Evening Republican, Volume 22, Number 29, Rensselaer, Jasper County, 4 February 1919 — IN SUPPORT OF HOUSE BILL 108 [ARTICLE]

IN SUPPORT OF HOUSE BILL 108

EXTRACTS OF SPEECH MADE ' IN HOUSE OF REPRESENTATIVES ON JANUARY *3l. The following is an extract from the address of Representative W. L. Wood: Mr. Speaker and Gentlemen of the House of Representatives: I move to not accept the unanimous report of Judiciary A Committee on House Bill No. 108. This is a bill that has as much merit as any bill that has been introduced, or wild be introduced in this House during this session of the Legislature. It is a bill to change the present law relating to making loans on personal property. As it now stands it permits the licensee to charge 42 per cent per annum to which may be added 15 per cent, attorney fee, in an action to foreclose,' making a total charge of 57 per cent. I appeal to you gentlemen, in all that is fair and honest, for your consideration on this legal method of robbing the poor. lam not pleading for the individual or firms that have the financial ability to take care of themselves, but I am pleading for the unfortunate of the State of Indiana, the people that deserve the strong arm of the law for their protection. Under this present law they are made the victims of the “loan shark.” It was argued in committee by Father Gavich that it was necessary for the “loan sharks” of Indianapolis to charge this rate of interest that they may exist and do business. I dispute the argument, and take the position that there is no necessity for any firm to exist that charges the exorbitant rate of 42 per cent. A loan of S3OO under the present law, means that the,borrower must pay as interest, $126 a year for the loan of S3OO, when the banks of the country would charge $24 for the same loan. My bill provides that the principal sum shall not exceed 2 per cent per month. Gentlemen of the House: I again ask you this question, can you vote to sustain the committee’s report and go back home and say to your people that your action was in the interest of humanity? Can you say to them that you acted in a way that would protect the unfortunate, the women and children of the State of Indiana, many of them who have given up their sons, fathers, and brothers in the present great struggle and will become an object of charity, should this present law remai non the Statute books? I again appeal to you to vote to sustain my motion and not accept the committe’s report. I thank you.