The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1933-03-02
FIX INTEREST Rate
AT eight PER CENT
FOLLOWING DEBATE
State Sonato Told Reduction 70
J Per Cent Would Hand.
leap Bankers

day voted u to 2 to fix the maximum
legal rate Of interest ct eight per cent
after Considerable debate On the ef-
fects which reduction from the pres
ent nine per cent rate would have on
the banker and farmer.
The question u not settled because
tho house measure which set the rate
Of interest 1T seven per cent until
raised by the senate to eight per cent
must b returned to the lower as-
sembly for concurrence Ia the amend.
ment. In the original bill the rate
proposed was six per cent. i was
amended to seven per cent after .
bitter fight IN the house.
The rate was raised from seven 70
eight per cent on motion Of Senator
A. W. Fowler Of Cas- county. He drew
fire from Sen. =. Z Greene Of Suits
man county who declared that COM
pairing the taxes with interest he
found the interest II about s. cents
per acre and that tho tax burden Is
about % cents per acre-an interest
burden Is great as the tax burden, he
said.
Sen. A. =. Bonner Of Richland
county asked, Isn't oS per cent Of
the money In the banks the farm
ers'?'
Reducing the interest rate to seven
per cent Is Just passing the buck"
Bonner commented. He said It would
mean the depositors would get one
per cent less on their money, (which
in turn would mean eventual closing
Of the banks because depositors would
withdraw their money and place II
with Uncle SAM"
No Interest On Interest
rowlers amendment to allow fed.
eral land banks to charge interest on
interest overdue 50 g not to inter.
fere with the making Of loans by that
institution was defeated. He said
this also applied TO the Bank o,
North Dakota.
A house measure TO reduce the tut.
ton for nonresident pupils from I:
to $50 stirred extended debate but
finally was passed ~ to a.
An amendment was attached In thu
senate to . house bill including crop
and grain In the absolute exemption
from process, levy or sale after F'ow'
Ter warned the assembly the bill q
written would destroy the credit o
the farmer"
Bangert said II would "absolutel,
destroy any possibility Of credit" AM
offered IN amendment which wa
adopted. The amendment providel
that II the debtor takes advantage o
tho exemption applying TO al crop
and grain both threshed and I'M
threshed raised BY the debtor N
shall not avail himself Of any addi
tional Of alternative exemptions"
Il The house bill to repeal the IL,
providing for recall Of elective Off
lcers In cities using the commission
form Of government was approved 8
}; to l6.
j Centralise Poor Relief
II TWO bills providing for oentralix
], ing poor relief supervision with coun
ty commissioners and providing ma
chinery for administering poor relief
previously passed by the house, wer
adopted. the first 80 to II. and tn
other unanimously. Under the latte
bill . poor relief fund would BE- e.
+. tablished In each county Of the state
Repeal Of the voters guide card lay
received senatorial approval BY = 8
to 10 vote.
/ BY . vote Of q TO 3, the senat'
passed tho bin previously approved Il
the house providing for transfer o
certain school lands IN Rolette couu
ty to the international peace gardel