The producers news. [volume] (Plentywood, Mont.) 1918-1937, 1923-02-09
m larsen MAKES HARD FIGHT
~ To LOWER HIGH INTEREST RATES
Zucz, and Mr.. Speakery-Total, S5.
LARSEN'S SPEECH

L.
cent in House Of Representatives,
interest from 10 per cent to 8 per
Helena, Montana, February 2, 1928:
Mr.. Speaker, Ladies and Gentlemen
Of this 18th Assembly.
First I will say to you in regard to :
House Bill 134 of lowering the legal
rate of interest from 10 per cent to
I 8 per cent that this is an economy
measure of great importance, regard
ing the masses Of the people, espe-
cially the farmers which 1 represent,
and I would ask you carefully how
you are voting on these two different
reports.
have been listening carefully for
over four weeks to all the fancy and
fowery speeches made by some of the
best orators in this House and I ask
you to excuse me if I am not using
as fancy language as some of those
brillian lawyers have. However, I
shall try to explain myself in such
terms as you may be able to under
stand them.
When I say to you that this is a
economy measure, say it because it
will save the State of Montana on its
S72, 757 ,353.OO Indebtedness, per
cent of the legal rate of interest
a 81, ASS, 1890 annually or in 10 years
a it would amount to S145,518, 10000.
e Let us talk economy right now. Near
e ly all of you have been advocating
economy every day we have been
n here. You want to cut off here and
S you want to cut off there. Nothing
f has been cut so far, but here we have
i a chance. Let us use it and the COM
: mon people will appreciate it. But
a the fact is the State of Montana don't
e pay 10 per cent on its nearly $73, OOO,-
e 600 indebtedness. If it did you and I
? would not be here. here is no bust
2 ness paying 10 per cent or supposed
to pay that rate. Only the farming
J. business which can pay no interest &C
r. all under present conditions.
e You will hear everybody from the
,e Honorable Pres. Harding down to the
D. smallest business man in town who
le may run a peanut stand here in Hell
10 ena, sympathize with the. poor down
trodden farmer. But sympathy does
20 not get the farmers anywhere. There
10 are so many things that we need q
j whole lot more than sympathy. i
= makes me think of the poor family
~ who had all they could do to keep the
4 wolf from the door. There were i
- children in the family and one fine
Il morning a brand new baby arrived il
4, the home and some time later the
= father took the oldest boy in anC
i showed him his new brother and sai'
!, to him, "What do you think abou
be him? ?" The boy shocks his head ant
said. "Father l think the baby is al
e right but there are so many thing
70 we need a whole lot worse" And s
i It is with the farmer there are s.
MANY things we need a whole 10
,s+ worse than sympathy. What we nee
=. is relief from some of those loa
sharks who ask 10 per cent for
od first farm mortgage for the next 7
,o+ wears. I tell you 10 per cent ma
= broken more farmers than all tn
drouth, grasshOppers, and hallstorin
combined and when the farmers al
- broke the business men and banke
He are broke.
,ut I want it clearly understood that
,ca did not introduce this bill because
ire have anv thing personally against tn
The bankers in general. The bank whel
inc 7 have done my business for the Las
cir ten years have been very satisfactol
from my point of view. There M
ok- never in those ten years been OF
ON word out of the way, but last fall
mn cleaned up and turned the whole bus
not moss over to my creditors as L cou
Of NOT heat the game at 10 per cent i
IA terest on nearly 100000. There
mo an old saving: Experience counts
.nd oil kinds of business, and if you ladl
ilv and gentlemen want to know aoo
experience, I have some to one
her Fifteen years ago young man car
to Montana and took up homeste'
mas nd went out As miles from the nea
est town and started in farming va
six oxen, broke up the whole .
Of acres in two years and worked me
- az ~ a.. +i,,o rs hours a day. IL
same man has driven OK teams SON
Of thing over 10000 miles, or a disra z
de- as far as from New York to ?
: =, FRANCISCO three times. This fell
- had as much ambition as any 70
man that ever came to this state
aa~ ,oade GOOD for several years
built up one of the best farms
n Of Sheridan county, but Ueday tne -