REDEMPTION FROM JUDICIAL SALES.
Mr. Majors' bill [S. 126], to provide that realty may be redeemed from executive sale by paying 6 per cent. interest, was read the second time with a Committee report recommending indefinite postponement.
Mr BROWN opposed the majority report and would recommend the passage of the bill, because it is right. The law allowing 10 per cent. was passed in 1861 when money was scarce, borrowers were numerous and lenders were few.
Mr. COMSTOCK insisted this indulgence to the debtor should not be extended at the cost of the creditor. It is not just, and the report of the Committee should be adopted.
Mr. MENZIES also thought the report should be concurred in, because it seeks to amend a repealed act, and its purposes would be to attempt an impossible thing. There is a bill now being prepared by the Committee on Revision of Laws on this subject. For himself he would favor an 8 per cent. penalty.
Mr. HEFRON had not listened carefully to the reading of the bill, but submitted that the principle is a good one. The law to-day, passed in 1879, allows no higher rate than is provided in this bill. Why should the judgment creditor have 10 per cent. after, when the law says he shall have but 6 per cent. before. The report should not be concurred in, but the bill allowed to pass to the third reading.
Mr. BROWN regarded the business of a Committee to be to cure defects in bills, and not report for indefinite postponement where the measure is susceptible of easy perfection. He didn't know that he would favor a redemption at all. It seems the hard creditor is the better for the debtor in the long run.
Mr. TRAYLOR--The 10 per cent. is a just penalty for not complying with contracts. Seven per cent. of all debts arise not from transfer of property, but from exchange of commodities, where hard-working men are deprived of the use of money they need. He hoped the report will be concurred in.
On motion by Mr. MENZIES, the report was concurred in, with an amendment that the bill lie on the table, to be considered with the bill prepared by the Board of Revision of the Laws.
And then came a recess till 2 o'clock.
