The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1901-03-13
LOWER INTEREST
For State From Purchases Of Land
on Contract System.

Hickey of Ramsey county, and re-
Gently passed by the house. This
bill provides that the rate Of inter
est hereafter to. be charged by, the
State of Minnesota to purchasers of
public lands sold by the State upon
deferred payments, shall be four
per cent. annum, ana the rate of IN
terest on all outstanding contracts
or certificates heretofore made or
issued by said State in the selling
of it's lands, is hereby reduced to
four per cent. per annum upon all
sums now remaining unpaid. The
act provides for its taking effect
on and after June lst next.
The bill was reported out of the
committee on public lands with a
recommendation to pass. 1t was
placed on general orders and was
considered in committee of the
whole. There it was recommended
to pass, after Mr.. Hickey explained
it's purport, without debate. The
next day the bill was placed on the
calendar for final passage, and then
the opposition manifested itself.
The opposition appears to have sud
denly dropped on to the fact that
the reduction Of interest on money
for State lands might effect the rate
of interest on mortgages, ETC.,
throughout the State, and would
probably cause money of investors
to be drug upon the market. Mr..
Deming Of Hennepin took the lead
in opposing the measure by moving
it's re-reference to the committee of
the whole Instantly there was a
storm of noes. The supporters
of Mr.. Deming S motion argued that
there was no call for the bill. They
contended that money was being
loaned by individuals at from five
to six per cent, and that there was
no reason why the State should be
compelled to loan money at a lower
rate of interest-in fact, the people
had not clamored for such a reduc-
ton. Mr.. Hickey made an excellent
argument for his bill. He contend
ed that the State was sending it's
money south, investing it in the
bonds of Alabama, North and South
Carolina Tennessee, at three per
cent interest, aud if his measure
was allowed to become law it
would have a tendency to keep a
portion of the States money at
home, aud the State would receive
at least one per cent. per annum
more for it. The appeal was clever
and caught the galleries, and Mr..
Deming motion to re-refer was
turned down, and the bill was
placed upon its final passage, with
a large majority in favor of the
affirmative. There will be active
opposition to it in the senate, and
there seems to be some question as
to whether that body will pass it..
The bill is said to be one of the
products of State Auditor Dunn,
who has limited that it was not fair
for the State to charge five per cent
to purchasers of State and school
lands, and then invest the remain
der OF the money in the bonds of
Southern States at three per cent.
The first round in the Younger
brothers parole bill was fought on
Feb. 9th. The bill providing for
the parole Of all prisoners at Still
water who have served 30 years,
less :'good time, was reported out
by the committee on State S prison
and reformatory with a recommen-
dation that it pass. The report was
a unanimous one. AS soon as the
report was read Representative
Kelley Of Northfeld, the place
where the Younger brothers and
their colleagues committed their
crime, and where public feeling is
still bitter against the Youngers,
jumped from his seat and moved to
amend the report of the committee
by recommending that the bill be
Indefinitely postponed, Mr.. Kelly
had previously spoken in the house,
but never before with such feeling
as he did that morning when he
recited the history Of the crime and