Show PRICE FIVE CENTS CENIS LOAN SHARKS SHARIS HAD THREE Bill Fixing Legal Interest Rates i 4 on Loans Passed the Senate DIFFERENCES OF OPINION i 1 Heated l Ar Arguments for sunS anil Against Allow ln lIo Allowing Ing Maximum Charge Chan e of or ofIS 18 18 IS Pet Per C Cent nt 1 J JJ J Utah ha hJ a law against usury In lii the bill that was as pass passed d b by 13 the time senate Tuesday ay and It Is designed to hit the tire loan Joan sharks shar-ks un and 1 nil all others who have havi been charging u usurious Interest on loans When rhen Gardners Gardner's bill No o 53 came camo UI up In the senate suimate yesterday a ahard ahard ahard hard tight was t started star Senator John Johny y Smith led the thc opposition to time the bill wa was yas supported b by Senator Wai Walton altun Ion and finally secured limo iho vote roto of or Senator Bulleri Bullen but tile the rest of or time the M t stood tood solidly for or the bill and every I Im Important feature of or It with which Senator Sen Seii ator Smith tried d to tu tam tamper pel by mi an of r amen amendments ments S Not until the tire loan bait shark evil 11 had hud J been discussed in all of ot Its dj trl I. tressin details not until the banking bushie- bushie I f was as threshed over from flom coin one oath end to tu th tin other othel was as the bill passed Benner X Smith led the fight light for foi Senator partners bill but the time father r i of the measure stepped in occasional ly Iy with strong argument that S 1 aside the time cont contentions of oC the time banker Lank from fromn Lehl Lehi I Hankers Is I's lI A A. peculiar phase of or the fight I is ie- ie corded In the fad fact that Senator Gad Gad- nor ner father of or the hull bill I Is vice president of a bank at nt Spanish Fork while tim lit Another part ot on time the count county at al L Lehl ehl senator Smith i 13 la Interested tt in ma u u. bunk bank On sto stood d for fol iOn i und and th the other against l the th bill arid and boUt both with thu tho InCI o ot Ut their tImely hank banks and amid the time people al at h heart art took opp opposing views of or time thu question sUun Tho bill lIBI establishes ls 9 the legal rule rate o or of interest h at eight per cent providing that this does docs not 1101 affect an au agreement J Jor of or the s l it tu u LL contract for tur the 1 payment of or more 0 interest on en a. a lo 10 n. n nf In the tho event that lint a. a agri i to PU pus puy more the thu lender 11 of or the f t ri cannot charges charge moro than tirani IMM li i r en iA 01 III H ll i bum j J 1 fJ i. f T tire the d tidy driy iy wh when J lie roan halks m n rO i t charge 11 live I ten fifteen fh und amid J vu m Ju f I twenty five per pr cent a a. month is a a. timing of or past jast U to 10 Limit When the hUh bill was Wan read end the he third time that Senator John Y inu cU 1311 a an nn an amendment that time thu rate ralo bo ho from Corn morn twelve to eighteen Pl per cent P PI T annum urn where here ir If I. I t.- t. n on CUI till all v i b L ll S parties part posed Senator the time Gardner r Y on- on Of- Of amendment and led Iti u a S strong tIght light the change The Jhc rather of ot the time bill is b mistaken said Senator Smith It hu iio thinks the bill will be Lc of or nd l advantage la o to th time the poor joor people who are compelled d to tomake make loans In times ot of stringency Suppose for 01 Instance that u a person wanting a 1 small loan Jonn should Ill I'll pay only the time amount provided for Cor in time the bill The mone money loaners loaner's would lUl get only emily thirty Corty or OJ lifty cents cems for tor their trouble An Any Aims rate of Interest sr un under tJ 1 Is Isper isper S per pel cent will have ha n Cl harmful effect I I am urn advocating nd it in Iii the Interest t of or people who sho nee need money badly especially espe espe- Jally in days of stringency If It the tIme law Jaw allowed them to saltS said hl Senator Benner X Smith the money loaners would take by contract 18 per c cent nt The governor hi lii his Imis me message mess ag recommends that thai 8 S per cent be time the limit and he takes take no other oilier mt rate Int Into consideration Xo No u man mami can afford aford to tu J pay over o 12 11 per pem cent Interest and ammil Iv