introduced be-
fore the legal affairs committee, or
which the senator has the privilege OF
being it's honored chairman, and that
there it met with discussion and was
discussed pro and con and at last
drafted into new form, which comes
to us, today. with amendments at
tached to it: that in its passage
through the House it met with oppo-
sition and was amended. and as l
think from the report before me, would
undoubtedly have been killed if it had
not been expected that this body would
give it the end which they expected 1t
would justly meet. Now what is the
| effect of the bill as drawn? Will it
| reach the class of men to which the
senator has referred? There is no
tnc nj interest
are charged in certain sections of this
| State. but / will ask you. If you VIII
carefully sean the bill, if there is any
| thing in the wording of it that VIII
throw direct shot at the persons that
| it attempts to reach; II 1t IS not pos
sible, under the direct wording OF the
| bill. for them to effect all the points
| they desire; and is it not possible, al
| ter this bill has become a law and
placed upon our statute books, for the
parties who wish to enter into any
secret trade and charge whatever rate
of interest they see fit? ! ask if there
| is anything in that bill which objects
| to two parties making such contraci
/ as they see fit between themselves, ana
further, what will be the effect OF TINS
/ bill when it becomes law! 1t VIII &c
upon our statute books that we have
lherc given out that per cent. month
| is "A rate of interest which can be col
lected, and that which amounts to ~
4 per cent. a year can be collected ioi
| loans which are made upon collatera
securities While there may be few
cities where exorbitant rates of inter
est are charged. today. throughout the
vast extent of our State, in the rura
communities, and in the town and vii
lages there is no such eXorbitant rate
| Of interest charged as is allowed to bt
charged in that bill, and when that shall
once become law, those who have
any idea of sharpness whatever will al
once go out and charge the full rate OF
interest which is allowed in this bill
and that. for one reason, is why seri-
ously object to the bill.
Further, we are aware that thost
measures which have been passed II
Legislature by the few for the govern
ment of. the many have never been en-
forced to any great extent and thai
whenever such measures as these have
| heen PASSED, of which l consider this
bill one of that kind. and have beer
| oI,oad ,,noD orr statute books, they