INTEREST ON REDEEMED LANDS.
The Judiciary Committee reported on the bill [S. 327] in relation to the redemption of lands, on sales of execution and decrees of Courts, recommending its passage.
The report was concurred in.
On motion by Mr. CAUTHORNE, the constitutional rule was suspended--yeas, 69; nays, 12--and the bill was read a second time by title, the third time by sections, and put upon it passage.
Mr. RYAN offered to amend sections of the bill by striking out the words "eight" in that part of the bill providing for the interest on redemption, and insert instead "six."
The amendment was rejected.
Mr. RYAN moved to recommit the bill with instructions.
Mr. FRAZER made an ineffectual motion to lay the motion on the table--yeas, 36; nays, 46.
Mr. CAUTHORNE said the law upon the redemption of this land is 10 per cent., and this bill reduces it from 10 to 8. If this bill is recommitted, the law will certainly stand as it is now. This bill has been carefully drafted and examined by two Committees, which recommend it. The bill will fail if it is recommitted, that will be the result.
Mr. MEREDITH--I wish to amend the bill by saying that the rate of interest shall be whatever the contract between the parties was.
Mr. KENNER wanted the bill to pass just as it page: 145[View Page 145] is, because if the bill is amended he thought it would defeat the measure, but the interest would remain as it is, namely, 10 per cent.
Mr. RYAN--I want to know if the creditor has not been pretty well protected and reimbursed, and the debtor has not been compelled to pay all the costs and attorneys' fees; and I submit if it is not fair and reasonable that the creditor should let up somewhere and begin to take 6 per cent. interest on the amount? I do not see any harm in this. It does not discourage the collection of debt. It does not rob the creditors of a single dollar. He is paid the attorney fees costs and the interest, and still we hear the cry "Give!" "Give!" "Give!" It will not hazard anybody's interest to recommit the bill.
Mr. MEREDITH moved a substitute to the amendment, by providing that the rate of interest may be controlled by the contract, which shall not exceed 8 per cent.
The substitute was rejected--yeas, 26; nays, 31.
Mr. MOODY was opposed to recommitting the bill for the reason that a change in the rate of per cent. would defeat the bill both in the House and Senate. He thought 8 per cent. much better and more just to the people.
The motion to recommit was rejected--yeas, 55; nays, 45, and the bill passed--yeas, 69; nays, 11.
