Jasper County Democrat, Volume 21, Number 89, Rensselaer, Jasper County, 5 February 1919 — LOAN SHARK BILL IS SAVED [ARTICLE]

LOAN SHARK BILL IS SAVED

By Speech of Author, Representtive W. L. Wood of This District Representative W. L. Wood’s bill to reduce the rate of lnterept 1 permitted to be charged by socaHed loan sharks, came very near -being lost in the house a few days ago. Logan arose to the occasion, ’however, and made a speech that saved the bill for the time being at least. Following are extracts from this speech on the motion to re-commit: Mr. Speaker and Gentlemen of the House of Representatives: I move to not accept the 'unanimous report of Judiciary A committee on House Bill Nor. 108. Thiß is a bill that has as much teerit as any bill that has been introduced, or will be introduced ft this House during this session <*f the legislature. It is a bill to ftange the present law relative to making loans on personal properw. As It now stands It permits Ae licensee to charge 42 per cent Sr annum to which may be added K per cent attorney fee, In an 1 action to foreclose, making a total jnarge of 57 per cent. I appeal m you gentlemen, In all that Is fjir and honest, for your cqnslderation on this legal method of robbing the poor. I am not pleading for the individual, or firm, that have the financial ability to tske care of themselves, but I am Reading, for the unfortunate of tie State of Indiana, the people tint deserve the strong arm of tie law for their protection. T Under the present law they are glade the victims of the “loan s&ark.*’ It was argued In comfttee by Father Gavloh that It s necessary for the “loan irks” of Indianapolis to charge s rate of interest that 1 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 charge the Exorbitant rate of 42 per ceoft. ' 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 aßk you this question, can yop vote to sustain the committee’s report and go back home and'say to your peopfe that your action was in tfi% 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, man? of them .who have given up their sons, fathers, and brothers in the present great struggle and will become objects of Charity, should this present loan shark law remain on the Statute books? I again appeal to you to vote to sustain my motion and not accept the committee’s report. I thank you.