HM0REGG)NiDMIiY JOURNAL
23-
TUESDAY;- OCTOBER- 20, 1020. v:
PORTLAND, . OREGON.;
,
on
Interest rate
TERMED
VICIOUS
Seven proposed amendments to the
State constitution and four measures
--11 propositions In all are to be
submitted, to the voters of Oregon
for their approval or rejection at
the" general election to be held on
Tuesday, November 2. For the in
formation of the voters, these vari
ous proposals will be summarised
and their provision! stated In brief
form, commencing; with the first to
appear on the ballot, and continue
In the order In which they will be
found thre. All are Important,
some of vital moment to the future
welfare of the state and Its cltl
ens. Because of this, every voter
owes a duty not only to the public,
but to himself Individually, to di
rest these different amendments and
measures and to register his vote
fpr or against each according to
the conclusion he reaches aa to the
wisdom or unwisdom of each.
The eighth proposal to be found
tipon the November ballot Is enti
tled "constitutional amendment fix
ing; legal rate of Interest In Ore
ron." It would reduce the legal
' rate from 6 to 4 per cent and the
maximum contract rate from 10
to ,IT per cent.
The law as It stands today fixes the
lefaPrate of Interest In Oregon at 6
per cent on all open accounts. Judg
ments and In all transactions where
the' rate of Interest is not specified "by
definite contract agreement and inter
est may b legally claimed.
, In contracts where the rate of Inter
est is specifically stated, the law fixes
the maximum rate at 10 per cent and
makes any charge above that usury
. and punishable.
AMENDMENT RADICAL
The proponed amendment would put
a constitutional limitation upon inter
est rates In Oregon, restricting the cost
of money, by the fundamental law to a
level far below the usual and normal
market value of money or credit In
surrounding Jurisdictions. It would
provide by the Iron-bound Inhibitions
of the state constitution that the legal
rate of interest In all transactions ex
cept those contractual obligations
where the rate was definitely fixed by
the terms of -the contract should be 4
per cent. It would provide as to the
contractual transactions that the rate
should never be more than 5 per cent.
It goes beyond this face statement, too,
and provides that these rates shall at
all times Include all charges for bro
kerage or commissions.
And to make the proposal as all
embractve as may be possible, the
amendment states that "no laws .of
this state relating to Interest or usury
are repealed or abrogated by this sec
tion except In so far as the legal 'rate
of interest is modified hereby."
PRESENT LAW STATED
. The- existing laws relating to interest
and .usury are brief and to the point.
They - fix the legal rate at 6 per cent
and the contract rate at not to exceed
10 per cent. They provide that no per
. son shall, directly or indirectly, "re
ceive in money, goods or things In ac
tion, or In any other manner, any
greater sum or value for the loan or
use of money, or upon contract founded
upon any bargain, sale or loan of wares,
merchandise, goods, chattels, lands and
tenements," than the rates prescribed
by the statutes. And the law further
provides that wherever a creditor or
, ' . , - . - . - .
more than the' maximum rata specified
h onau oe guilty of usury ana mo
principal num shall be forfeited to the
common school fund of the state.
It may readily be seen, therefore;
.that the amendment, were it to be the
law, would bring the man who might
loan money at 654 per cent per annum,
a rate lower than that now current on
municipal aa well as private bonds and
securities, within the law against
usury, and so forfeit his loan to the
state.
DANGER IS SEEK
The amendment is a freak, but - an
alluring freak, for all those compelled
to borrow naturally aeek the lowest
price possible to secure for" the money
they rent But the state of Oregon can
np more depress the level of its inter
est rate below the level of the general
money market than it could sink a
sieve in the Pacific and keep the water
level within K lower than the level
without. It might solder up the holes
and keep the whole sieve dry, and that
is what the amendment would do were
it to become the fundamental law of
the state.
Money subject to loan pulls toward
the point of Its highest earning power.
Men who have money to loan, whether
they live within Oregon or without, de
mand that their money bring them in
Interest returns what money is bring
ing generally at the time they lend It.
