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About East Oregonian : E.O. (Pendleton, OR) 1888-current | View Entire Issue (Nov. 1, 1920)
v---. eel teims , if. u Constitutional Amendment. , Figtime Legal Rate of Interest for Oregoii ' 315 No X "VOTE NO "Success of this measure would be an unparalleled calamity to Hi state of Oreifon." K. G. Crawford, chair man. Portland Cirarina'-hoase bank. "Would nun wide-spread unem- t ployment and hardship to labor." Otto Hartwig, preskleut. State Fed eration of Labor. "Must be overwhelmingly defeated to aave the name of Oregon." E. If. Strong, president, Portland Ad Club. "Every effort must be made to avert aueeeM to thla radical measure." H. II. Van Duser, president, Portland Chamber of Commerce. t Ti "Will mean ruin to thousands of farmers unless this bill is beaten." A. R. Shumway, president of tb Fanners' Union. : ' " '' "Every woman voter should cast her ballot against this bill." Mrs. i. C Othaa, presldeat, Portland Bouf wives League. v Radical measure of the most ex--treme type." Chester A. Fuller, pre. trt, Oregon Association of TiU Mem. . . -- 'The women as well as the men must work to defeat this bin." Mrs. C. E, Rwyoa, preatdeut. Wuraens Club. If the voters of this state fail to kill the so-called. 5 per cent interest rate bill, Oregon will be plunged into a comercial, industrial and agricultural panic that will shatter the prosperity of the entire com monwealth. ' ; : ? I ." I ' When, by law, money is permitted in Oregon to bring no higher yield than 5 per cent, there wiUb$ NO money in this state for loans. Outside investors, will shun Oregon. Foreign capital now investecj, here will be withdrawn. Local capital seeking , iris , vestment will go to other states where it can secure better returns. Tliere will be an absolute dearth of money in Oregon. ' J United States government bonds bring 6 pet cent. Eastern commercial paper yields asahigh as 8 1-2 per cent. Canadian bonds bring 9 per cent tm' provement bonds of other states and communities practically all bear 7 per cent interest. I !'" WHO WOULD LOAN MONEY IN OREGON AT 5 :; PERCENT? ..' f V Money is a commodity. It seeks its highest return. If a law were passed limiting the price that could be asked for 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. V1 Farmers, business men, employers, employes, labor, all inter- ests who are possible borrowers, will be vitaly affected if the, fat terest rate bill passes. Thousands of mortgages, will be ; fdwH closed; notes wfll not be renewed; the federal farm loan act wjU be unable to function; there is grave doubt .whethetTany Oregon bank can rediscount with the federal reserve ban,k state and road 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. s ' ; t is important hot only to defeat this measure,' but to snow it und.er 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 jand see that your friends do likewise. - r ( ( ? , ; - ' . ('T - ; xpaasate of this bin would work an Irreparable Injury to future of state." H. O. JubKa, president. Trust Com panics' Assodatioa of Oregon, "Oregon's reputation for soundness l at stake. Vill must be defeated." M. a Newell, preaideat, rortiaod tl vkJ lieacao. 1 ft "Peril of thla bill Is Incalculable." K. It. Wloins, president, KJwaals "Orratly to the detriment of evsry Industry In Oregon." Robert A. Ilaa kin, president, City Club, "An unsound measnra. Should bo nnaalmously defeated." O. O. Leiter, prteklenl, Portland Pirns Club. ' "Would destroy credit of Oreroo al toether." i. L. Wrlahl, prcsiilctit, Botary Oub. "Vicious proposal. It would be cal amity to the state - If - sMceeKtul." Wilsoa Benefiel. president, ast etds Business Men's Cnib, - ;, -, -I. j I- 1 ' Inimical to try Interest' In Ore. f.0":''1. W. German, president, FortUnd Bealti Board. . Would drive all the money "to the state." John P. Winter, Presi dent Hulteomah Bar AssovJatlon. STATE TAXPAYERS' LEAGUE. (Faid Advertisement by Taxpayers Leaffu "Measuro ut bo klUcd." D. c.