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

mesne process. l0l, fixing the standard weight
per bushel of India Wheat, 1873, relating to
suits in which railroad corporation is or
may be a party or interested.
Senate Bills Passed.-49 relating to State
Cabinet, %, of offenses against chastity,
morality and decency. "a, to protect ball
PLAYING within certain limits
Rcporf.-From joint committee on library,
IN favor of purchasing 200 copies of the first
volume of the records of the Vermont Histor-
ical society; adopted Adjourned.
HousE.-Read Third Time.-House bill
lis. to incorporate the Jay mountain road
company House bill lSG, to enable the pew
owners and proprletOrs of the old brick
church in Fletcher to dispose of the same;
House bill $50, altering the name of Rozanna
Scott to Rozanna Miller; passed.
Bills Introduced BY Mr. Cleveland of
Brookteld, in amendment of section &, chap
ter j3. of the general statutes. relating to
the settlement of estates BY MIR. Halburt
of Fairfax, to revise and amend an act TO in
corporate the Fairfax cemetery association.
Unfinished business. House bill II, pro-
viding pay for soldiers who served in the
regular army giving them s. per month";
Mr.. Rounds of Chester moved to amend by
substituting new bill. Tits provisions APP
plicabe to those enlisted in the invalid corps,
the regular army. and IIancock's corps y or
SPECIAL Order-House bill lJ3 concern
ing the rate of interest. was taken up, the
question being on the amendment, (naking
legal interest : per cent-) to the amendment
(making IL per cent the amendment to
the amendment was disagreed to.
Mr. PeltOn of Ludlow opposed the amend
ment limiting the rate to per cent. Money
will bring what it is worth and rather than
adopt the amendment he hoped it would be
killed at once.
Mr.. Goodell of Brandon moved that the
bill be dismissed.
Mr.. Grover of Wells said this bill proposed
TO remedy the repeated violations of the law
il now exists, men being compelled to pay
as high rate of interest as the money will
command in other states. To remedy this,
we must establish as high rate Of interest as
is allowed by the United States government,
or by other states. He was opposed to leav-
ing the bill without limit money is not
commerce, but the medium for carving on
commerce. The amount of money is limited
and we should have limit to the rate of in
terest, to prevent monopoly in it. When
man borrows money he will get it where he
can get it cheapest. if we establish it at
per cent. We can borrow money in New
York at : per cent, and we shall 60 there to
borrow. The only safety for the State is in
fixing limit. else capitalists will form
combinations and dictate ex0rbitant rates
Of interest, and we shall be compelled TO pay
it, The only safety will be in the fact that
other states limit the rate As to money in
vested in manufactures, if we leave no limit
to the rate of interest, we shall draw money
out of manufactures for investment other
wise.
Mr.. Andrews of Berlin said he was not en-
tirely destitute of sympathy for his fellow
- Id.
the examples that had been cited by gentle
men in this discussion. We are a farming
community, and mostly young men of small
means, who pay only small portion of the
purchase money he could see no benefit to
result to this class of men by establishing the
legal rate of interest at per cent. and he
believed we could not pass this bill and not
violate the oath we have taken as legislators
If the laws are violated as they now are. we
shall be no better off with the rate esta ablsh-
ed at 5 per cent.
Mr.. Hubbard of Stockbridge said that it is
true that the rate of interest in this State is
practically 5 per cent. and it is of very little
consequence for Us 10 say that we will re-
strict it to per cent for our money now
goes 10 the West for investment. and will do
so, so long as we keep the legal rate of interest
at = per cent. That rate was established
when money was but little wanted for in
vcstment and il was inevitable that the rate
of interest must increase with the price of
other things. and he in favor of this bill
bill. with the amendment limiting the rate
70 per cent.
Mr.. Hancock OF Worcester said he looked
upon this bill as being an act 20 legalize the
taking of exorbitant rates of interest, and if
passed be hoped its title would be changed.
He was opposed to the bill. and seconded the
motion to dismiss
Mr.. Marvin of Alburgh referred 10 the
rate of interest fixed upon government loans,
and the present tendency of government Sc
curities being u lower rate Of interest :
ard he doubted # il was necessary for Us To
raise the rate of interest in orr icr 10 draw back
70 our borders the money that has been sent
ont Of the State He believed that the great
reason that money was sent out of the State
for investment was, that il might not be yis-
iblc To the listers at home the first dav OF
April. lie hoped that we should. both for
reasons Of political economy. and for the
higher and moral reasons, retain the least
rate of interest at per cent.
Mr.. Snyder of Huntington thought that
the supply and demand would regulate the
price Of money ns well rs Of other things,
and that we could not control it by legisla-
ton lie hoped the bill would pass
Mr.. johnson of Rockingham demanded the
the House the question being on dismissing
the bill, Mr.. Andrews Of Berlin demanded
the yeas and nays, which were taken and
were as follows =
! Ayes lis, Nays - so the bill was dis
missed.
+ Bills Lfroduced.-By Mr. Miner Of Man.
chester in explanation Of an act to provide
! for the preservation and restoration of fish il
! the State of Vermont, and by Mr.. Ferrin o.
Montpelier, to change the name of Sarah +
Brown and constitute her heir-at-law of Da
vid and Sarah Mcdonald both to genera
+ committee Adjourned.
AFTERNOON.
/ SENArK-B,iEs inroduced and referred-By
Mr.. Hendee, providing for the appointment
of reporters for county courts to committee
on printing. (rhe Judge of each district
on the lst day of December, to appoint a
stenographic reporter whose duty it shall be
to take down all testimony, and be RESPONSE
bic for the correctness Of the same, to receive
five dollars per day as compensation, for the
time actually employed, and to hold the ap-
pointment for one year, but removable at any
time at the option of the judge) By Mr.
Hendee, relating to the sale Of Intoxicating
drinks, and by Mr.. Prout, to furnish the
State library with the English law reports
both to committee on printing.
Mr.. Dale called up House bill l33, relating
to suits and proceedings, in which railroad
corporation is or may be party or interest
ed. and proposed amendments.
On motion of Mr.. Barrett, adjourned.
HoUsE.-BiHs read The third tune-House
bill 235, to amend section 6, chapter l, gen
eral statutes, relating to elections passed.
Bills introduced and referred-By MIR. Hub
bard of Stockbridge. to enable small towns
to terminate their corporate existence Clowns