1931/02/24 Council Minutes - Laserfiche WebLink

43. 1.EERUAR7 24th,1931. The Regular Administrative Session of the City Council 109201 e held on February 24th,1931,10-30 A.N.,Meyer Martin In the Chair,Aemuseen present, ea absent a roll cuary 20th,1931 read and approved ae of cord. 4110i1 Moved by Raanuesen,seconded by Martie,that the bid of R.W.Fralic1, for printing 200 copies of the City Clerk's Annual Report be accepted, paid bid beteg In the ems of$98.00. Other bid received: Puget Fres°-200 copies$110.00. Carried.' Moved by Raemueeen,seconded by Martin,that Aeeolutdon No.3609 be adopted ee follows: • RESOLUTION No.5609. VAAREA.B,the attention of the CityCe4doil has been called t0 the activities of bP d per oharging a greater rate of interest than twelve Per WHEREAS,it is a bee lief of Shia Council that a borrower le either U.titled to have the a 0f m nay e4 a rate n L to w seed twelve ser cent obligate ter avmh or Se net entitled to terrfw aL rel;with 1Y a ma must somegote rlcredf or.' Is in rat of j:ctrear char which to pay other c re in fent a fit°nese or far charity and a owed not°De permitted to order hie o or pleasures of life;we believe Chet t e dontor,ltwyar,mg other creditor in She Pdebt ins tale Se f i m able to wait at ueuriof hie o vnt than the debtor 3o able to retire oav indebtedness at naval a rates of Sntare et, NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF TEE CITY OF EVERETT: as'followe: That the attention of the offihere o4 this City has been called to Senate Bil1 No. to the inessescharging 4a greeterirah ° rate ofdntereothncontrolling tantwelve perof nt( 19%) per annumWe are informed that this bill,permitting three end one- half per cent(3},4)a month on loans oI 8300.00 or lees,has the recom- mendation of the Russell-Sage Foundation and that many°totes have already enacted similar or identical legislation. With all due respect to e Russell-Sage Foundation,It ie our ein- cere 1011wf that no such Ivtereotrates should be permitted In this state. We understand a appreciate the arguments in favor Of Lhie bill,but it is o opinion that if an le entitled to borrow at all,he should not en be compelled to pay any such emhorbltant interest,even though the amount involved is email. The tendency of the times is to assist the poor man and not to com- l.,.him to pan a premium on everything he purchases,including Lhe nee of moneThe interest rate allowed by this proposed legislation Is entirely dlaproporLlralt:Lo th sevuised and the reek Involved by Duelneah of tate nhto defeat It haernc place fn o r y appreciated BL ate and your c op°the Ci to defeeL the D111 will be greatly app reofated by the Council of the City of Everett.