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Show SOCIALISM COURTS DISASTER DIS-ASTER The Portland Dally Journal which Is progressive in its political lili bordering on socialism ' balks- nt' nm Oregon four per cent" Interest hill. It would raise banking' and Insurance rates. ' It sayx such legislation , by .xnv western states (s courting' Ulsaater. A bill Is L'cing Initiated io 'limit the legal rate of interest to 'only percent per-cent and the contract rate bnl5pcr cent. If It is enacted 'moneya would i n " r -;lir go to other tsate where li t'lji;r rates could be obtained, 1 The Journal says; "You can make -I -..,!. 4 " "0 the' legal rate 4 per cent but you can I M I 'u ., V . . . '' not make the people lend their mon- r . , '. eV at that rate. Or you can make tho note or contract rate 5 per cent, tho people will themselves decide whnt to do with their money they will send it to be. loaned In other Mtatefl where rates are higher. "T.he effect would be disastrous to borrowers. Men would withdraw their loans and send the mont-y elsewhere. Money could not be borrowed, bor-rowed, to, finance new Industries. "Merchants could not borrow money mon-ey with which to erect new houses, ncs. Duilders could not borrow money mon-ey with which to erect ney houses, and office structures. "On homes where there are mortgages mort-gages now, the lender would demand his money' at the' expiration of the note and the home' owner would In many a case, be unable to' borrow the money with which to pay off tfie mortgage." ' ' Low Interest rates stlnVulaLc production pro-duction and 'enterprise. '' But ' nno ptnte cannot alone, by " mere 'cict, legislate the rate that borrowers may pay for uso of m'oiwy, nnd if It tries to do this thing alone, irut harm will come iipoii a large' pari rf 'he people. |