Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1867-11-20
Legislature of Vermont.
AFTERNOON.

Of 1863 relating 10 the taxing OF Dank STOCKS.
ReporfS-From committee on judiciary,
against Senate bill 10, relating to divorce of
citizens of this State obtained in other states
third reading refused. From special com
mittec on final adjournment, that the Presi
dent of the Senate, and the Speaker of the
House declare their respective Houses ad-
iourned on Friday, the 22d instant, at
o'clock. \ NJ. adopted. From committee
on manufactures, House bill l3l, incorporl-
ting the Douglas marble company Of Bran
don, and 1875, the Vermont stone cutting
machine company both passed. From gem
eral committee, House bill lbs, protecting
fish in Henrv's pond in Royalton, House
bill lS3, protecting fish in Cold Spring brook
and reservoir on the same, in Weston, also
House bill l2j, to incorporate the Frozen
Well hotel company Of Brandon all passed.
The Senate having returned Senate bill
l2j, Especial order) in amendment of and in
addition to an act entitled of offenscs
against chastity, morality and decency,'' it
was taken up. Several amendments were
proposed bv the committee, tending to
strengthen the stringency of the bill, which
were adopted \ memorial in favor of its
passage. from the Vermont Medical Assoca-
ton. was presented by Mr.. Bullard, who
proposed II further amendment, which was
adopted; third reading.
Slr IIendec called up House bill l3I, in
Ites- relating u the discontinuance Of high
ways, empowering selectmen. under certain
circumstances. to discontinue roads laid out by
"a court : committee when roads have ceased
10 be of advantage or are given upl. After
remarks by MIR. Martin and Mr. Kellogg
against third reading refused; adjourned.
HOUSE-BW read third tme-Housc bill
205. to change the time of holding the county
court in the county of Essex passed.
,o,r
rule, u whom referred the supplemental
report of the board of education, recon-
meuding the printing and distribution of the
report agreed to.
Resol,ti0n-By Mr. Howe of Casteton,
that no bill or resolution shall be introduced
into this House after Wednesday, Nov. 18th,
except such as may be reported from COM
mittees adopted
Joint Resolution BY Mr. Harris of Wind
ham, providing for fiDal adjournment of the
general assembly on Friday, Nov 22d, at s
o'clock, \. NJ, and providing for evening
sessions and after Monday evening next
adopted
House bill l53, concerning the rate of in
-erest, was taken up.
MIR. Ball OF Springfield was opposed to the
bill, because, if it passed, he believed it
would place the borrower at the mercy of the
grasping lender, and would prove Oppres-
slve
Mr. Jones Of Northfeld, for the commit
tee, said that the committee in reporting the
bill thOug L that the rate of interest should
be left to be regulated by the supply and de-
mlnd. The State is borrowing money at a
higher rate of interest than is allowed to IN
dividuals to take, and they Thought that JUS
tice demanded the passage of the law.
Mr.. Ferrin of Montpelier was in favor Of
the passage of the bill and cited the practi-
Of ho har,t l. nj iuIi to
larger rate of interest than six per cent, and
cited the fact that with the present rate of
interest, money was sent out of the State for
investment. lie though money ought to be
left To command its own value in market
Mr.. Converse of Woodstock said that our
laws are for the protection of the weak
against the strong. Money is powerful
We have two classes of men who hire money.
First. the very poor man who needs money
and must borrow it. Second, the men OF
some means who desire To come into the
State and establish manufactures. if they can
obtain money at n fair rate OF interest. Now
the question Is, how can we borrow money
At the cheapest rate? ? If it is by keeping
the legal rate of interest At six per cent, let
keep II there; if not let pass the bill
The practice among those who loan money Is
70 get q larger rate of interest than six per
cent. and they charge enough tn compen-
sued for the recovery Of the extra rate Of in
terest. and he must charge enough to com
pensatc for the risk he runs. it IL true that
money goes t. other states for Investment IN
account of the higher rate of interest. when
we need it ut home for our own use
Mr.. Peltvn Of Ludlow ~ money borrow
or, favored the passage of the bill, because
he believed it would prove beneficial - the
money borrowers
Mr. Johnson Of Rockingham said IL, was
i borrower. and Tor that reason favored the
passage of the bill, citing the fact that the
banks in his section sent their money out Of
the State where they could get more than
six per cent. and the effect is that the bust
man can not get il 70 use in his busi-
Mr. Proctor of Eutiaud, MIR Andrews of
Berlin. and Mr.. Frise Of Poutncy opposed
the bill
MFR. Christie of johnson favored it.
Mr. Cleveland of Brookfeld moved to
amend 10 fix the rate Of interest not to
exceed per cent.
Mr. Whcdon Of Pawlct moved amend
the amendment. by substituting per cent.
instead of per cent
The amendments were opposed by MIR.
Ross of st. .Johnsbury. who favored the pas
sage of the bill.
Mr.. Fish Of Isle La Motto favored the bill
and cited the fact that money il now sent out
of the State for investment, when it ought to
he kept here for our own use, as 1t would he
if proper rate of interest was allowed.
Mr. Stewart Of Middlebury protested
against allowing any rate of interest which
the lender may see fit to charge, and said he
believed that the bill was radically defective
in this respect. The borrower and lender do
not stand equal footing. The borrow
er wants money for his present pressing
needs and submits To the extortion of the
lender hoping that something will turn up
to relieve him Our usury laws were passed
20 meet lust such cases, and we ought not to
let down the bars SO as to place the borrower
entirely at the mercy Of the lender. lie
would not say that the rate ought not to be
raised under the circumstances, but we must
nut some limit either to the seltishness and
greed Of the money lender, or the reckless
ness of the borrower. If the bill is to pass,
he hoped that either the amendment of the
gentleman from Brookfeld, or some other
limit, would be adopted.
Mr.. Converse of Woodstock further favor
ed the bill.
MIR. Brigham of Hydepark did not take the
same view of the case as the gentleman from
Middlebury. but favored the bill at length.
Mr.. Miner of Manchester moved that the
bill be ordered to lie and made the special
order for tomorrow forenoon, at half past
ten clock agreed to.
Adjourned.
WEDNESDAY. Nov. IS.
SESAIE-Joint Resolutions By Mr. Dew
ey, (by request). relating TO the establish
ment Of line of steamships between Liberia
ferred to committee on federal relations
L. %Ia iofi ff