The herald and news. [volume] (Newberry S.C.) 1903-1937, 1917-02-02

interest would be a disadvantage to
the poor man, because if the banks
. could not place their money advan-
tageously, they would favor large
borrowers and safe investments.
Mr.. Harvey Kelley, Of Anderson. as
farmer, strongly urged the passage
the bill. He said he was borrower
and had never been able to get money
unless he put up sufficient security,
and the farmers ought to have the
same interest rate as others.
Speaks for Bankers.
Mr.. ]. Wesley Crum, Of BamEerg,
said South Carolina was a borrowing
State. and the facilities for scoring
money should not be further hamper
ed He argued that the average coln-
try bank had to pay from five to SIX
per cent for its money. and these
banks must make a living in order
to be Of service to the people. Thc
banks were Of benefit to the people.
and should he protected in their lae-
itimate business. he urged. He spoke
at some length. saying ! believed II
would work harm to the peo"le Of the
State instead Of being of benefit to
them. The lien merchaut would be
assisted in his busine~c. and the bill
should really be entitled, a bill to
aid the lien merchant and the time
merchant. he concluded.
Would not Hurt the Loan tssoeiati1n.
MIR. c. S. Ford, OF Fairfield. who
said he represented the farmers bdt
not only the .farheYs-+tpat lie repre-
sented all the, classes OF people in
the State-felt~ that the bill might
nterfere with building and loan as
sCciat lions, and he wanted to let wei
enough alone
Nj. VIM. Byrd. Of Laurens, said
that as farmer he was satisfied with
! the present interest rates Competi-
ton existed, and if he was not salts
fed with the terms granted by one
bank, he could go to another.
Mr.. J. B. Atkinson, of Spartanbur,,,
endorsed the sentiments expressed By
Mr. Byrd. I'VE should not attempt
: to cripple the banking interests OF
! the State, and thus injure the very
people the advocates Of this bill wan;
to help he said.
I Sneers at Lawyers.
Mr.. Walter B. Stafford, OF Green
vile said he was not surprised thai
lawyers should get up On the floor
and fight this bill, because they may
be representing the banks; but | ain
srprised to see farmers fighting it.
Upon motion of Mr.. John W. Crews
of Richland, the previous question
was ordered and by a vote or II u
20, the house killed the motion .!
Mr.. Hines TO strike out the enacting
! words Of the bill.
Per Cent Amendment Killed.
An amendment proposed by Mr.
Paul E. Ellis, OF Greenwood, to MAKE
the rate per cent was killed.
An amendment proposed by Coz.
Joseph Fromberg, of Charleston, ,tc
exempt loan associations and the
Morris plan OF banking, was kille:
An amendment by Mr.. J. w. Boya
of Laurens, providing "that mutual
building and loan associations may
operate at such rates of interest as
! the stockholders thereof may agree
/ upon was killed.
! An amendment proposed by Mr.. j.
Mel. Hemphill, of Chester, was kill
: ed. This amendment was to the effect
that 'the provisions of this section
made by and between any mutual
building and loan association as len
der. and stockholder thereof as bor-
rover but that upon such contract
no greater rate than eight per cent
shall be charged
G. A. Neuffer, of Abbeville. moved
to reconsider the vote whereby the
, amendment was killed. Mr.. Furmau
L. Long of Greenville spoke in favor
Of killing the amendment, and against
! the motion to reconsider. But vote
of 43 to 80 the house refused to re-
consider its action whereby the
amendment was killed, and the
amendment failed to be reconsidered
per Cent by SPECIAL Contract.
sn amendment to provide for seven
per cent by special contract was
. adopted by the house. The amend
ment was proposed by Mr. q. 81. Hor.
ton, OF, Spartanburg. 1t was adopted
by a vote of 50 to q, and by an aye
and nay vote Of II to 81, the parlia-
mentary clincher, proposed by Mr
! T. Lilies, of Orangeburg, was plac-
ed upon the action of the house in