The Montgomery advertiser., 1907-04-18

of tne Kind m the oIate wiiI wIIuuraw rom the state. IL IS announced. IL Is announced that the directors of this company have already passed resolu- ton withdrawing Iroi.i AIapama ailu calling upon their agents to collect outstanding loans as they fall due.
 This. company has nearly a million dollars on Aiaodma property ana it haa more money loaned oul Tn Montgomery than any other single concert. Ine calling in of these loans will work a great hardship on many Montgomeriant or moderate circumstances wno nave bought or who butt tneir homes on money borrowed from this company. l The biggest howl against the law hai gone up rom Birmingham. As is gen eraily known the wonderful deveiop- ment of the mineral district of Alaba ma has been materially helped by mon ey brought in and loaned from othei States. ihe Birmingham district mas suddenly felt the pinch of the new law.
 big development several weeks ago was dependent upon the borrowing of $ooO.O0O from one of the big New Yorl insurance companies. The loan had been negotiated, but when the company onlcials investigated and found out the prohibftive restrictions of the new law they declared that it was impossible Tor them to come into Alabama and lend money. It is understood there were several other instances of tho same sort in the mineral district and as result the business men there are becoming very much concerned.
 In a smaller way the same condition exists in the farming sections of the State. The law is perhaps more harsh ly criticised in the wiregrass section of Alabama than anywhere else.s A num- Der of petitions for the repeal of the law have been circulated and the farm CTS are unanimously signing them.
 In discussing the law, Senator Teas ley yesterday said:
 "Is . Conner Law.s
 The general unafvorable comment with which the law has been received has moved me to make a statement a. to where the credit or the blame fol the law belongs. The gentleman whe | thinks that all that is necessary to ge the law repealed Is to call the attention l Of the Governor to it Is too sanguine | The law Is on the statute books becaus, the Governor wanted 1t there and fo no other reason. It Is a Conner law.
 T was familiar with the materia help that these money lending compan les have contributed to the upbuildin, of the prosperity of the State. I was il idSor oI uOlHB what the previous Leg islatures had done-exempting tn money they loaned from taxa tion. Witt the single exception of Texas, ever, other Southern State had pursued tha policy. In Texas recently a similar lay to this was enacted and now the loal companies are leaving the State.
 But the Governor and his friends wished to put a heavy tax on thes, companies. The original bill provided a graduated tax on the amount O money loaned ranging from one- u of 1 per cent to one-fiftieth of 1 pc cent. I thought that tax too high an, that 1t would prove an embarrassment and handicap to the farmer or othe borrower who wanted to get a lonl term loan at small interest.
 The foreign loan companies hay been making long term loans at the lov rate of per cent. They were not com petitors of the banks, for the bank did not make long time loans and tn banks received an per cent rate ol their loans. I knew. too. that if tn proposed bills became law that tn loan companies would have to charg at least 8 per cent, and it was doubtful If they could continue in the State a that rate.
 T submitted a substitute for the or iginal bill so far as 1t related to thes