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About East Oregonian : E.O. (Pendleton, OR) 1888-current | View Entire Issue (Oct. 30, 1920)
t-t -writ m:fn v FAC2 n2ST C1TLV EAST OSEGOinAN, PENDLETON, OSEGOS, SATURDAY EVENING, OCTOEra 30, 1820. r: 1 pie3 o em UP i hr'e " ; ; '..V,-',' Constitutional Amendment Fixing the Legal Rate of Interest for Oregon 314 . ,315 Yes No X "Success of this measure would be an unparalleled calamity to the state of Oregon." E. (i. Crawford, chair man, Portland Clearing-house bank. "Would mean wide-spread unem ployment and hardship to labor." Otto Hartwis;, president, State Fed eration of Labor. ' 'i "Must be overwhelmingly defeated to save the name of Oregon." K. N. Strong, president, Portland Ad Club. "Every effort must be made to avert success to this radical measure.'! H. . It. Van Duser, president, Portland Chamber of Commerce. "Will mean ruin' to thousands of farmers unless this bill is beaten." A. It-'siiumway, president of tlic Farmers' t'nicsi. "Every woman voter should cast her ballot against this bill." Mrs. i. C. Otlius, president, Portland House wives League. "Radical measure of the most ex treme type." Chester A. Fuller, pres ident, Oregon Association ... of. Title Miti. The women as well as the men must work to defeat this bill." Mrs. C K. Hun you, president, Women's Club. "Would drive all tho money out of the state," Volui P. WniU-r. presi dent Multnomah Bar Association. VOTE NO t.t -V' If the voters of this state fail to kill the so-called 5 per cent interest rate bill, Oregon Avill be plunged into a comercial, industrial and agricultural panic that will shatter the prosperity of the entire com monwealth. When, by law, '.money is permitted in Oregon to bring no higher yield than 5 per cent, there will be NO money in this state for loans. Outside investors will sliun Oregon. Foreign capital now invested here will be withdrawn. Local capital seeking in vestment will go to otlier states where it can secure better returns. There will be an absolute dearth of money in Oregon. United States1 government bonds bring 6 per cent. Eastern commercial paper yields as high as 3 1-2 per cent. Canadian bonds bring 9 per cent. Im provement bonds of other states and communities' practically all bear 7 per cent interest. WHO WOULD LOAN MONEY IN OREGON AT 5 PERCENT? Money is a commodity. It seeks its highest return. If a law were passed limiting the price that could 'be askedTor 'automo- biles in Oregon to $100, would the manufacturers attempt to mar ket their machines here? Or would they seek a market in states where they could get a better price? It is possible to limit the yield that money will bring by law. But there is no law that will compel the owners of money to lend. Farmers, business men, employers, employes, labor, ail inter ests who are possible borrowers, will be vitaly affected if the in terest rate bill passes. Thousands of mortgages will' be fore closed; notes will not be renewed; the federal farm loan act will be unable to function; .there is. grave doubt whether any. Oregon bank can rediscount with the federal reserve bank; state and read improvement bonds will be unsalable;. business firms doing current borrowing to meet payrolls and other .contingencies will be compelled to close; there will be widespread unemployment and general cessation of progress in the state. , ' ' - It is important not only to defeat this measur, but to snow it under by an overwhelming vote. Outside investors are watch ing to catch the sentiment of the state. Oregon's credit and repu tation as a sound community is at stake. Vote "no" on this bill and see that your friends do likewise. ' STATE TAXPAYERS' LEAGUE. (Paid Advertisement by Taxpayers Lmgue) . '.'Passage of this bill, would work an Irreparable Injury, to future of .state.", r-n. G. Jublu, president, Trust fXMn panW Association of Oregon. '' -' " .'..-'. 4. :'..; -:.' J :?A"t.'.f ' V. V ' - ' f ' ' .'."" 'V"ror6n'sputallon, ftfr sofindirfss li at stsk. Sill must be defdaUd.'V A. C. MreU, president, Portland CV tie Leafae. ' X- : . ". "' ... . ; i . ' . .' "rerll of this bill la Incalculable." r, K, WlKftes, president, Ki wards V- ';' , ' i : .-'4 ... t . . " '"Greatly to tho detrimen't 6t every Industry In Oreron." Robert A. Kjmi ' kin, president, City Club. - . - Jr .V t' "An unsound measure. Should be Unanimously defeated." O. C. Letter, ' . president, Portland Preaa Club. "Would destroy credit of Oregon altogether."-, li. Wright, president, .notary Club. , . , ; "Vicious' proposal, Jt would' be t- i amity to the Stat if succejful."-r- ' .Wilson Bom-fk-i president, liast Kfcle, ' ', IluaiiirHs Men's Ciub.1 ... '.x , . ' ;. -'' v !' t I '..' '-':-,' - '.; r . ' - . ' ' '." v- ' "Inimical to every Interest in Ore. gon." Fred W. (fermari, pmihlrtU, PorUand Ilealty Board. . "; ; ' "' ' '.. .. :4 - . ' ' ' ' ', ' . ; ' , ' ', '. 1 : ' ,'..4 V "Measure must be killed." V. V. Burntrager, president, Progre.sl TO Buiilness Men's Club, ' X" ; - .'f r . ; ' '" I , . '. j ...'" ' " ' : ' . . ' ' i . ' : "' . . . v t . .A . , . ........ f t, . it 1 1, j
