Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1868-11-12

supply would alWa's reeultto the price
Of money-tho Tt IAut s4uuld be- Iail
for the use Of IT, and any statute in rv-
latioG to the matter would le -tmply a
; dead letter,
Mr. Converse, ui Woodstock, fully con,
CURED with Mr. Gl..d In his remarks,
only that he woullun very much further
ANY limit 10 the rate 81 interest was dct-
rimontal to the intgrystsol the State,
Mr. Brigham, Of llylopark, said he
thought il q mistaken policy 20 limit the
rate Of interest, Ii the object OF recon-
sidering the bill was 20 propose IN amend
lment fixing the legal rate at seven and
/ three.tenths Per cent, or any other rate,
he hoped il would not be rruousideEed
Other States have passed similar bills and
they worked well, H. Was sorry that
Vermont could not soc the advantage of
the passage Of this bill,
Mr.. Fisk Of Isle La Motto, hoped the
vote would be rerousidtrCl, rs tn mat.
ter now stands, money zoe, out ct tai,
State 10 New York for investment at per
cent, and then our people will 20 To that
State and hire the same money at IL great
or rate Of interest than Is allowed by law.
We should al least raise the ratio OF int.
res, as high as wa, paid by government.
Mr. Grover, Of Wells, thought the mat
ter was pretty we'll settled 10y the decisive
vote iust taken. lie was OF tho opinion
that the ratio OF interest ought 10 be rails
ed 10 make a uniformity in this and other
I States; but he could not consent 20 open
wide the doors, and leave still wider dill
I forcuccs thGu nov BETTER have the rate
remain as II Is, than totry the experiment
of an unlimited rate. Money Is not an
article Of commerce, but simply medium
of exchange in the business transactions
Of the country, The picntyor scarcity of
money did not regulate the rate Of into.
rest that must be paid Tor it, but the
amount of profit that could be- derived
( from its investment, lie would seek a
middle and medium ground, and hoped
/ the vote would be rccou,idcrCl, and that
an amendment would be adopted fixing
the legal rate at seven and threo-tenthS
per cent
Mr. Holton, OF Jamaica, opposed any
change of rate of interest
| Mr.. Fisher, Of Westminster, said that
now the poor man could purchase farm
and give security at six per cent, In thu
/ vicinity where hc lived there was no dill
ficulty about this present rate, and he
thought the State ought not to aid the
/ spectators by allowing them any higher
legal rate of interest.
Mr. Baldwin, Of Iliuesburgh, hoped
that the vote would not be rccunSiiercd
He was opposed To any change in the rate
Of interest as tending TO drive the labor
ing classes out of the State 20 the West,
We should rather encourage them 10 r.
main here in the State.
Mr.. Glccd, Of Morris,.wu. replied o.
Mr. Baldwiu's argument by referring 10
the fact that at the West the rate OF H.
tercSt il very much higher than in the
East; and yet our ycomaury ale rushing
there because they could get hntter start
there than here ~ to farmer, in thie
State, ii Is not true that they are mostly
in debt for their farms, bat are "ah1yc
board, and money at interest. lie
thought we ought to open up some way
for money to be invested in manufacture
ing establishments and commercial inter
ests, which would benefit the farmer as
well Us all other Glasses Il could only
be done by removing the present rcstric-
ton on the rate of interest
MI. 8t"uo, oi Bot ton, reviewed tile ar-
guments that are advanced by both sides
of the question, but thought it is really %
question of interest TO the poor man. and
an interest that the legislature would
not be justified in disregtrdin- It was
an important question; he in doubt
himself as to what should be done i'm the
1,,1 lg,,.I = II /