Lincoln County leader. [volume] (Toledo, Lincoln County, Or.) 1893-1987, 1920-10-01
VOTERS SHOULD
THINK TWICE


THINK TWICE
There is grave danger that a finan.
clal Quarantine will be placed on Ore
gon and much damage done to the
business, agriculture and labor inter.
ests OF the state through the enact.
ment of the proposed 5ft Interest Rate
Dill unless a vigorous campaign of
education is carried on throughout
the state, according to Lloyd Riches,
secretary of the Oregon State Editor.
ial Association, Mr.. Riches, a well.
known newspaper man of Portland
was in Toledo last Saturday. He is
touring the state against this vicious
measure
THE proposed 58t Interest Rate bill
is one of the most vicious measures
ever aimed at the business and econ
omical stability of any state in the
Union," said Mr.. Riches, at is a con.
stitutional amendment which would
reduce the legal rate of interest from
so to 4fs and the maximum contract
rate from 1870 to so and specifically
provides that tide maximum contract
rate of 80 shall be inclusive of all
brokerage and commissions.
Let us consider what effects this
law would have upon the life of the
state.
Money has a price, just as wheat
and potatoes have price, and that
price Is the rate of interest it is
earning. This price fluctuates just as
the price of wheat and potatoes iluctu,
ates, because of the law OF supply and
demand. Today there is such a de.
mand for money to rebuild the war
devastated world that interest rates
are exceedingly high and you and I
can sell the use of our money in the
world market, on gilt-edge securities,
for so, to go.
What would happen If the rate of
interest in Oregon is placed at 5lt e?
Just the same thing as would happen
were we foolish enough to fix the
price of wheat in Oregon at 25c. a
bushel and potatoes at 10c bushel.
The wheat and potatoes would be sent
outside of the state where market
prices could be obtained and likewise
money would be loaned on the out
side securities which were not limited
by law to the amount of interest. EX-
listing loans would be called as soon
as possible and no new loans would
be made. Business men, farmers and
home-owners would be unable to re-
new their mortgages and notes and an
orgy of foreclosures would follow
The evident effect of such a law
appears so clear to those who under
stand it that it seems that no one
would be foolish enough to favor it.
But We have found that many we'll
and intelligent voters think
that this law would compel the loaning
of money in the state at Sc. A Wig
orous campaign Of education is neces-
sary to show the people the real truth
OF this vicious measure and | urge
every business man in Lincoln county
to carry this message to every corner
of the county"
Mr. Riches also called attention to
the menace Of the Nonpartisan League
in Oregon He said he had investi-
gated the Leagues activities in the
state and placed conservative esti-
mate of the present membership in
the state at 10000 and told specific
facts Of investigation to bear out his
estimate.
I'VE have all read of the great in
jury done to the state of North Da-
kota by this organization. Taxes there
are 5000 higher than before the ad-
vent of the League and the state has
been plunged into virtual state-so-
cialism. The league feeds itself upon
the dissatisfaction of the farmers and
If We would keep its tenacious fingers
off the throat of Oregon we must meet
the farmer and help him in the So
luton of his problems. The State
Taxpayers League has instituted a
measure which will provide for Mar
ket Commissioner in Oregon. 1t will
be the duty of this official to lend
state aid to the formation of farmers
cooperative marketing organizations
and assist the farmers in obtaining the
best market possible for their pro-
ducts. 1t will eliminate great deal of
dissatisfaction among the farmers
about marketing conditions. This law
is modelled from the California Market
Commission Act, which has been high
ly successful in that state. The Non
partisan League has openly stated it
will not try to invade California as
long as the Market Commission Act
is in force as it has effectively re-
moved a great many OF the causes
which the league is enabled to en-
large upon and propose cure-alls for
as cover to its real aims-state So
cialism."