Money would not be loaned in Oregon
at 4 or 6 per cent when It could be
loaned for 6, 7 and 8 per cent In Wash
ington, in California. Idaho or In any
other place. It would leave Oregon to
seek the higher market
MEASURE IS TICIOUS
The amendment is most ill advised,
vicious and against the general wel
fare and public Interest of the whole
state. "Under it all Industry, from the
fanner seeking money to carry his
crops and finance his Improvements, to
the government Itself in all its varied
functions, would starve for financial
assistance. Every line of activity de
pending upon the extension of finan
cial credit would be shut off from its
supply and the whole state would stag
nate and retrogress.
Those who believe that the amend
ment should bind the state should vote
"314 X Yes." Those who believe it
should be killed should vote "315 X No."
Hot Lake Arrivals
Hot Lake, Oct 26. Arrivals at Hot
Lake sanatorium Saturday were:
Charles Callison. Boise, Idaho; Mr.
and Mrs. J. L. Cramer, La Grande ;
A. J. Stevenson, Spokane; Fred Hent
ler, Astoria; E. B. Conklin, Ontario.
Hall Gas Floor Heater
No Fames No Dirt
Clean Healthful
Fnrnaee Heat
INTRODUCTORY PRICE
$65
Hall Gas Furnace Co.
167 PARK ST.
Just South of Morrison Main "DCS
0
Service That Satisfies
Cheerful, obliging, courteous service
characterizes every department of
our business from Portland, Or. to
San Diego, but nowhere has so much
enthusiastic approval been voiced as
of our
of this city
Here is real service a Record De
partment more convenient, more
airy, more comfortable than any in
this city, and a stock as nearly per
fect as present conditions allow.
Visit us once and be pleased.
MORRISON ST. AT BROADWAY
Pianos
AND HAMJN PIANOS-
Injured Dollies Are Qujckly Made Well in the Doll Hospital, Fifth Floot
CTHUNDREDS OF WANTED THINGS AT i PRICE SEE DOUBLE PAGE AD CENTER THIS PAPER
mm -
ii is n
g iron
name
LOWER Prices on NEWER Goods
we it
Fnc
Charge Purchases Go on November Dills
A SHOE SALE of a character and
scope bigger and better than
anything yet done in this territory
and involving thousands of pairs of
Meier & Frank standard quality
shoes for men, women and children
at large savings is now going on
Third
"Floor
Lowering the Price on This
Queen Anne Dining Room Suite
WHICH HAS JUST COME FROM THE MAKER
BOTH WALNUT AND MAHOGANY FINISHES
Buffets in Two Sizes
54-in., regularly $122.50, now S98
60-in., regularly $148, now $118
Tables in Four Styles
Oblong, 45x60 in., 8-ft. extension,
regularly $142,, now 110 .
Oblong, 45x60 in., 6-ft. extension,
regularly $134.75, now $99.85
Round, 54 inches, 6-foot extension,
regularly $130.75, now $97
Other Pieces
Serving tables, regularly $62, now
$49.50
China closets, regularly $131, now
$104.80
Chairs Moderately
Priced
Either with tapestry or gray and
blue leather seats. The side chairs
are $19.50, arm chairs $27
Study the graceful outlines of the furni
ture pictured. Imagine it in your dining
room. Then let us show you the ACTUAL
well-made furniture in this sale in the
Furniture Store.
Round, 48 inches, 6-foot extension,
regularly $121.50, now $95 .
It Is Well to Order Early
Meier & Frank's: Furniture Store, Eighth Floor. (Mail Orders Killed.)
Introductory Sale of
Famous Oregon Prunes
This season's fresh crop of the wonderful
'Oregon jrrown prunes, kinds which have
Kilned an international reputation for their
rich distinctive flavor. Lare fine ones de
veloped and ripened to perfection by the
fertile soil and favorable climatic conditions
of the Willamette valley.
AH have been carefully cured, graded and
packed and are now offered at less than last,
year's prices. Thousands of people have
been awaiting these new delicious prunes.