live He would go o to the time e while the he monc money loaner loaner- would pile pie up Ut riches The bill bi a tho the small smal money Io s. l i We Ve ia have hart t to legislate for to the whole people antE ami not hot for tOt few tow a I shall shah hal not oppose t tany any ammy amendment to lo lh the bill bi providing pro for fOI om Interest on oil small loans loans I favor Cavor the time amendment saltS said Senator Walton alton alon The Tue borrower ower in lit inmany many Instances can caim afford to pity pay ISper IS 15 ISper per leF cent On short loans a. a a bank cant can't afford aford to take tak even event that Interest I 1 think it 1 is an accommodation to the poor people to make male the tho Interest higher highet i l 1 oppose tho time amendment on time the ground that when whelm mone loaners money cant can't get 18 IS per ncr cent eeriE tho they will wi take l' l 12 staId said I Senator Seely briefly but to lo time the point point The Time farmers suffer more than any aimy one omit else under under- usurious loans Joans sl said Senator Johnsn Johnson A higher rate rato of ot if Interest than that prescribed in tho in bill bi will wi work worl a hardship on theta them I ha have hae e been heen in time the wagon business and I ha have collected double for or a wagon In the interest and amid I know that hint the time farmers suffer by ant paying ex ex- rat rates rates' s' s of oC interest interest In other othea words interrupted PI I dent Love Iove money mole lenders lender's always take tho time limit allowed them by hy law inn I am am In lit favor favot of or this timis amendment In the interests of oC th time the poor poor- 1101 people said Senator John sid Y If I you cut down the time maximum to 12 J per nor I cent and if it a repetition of oC tho time hard tImes limes of oC 1893 1393 came caine on un us the tire poor ioor Joor people woud would not get a chance to bofo borrow money at nt I It 12 per ier cent whereas ns the mono money lenders londen could afford to ie let IN them havo o It I at IS 18 If It we te pass pas this bill there wl iii bo be the ol old squeezing when hen bil hard har times COrl come Many have ha e been ben willing to lot let banks have bottom better rates of or Interest In panic times If I we es es- es time the rate rte of or interest at I 12 2 per cent It i will tili wi keep keel a grent Ceat deal donI of capital capi capi- tal al ou out t tor of or Utah Senator Gardner opposed this by saying that no state in the time Union Unton hud hamS a higher rate of Interest than 1 12 per cent pel Senator John Y 1 then offered an nn amendment to Section 3 of ot the bill hi providing that on all al loans of oC 50 or under unter a charge of ot 1 for COl the tire first 0 month be he made matle of or 75 C or OL loss less los I and of or 00 or Ot Ic less 2 Senator than offered ore an amendment that the pl provisions of ot 4 the bill hili ItO do not Ot apply appl to tin any loan loun of k 60 or under f. f T J. Y and B. B X A Agree gIP A 5 Senators John T. T and B n Xv X v c 1 Jump Jumped cl on thi with both CI fet feet t. t and A agreed that thai this amendment would I h op on the door for COi tho the very veloy evil evil- th lIw huh bill f was expected d to correct It will let o v- v the l loan nn sharks sha In th they y e cried almost t T q In unison V. V r i why that would give the I loan 1 P sharks shark all th y wAnt I r t Said i Senator n Benner Jm X They 11 make makei i 1 most of or their loans in small amounts I i. i and that amendment the they would charge g live ton ten fifteen or 01 26 j per pel cent n Q month T I know of at an au Instance where fa woman who runs a 3 rooming house hous S borrowed on her ler furniture and andt before a year she hall hail paid that t amount in li-i interest and umi still owe owed most mot motor i of or the principal Hh She was In the of thi loan shark and couldn't get out Railroad oad men and anil salaried people are arc also at al the m mercy of or the lie Sharks Charily org two and four foul t k 0 f years ago go d In the Interest t of pf tt bill lilli M said ll Senator Lawrence l t o They did tIld It for rOI- foi the sake of th the poor Who are made maui victims of or usury who hio ar cn to ask for fOl small f t Rev Hc called my at- at v.