 In the wake of the Panic of 1873 , the electorate was primarily concerned with economic issues . In his first address to the General Assembly , McCreary focused on economic issues to the near exclusion of providing any leadership or direction in the area of government reforms . ( In later years , McCreary 's unwillingness to take a definite stand on key issues of reform would earn him the nicknames " <unk> " McCreary and " Oily <unk> " . ) In response to McCreary 's address , legislators from the rural , agrarian areas of the state proposed lowering the maximum legal interest rate from ten percent to six percent . The proposed legislation drew the ire of bankers and capitalists ; it was also widely panned in the press , notably by Louisville Courier @-@ Journal editor Henry Watterson . Ultimately , the Assembly compromised on a legal interest rate of eight percent . Another bill to lower the property tax rate from 45 to 40 cents per 100 dollars of taxable property encountered far less resistance and passed easily . Few bills passed during the session had statewide impact , despite McCreary 's insistence that the legislature prefer general bills over bills of local impact . This fact , too , was widely criticized by the state 's newspapers . 