Large Prunes
40-50 to Pound
25 pound wooden
Extra Large Prune
30-40 to a Pound
25 pound wooden boxes,
each $6.25-
l o pound wooden
each S2.65.
8 pound wooden
each $2.15.
5 pound wooden
each $1.39
Smaller quantities. 3
79c, pound 27c.
, Medium Large Prune
5060 to Pound
25 pound wooden be
each $4.10.
Smaller quantities, 3 pounds
55C, pound 19c.
boxes,
boxes,
boxes,
pounds
?oxes,
each $5.50
8 pound wooden
each $1.79.
5 pound wooden
each $1.15-
Smaller quantities, 3
7oc. lb. 25c.
boxes,
boxes,
boxes,
pounds
Popular Prunes
70-80 to Pound
25 pound wooden boxes,
each .$2.95.
Smaller quantities, 3 pounds
39c, pound 14c.
Other New Cured Fruit This Season's Crop
Peaches, nearly all peeled, 2
pounds 75c. ' 4
Peaches, Blue Ribbon, nearly
peeled, 5 pound cartons,
$1.60
Bartlett Pears, fine halves, pound
45c
Pulled Figs, California crown, 3
pounds $1.75.
Black Rfs, new choice fruit, 2
pounds 35c, pound 18c
White Figs, 4 pounds 49c, 2
pounds 25c
Meier Frank's : Ninth Floor.
Specially Priced
Room Size
Wilton Rugs
Of the Finer Kinds
Choice of more than 300
beautiful Wilton rugs of fine close
deep pile on which it is a pleas
ure to walk. Beautiful oriental
designs and colors reproduced
from costly antiques.
84Xroy2
$125 Grade now $ 93.75
$135 Grade now $100.00
$150 Grade now $112.50
9x12
$132.50 Grade $ 99.50
$145.00 Grade. . . .$108.75
$162.50 Grade. . . .$122.50
uIt Always Pays to Shop
at Meier & Frank's"
Dozens of customers tell us
day by day that purs are lowest
iri the city prices and that the
qualities are the best to be found.
Meier Frank's:
Rug Store, Seventh Floor.
(Mail Orders Filled.)
Another Wonder Sale of
Women's Autumn Dresses
$22.45
Satin, tricotine, serge and smart paulette frocks. Qualities and styles
that are astonishing at this small price. Exceptionally effective in every
way. Mostly in the favorite navy blue but a few can be had in brown or
black. i
Beaded satin, serge with piped leather
belts and a touch of embroidery, serge
and satin combinations, beaded satm
with long tight sleeves. Poiret twill with
lace chemisette and contrasting pleat
ing, paulette with self-colored embroid
ery and dozens of other styles.
Majority have silk bodice linings.
Sizes 16 to 44.
If anything, these dresses at $22.45
are even better than the dresses in a
sale at this price some time ago and
that sale made a sensation.
Meier & Frank's : Fashion Salons, Fourth Fldor.
(Mail Orders Killed.)
Good $39.50 to $55 .;
Plush Coats for Women
Coats That Were $45, $47.50 and $55, Now $35
Coats That Were $39.50, Now $25
$25 coats are of Salt's Peco seal plush
and trademarked Peerless .plush.- Two
styles in the favorite sports length with
largevwarm collars, big cuffs and pock
ets; each one belted; each with a fancy
lining. .
Coats at $35 are of finer fur-like ma
terials and some are trimmed with kit
coney collars and cuffs.
All four styles newly priced $25 and
$35 are pictured by our artist. Sizes
16 to 46 in eafch group.
Meier a Frank's : Fashion Batons, Fourth Floor.
-tMall Orders Filled.)
18th Annual Meier
& Frank DOLL SHOW will open Thursday Hundreds of dolls dressed by the children of Portland and surrounding territory will
ho am Att1nw M7C 7. i f. j.. i :-J a- sL rtnff OL.. .
vv " "wj" vi-i v ji vusn una mere nanatse prizes everyuoay mvueu tu c? xs oww
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