- v. r.- r. J fa Mention to it and I tiLl did not at that thai A time know that lint Utah did not have havo a a. A 1 law against usury I know of or a wot wo- wo 2 A.- A. t 1 ln who was supporting a paralytic T ar lct husband and four or 01 five children Sh She r obtained a loan limn on on ona a kitchen stove Move v I and some home Parlor furniture and she shet t JB jr c paid P d the Principal two or three times thinGs m j to over o J. J f tc i Relates Incident ii An n eighteen en IH per I cn cent maximum is f i iL not lint III in the interest sl of the POOr joor people i t. fi said ald Senator and h he w went vent nt on i J 10 tell to or of f a n widow who had borrowed n small amount oh on some som furniture and k i lied had lost nearly toil times the amount ht j- j tia I she had hail borrowed The opposition to 10 I S Senator Hollingsworth's amendment c ij was KO M hot that he lie withdrew rl w it p l Senator Walton offered a a. motion mollon lo to 1 recommit the bill but bitt as it had been favorably reported by ly the committee 4 yd Senator l' l I Lawrence opposed It and anti the thet I i t motion lost three favoring ta recommit recommit- fc 7 ment Finally Senator John Ii Y Smith of- of I- I ij- ij I ferel an amendment allowing the payment pay pay- F- F J fluent ment of Jl 1 I on loans of or 01 le less s L' L for fol the first month and the usual rate rat of ot Interest thereafter The Tue amendment passed unanimously after another mothel t amendment b by the thc air fair young ma man inai l i 1 ct from rom Weber eller had been trampled tl to death rif When Whon h n all II S a seemed serene for the passage of the bill LIlI Senator John Y 1 an amendment which in iii ef- ef kj J feet made the collection of or C interest void oIti old instead i of the lie security when t e usurious rates are charged char As this f i the p in the lull bill for tOl or usury th the amendment nt was waR as voted down and anti antiA I A J p yie Ote hill bill was passed Senators John Y inith Walton alton anti and Rullen Bullen voting voUn b Against ga I it It 1 w IX IN 1111 I r u Rill Bill Killed I Before Conference j I Committee Is Ts Called CalL For Fm I i Although th house had called fora fOI for r I J J h a n conference committee on U. U B. B iio No o j I 34 relating to a action for or damages damage i against t traction engines lJ that harm public hl highways the senate killed th the lie measure yesterday ye afternoon and then read renil with some humor the call for fOl conference The senate senat denied the thep J v J- J l nf I f u that llie bill i f kr lH rt his prayer p iHa prayed f e for ol the dissipation I of r the the atoned it nt I S war ti cloud clout th that thal it is lio hovering ti ing- ing between Ien the the- United Unfed States State antI and Japan Favorable committee reports on senate enate hills bills 1 13 and amI 14 14 h by Senator Hu- Hu laniski for fast raft driving anti and for the I. I S appearance lII arance of names of or candidates only once on any ballot were adopted Four bills were Introduced Senator Henner X Smith a 3 me measure incas meas sure s- s r ure in III line with the Galveston Idea which that hoards boards of trusi trustees trus trus- i tees lees in cities of the first class clasI and councils in cities of or if the second anti and third class hall i-hall fix their heh time of or meeting Senator Park Introduced a II bill providing pro pio- viding for salaries of rt certain state stale i. anti and as aH it Is Is- In lii line hue with his other salary bill It went to the same une committee The bill JiJI Is as follows OCiO The annual salaries of oC the lie following state stale officers are mt fixed u us aH i follows s Cle Clerk of nr the Supreme court and ex librarian and amI statistician statistician cian clan twenty one hundred dollars re rePorter reporter re- re porter of f C decisions of Supreme court eight hundred tI dollars adjutant gelera general gen gel era eral fil fifteen en hundred dollars assistant adjutant general of or the lw governors governor's I staff nine hundred dollars bank hank ex examiner ox- ox ei eighteen hundred dollars I j Senator introduced a abill bill which changes the lie name of th the Utah School for Cor the Deaf and und Dumb to the lie Utah School for COI Deaf |