Canal across Nicaragua faces Congress debate
A major bid to finance a Nicaragua ship canal division mounts in Congress with Sherman and Morgan backing a government controlled project. Morgan’s resolution seeks Commerce Committee study on benefits, while Sherman calls for a $100 million capital stock with US control of most directors. Supporters argue public defense and national interest justify constitutional merit. In other items, Mills reelected from Texas. a correction notes Sen Field did not speak in Warren-Vance race hearing. fraud claims tied to third party influence in Warren County election.
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General Assembly
Campbell Opposes 6 Percent Rate Bill in Senate
Senator Campbell of Buncombe denounces the measure to cut the interest rate to six percent arguing it would cripple commercial life and drive capital from the state. He cites past experiments with similar laws, warns of foreclosures and bank tightening, and urges preserving the present law to safeguard farmers, lenders, and local industry.
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Exemption Plea Against Tax Bill Stirs Tobacco County
A tobacco county leader warns that reducing state bank rates to 6 percent would harm banks and farmers, urging tobacco, cotton, and turpentine interests to vote down the bill. He argues money scarcity would paralyze commerce and farming, notes the 10 percent tax on state banks, and appeals for exemption to protect local prosperity and hotels while referencing state political matters and a Senate report on Leach vs Henderson. Editor Caldwell of the Charlotte Observer visits.
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