The Ward County independent. [volume] (Minot, Ward County, N.D.) 1902-1965, 1913-08-28
MURRAY ON
INTEREST LAWS
BERTHOLD FARMER MAKES A
FEW INTERESTING COMPARE
SONS THAT FURNISH FOOD
FOR THOUGHT.
Berthold. N. d.. Aug. 30. 1918.

Editor Independent:
In addition to high tariff, high
taxes, expensive officials, etc, the far
mers by the fact of their financial po-
sition- controlling neither buying nor
selling prices-have another unjust
burden, high rate of interest, to bear
in North Dakota.
Rate All States.
The contract rate of interest of all
states is as follows:
Six per cent-Conn., Del, KY, Md,
N. H., N. Y, N. j., N. c., Penn, Tenn,
VT, Va, w. Va.
Seven per cent-Ill., Mich.
Eight per cent-Ala., Ca, Ind, Ia,
La. Miss, Mo-, S. c., Ohio.
Ten per cent-Ark., D. c., Fla,
Kans., Mimi, Neb., Okla, Ore, Tex,
Wis.
Twelve per cent - Alaska, Ariz.,
Idaho, n. NJ, N. D., s. D., Utah,
WASH, Wyo.
Any Rate-Cal., Col, Me-, Mass,
Mont, New, r. l., and N. Y. on call
loans above $4,000.
Just half of the states pay 3 per
cent or less.
I believe that the people of North
Dakota, where the biggest per cent Of
the people are engaged in farming
a rate of interest as the most favored
class.
Interest of Railroad Co.'s 8 1-2.
Since / have been collecting data
for this article have tried to find
railroad company that is paying 8 per
cent. have appealed to commercial
agencies, statistical organizations,
private advice companies, dealers in
mortgages and bonds Of public utili-
ties, etc, and the quotations give the
rate of interest from 3 to per cent.
The average rate paid by all roads
is 3 1-2 per cent. Figure it out, The
bonded debt is $1O,9S9, $685. 51 and the
total interest they pay is $685., 1913, 479.
Worlds Almanac and Encyc. for
1913, page 1882.
Is railroad collateral any better
than farm collateral? Stop working
your farm for q year and it improves
your land, but stop the up-keep of the
railroad track for one year and you
have a deprecated collateral. Then
where is the good reason why farm
ers should not receive the same bene-
fits from interest laws? Some one
may ask, don't the interest laws APP
ply alike to railroad companies and
farmers? will answer yes, SO far
as the law reads, but R. r. Co.'s con-
troll their selling price freight and
passenger rates) they are protected
against low prices by practice, as
well as against low price from legis-
lative acts, by the courts on the
grounds of confiscation. Hence they
can fortify themselves against high
or low rates Of interest by adding the
same to their selling price (charges(
while farmers do not control their sell.
ling prices, therefore cannot invoke
the courts aid to prevent confiscati0I
from high rates OF interest or low
prices Of commodities.
i Trusts Pay s IL.
The Worlds Almanac and Encyc
j for 1918 reports 1873 trusts in the U
i s. and the rates Of interest their bond!
4 bear. These trusts cover everything
(which pertains to or about the human
,Ibeing or any Of his adjuncts from tn,
time he discovers the dawn until tn,
!. marble slabs are erected to his mem
J! ory. These trusts which in most case
control both buying and selling price
pay an average Of 5 IL Per cent N
terest on their bonds. Why shout
mot farmers, merchants, mechanic,
J etc, receive the same rate OF interes
as these financial Sampsons?
City Rates Per Cent.
4 Chapter 81, Sec. 2792, Session Law
eI1913 provides: Sewer assessment
lin cities - : and shall bear intel
lest ct q rate not TO exceed seven pc
lcent." This ID very good for the cit
tsbut why would not the same provisio