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Texas Proposition 1, State Interest Rate Reduction Amendment (August 1891)
| Texas Proposition 1 | |
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| Election date |
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| Topic Banking policy and Business regulations |
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| Status |
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| Type Legislatively referred constitutional amendment |
Origin |
Texas Proposition 1 was on the ballot as a legislatively referred constitutional amendment in Texas on August 11, 1891. It was approved.
A "yes" vote supported decreasing the maximum annual interest rate in the state from 8% to 6% and from 12% to 10% for contractually agreed-upon interest rates. |
A "no" vote opposed decreasing the maximum annual interest rate in the state from 8% to 6% and from 12% to 10% for contractually agreed-upon interest rates. |
Election results
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Texas Proposition 1 |
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| Result | Votes | Percentage | ||
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58,797 | 76.24% | ||
| No | 18,320 | 23.76% | ||
Text of measure
Ballot title
The ballot title for Proposition 1 was as follows:
| “ | Provides that the governor shall issue his proclamation ordering an election by the qualified voters of this State to determine whether or not the legal rate of interest in this State shall exceed six per cent. | ” |
Full Text
The full text of this measure is available here.
Path to the ballot
- See also: Amending the Texas Constitution
A two-thirds vote was needed in each chamber of the Texas State Legislature to refer the constitutional amendment to the ballot for voter consideration.
The constitutional amendment was introduced into the Texas State Legislature as House Joint Resolution 1 during the 22nd regular legislative session in 1891.[1]
See also
External links
Footnotes
