The Montgomery advertiser., 1901-08-20

of the money. In other words they pre- fer that the poor creature in their grasp be not able to make the payment. because each time they add another link to the chain to bind him securely. nach moment that he refuses to pay they dne him and these fines accu- muiate and are added to the principle until these Shylocks come to the con- clusion that the limit has been reached, they turn over the mortgage to their lawyer and there is an additional fee of twenty-five dollars, and they say sstake the pound of fiesh' and they generally do 1t. 1t is authorized by law. 1t Is part and parcel of the code of Alabama. The question has been asked why put this in the Constitution? Is it not a subject of legislative enact ment? It Is not the first thing that has been put in this Constitution that was subject of legislative enactment The same answer might be made. why not regulate the great railroad pass evil in Alabama by legislative enact ment? Why not regulate the right of railroad corporations in carrying freight? Why not leave that to the Legislature and yet 1t is put in this same report, and they now say 1t Is not fair to put in a provision regulating and controlling this gigantic corpora ton. Last night had the opportunity of going to church and am sorry that the delegates of this Convention who represent these Shylocks were not pres ent. hear da sermon by that eloquent divine, Rev. Dr. Patterson, pastor of the Presbyterian Church, upon Zac- cheus. Zaccneus paid a tribute to the Roman Empire for the privilege of col lecting taxes and he robbed them right
 r.fk A> avx tah And as this splendid preacher proceed ed with an eloQuence unsurpassed and pathos seldom equalled. thought times had changed but little since then. The eloquent minister went on to jus fify the visit of Christ who spent the night with Zaccheus and while he jus tified 1t on account of friendship and kindness, I thought for one time Christ got into bad company. and desired to inquire if he was not the originator of the scheme of the building and loan associations which have invaded the fair fields of Alabama. When you un- dertake to justify this corporation, this law and this Constitution says that the banker cannot charge but eight per cent. and the individual cannot charge but eight per cent. legally, they say it is not right to charge over eight per
 
 business in particular way. who charge what they choose and what they please, and enforce the collection of their money by the authority of law in a Christian country.
 MT. Vaughan-I would ask if these building and loan associations are not creatures of the Legislature.
 MT. Cofer-Yes.
 MT. Vaughan-Cannot the Legislature repeal their charters?
 Mr. Cofer-The railroads are creat- ures of the Legislature. Why not leave them out? What is the difference in principle? l say there is no difference. If we are going to let them regulate tho rule Of right and justice between cor porations of Alabama and the individ- ual of the State of Alabama, If 1t is the purpose of this Convention to assist Ihe people of Alabama. from being i'm posed upon by corporations let us do so. ( do not care whether they are foreign or not J would just as soon be robbed by fellow from New York as a fel- low from Alabama. There is no differ ence. and say that these charters are unjust. The time has come in the his tory Of Alabama when it ought to be stopped, and when the people of this state ought to be protected. If not, I would suggest or endorse the idea of not putting in the Constitution or stat otes any rule to prevent usury. Why not say to the individuals and bankers and corporations. charge just as much anteres. as you can get. Take adyan- rage Of every victim you can, and when they are thoroughly and completely Tn your power. stand over them with the power of your mortgages, with the laws or collection ,and crush their life and existence out of them? Now I ask. Mr. President, if this be just to be nut in this Constitution? They have nearly Iegislated them out of Mississipni because of their fieecing sapac- tues and abilities. Mississippi says no longer in the his tory of that great State shall these miserable Shylocks stand like vultures ever their victims, holding high carni- val over the forms of human happiness, and dance in hideous revelry around their victims
 MT. Long (Butler)-I have very few words to Say on this subject. 1t seems 10 me that the gentleman from Jeffer- son thinks that if this minority repor; is adopted 1t would abolish building and loan associations in Alabama. That is a very strange doctrina to me. II seems to me that it would put them on the same plane with every individ- ual and banker and every one else do- ing business in this State. instead oi giving them privileges which .hev are allowed Under the present law. We all know that building and loan associa. tion gets out g pamphlet that puzzles with facts and figures. and is simply a gold brick scheme to catch the unsus- pecting public. I have never myself bought any stock in a building and loan association, and do not expect to buy any, because I think know what they are. I have here in my a hand a state ment of a gentleman who lives in Greenville. Alabama. He took stock in a building ana loan association in Montgomery, Alabama. The same as- Gociation is now doing business in this city. He borrowed on three certificates of stock, which I hold in my hand $750. $1, 900 and $2,000. respectively, and he paid on this stock for sixty-seven months up to January 1, 1898. At that time he asked for a statement of his ammount asking how much he owed as a balance, and they sent him a statement which I hold here, showing he owed a balance of $1,177.27. He con- tinued to pay according to his contract with this association, and askde for another statement on July 26, 1899, a year and SIX months after this first etatemenc had been made to him, and they sent another statement saying he owed a balance of $1,7S5. Gaughter.) Now if anybody doubts that state 1nent, I hold the certificates in my hand, and am willing to show them.