Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1868-11-11
AFTERNOON.
Fanny, Nov. @.
ItHNr aufrH

AfIERNOON.
fRIpAr, Nov. @.
The President pro tenn m the chair.
! R,pOrts-from committee on education, s. 81,
70 amend an act to incorporate the VI. Episcopal
Institute.
I From committee ON manufactures, y 81, tu in
corporate the Isle In Mott Marble and Lime Co.
Mr. Heath called up II 10, repeating act of
hast session, authorizing improvements in Nuhc-
! gan river and it, tributaries passed.
;. 90, to pay Geo. W. Bromley the sum there
/ il mentioned, with proposals Of amendment from
the House agreed 10.
/ Rgtrrcd.--H. ll3, relating to the water de-
partment Of the City Of Darlington. to judiciary
committee.
! II ~, To Incorporate the Society of st. John
] the Baptist ~ general committee.
/ Spccia Ordcr.--ll i3, in amendment of an act
entitled Of levy Of executions. On motion of
/ Mr.. Dewey ordered to lie
! Third Reading Ordpd.--S 65, 70 incorporate
the VI snath Co, (SprngheldD
House Bills PaSsed,--lld, to incorporate the
Snowdon Slate Co.
II, to Incorporate The Queen City Fire lnsur-
ance Co.
The Senate went into executive session.
). Z, enabling the towns in Fmnkin county 10
aid in the construction Of the Lamoile Valley
Railroad. On motion Of Mr.. Burt ordered to lie,
and made the special order for 3 O'Clock ON Tues
DAY afternoon next
PaSscd.-lI 1906, to legalzc the grand list Of
the town Of Watcryille for 1865 1903, the town
of EmOfe for 1868 lO2. the town Of Jainnica
for 1918
H. iei, to incorporate the Winoosh Rock
Spring Hotel Co.
| BiH introduced and Rctcrrod--By Mr. Walker,
by request, authorizing towns in Rutland and
Windsor counties, to aid in the construction OF
the killington Railroad; to committee ON rail-
roads.
! Third ReddiHg RcfuNd.-u. sc, to change the
name Of John Shatney; 70, Phebe j. Dingee
4 50, Mary Wethere 80, Patrick Casey 20,
Mary Elizabeth Little; ll3, Michael Donahue
rs, Edward o. Townshend.
/ \ communication was received from the Secre-
tary Of State, transmitting the annual report Of
the registration Of births and deaths On motion
Of Mr.. Billiard ordered to lie, and one thousand
copies to he printed.
On motion of Mr.. Bullard, adjourned.
HOUSE.
Bits Read he Third Timc--H -. to incor-
poate the Society Of st. John the Baptist; passed.
/ N. 1913, relating 10 the water department of the
city of Burlington passed.
/ RepoiS.-lrom committee ON Judiciary in IA
yor Of II %, relating to recognizancy in criminal
cases, with amendment, which wasagreed TO-, third
reading ordered.
/ From committee ON corporations, in favor of S.
40, to incorporate the East Fairfield Mill Compa
1 ny passed in concurrence
From committee on grand list, in favor of II.
~, 10 legnlize the grand list Of the town Of Win
hall for the years of 1865, 1866, 1867 and 1868
third reading ordered.
From committee ON corporations in favor Of ii.
40, TO Incorporate the Middletown Hotel Compa-
Ry third reading ordered.
/ From committee on corporations, in favor Of II.
| 1iS to incorporate the Franklin Slate Company
| third reading ordered
From committee on corporations in favor of II.
1871, 10 Incorporate the Maple Grove Cemetery
Association third reading ordered.
From committee on Chims, in tayOrOf 5. 49, to
pay Noble b. Flanagan the sum therein named
passed in concurrence.
From committee on banks in favor of 5. Is, to
revive and extend the charters of the Bank of
P1ultnoy passed in concurrence.
From general committee in favor Of ii. 80 to
protect fish in Duck Pond third reading ordered
From committee ON giund list, II 1856. to
amend chap. ~, g. s., relating 10 the grand list,
by substitute bill, which was ordered to third
reading
From committee ON corporations in favor Of S
%, to incorporate the American Horse Nail Com
pany agreed TO and the bill was passed in con
curence with proposals of amendment.
Special Ordcr.-ll. 3d. in relation to the rate
of interest.
Mr. Conant of Grafton, moved that the bill he
dismissed.
Nr. Fisher OF Westminster, demanded the yeas
and nays, which being taken were as follows
Mr.. Miner of Manchester moved to reconsider
the vote dismissing the bill for the purpose of
proposing an amendment, limiting the amount of
interest TO he taken, when agreed TO in writing,
at seven and three-tenths per cent, leaving the
legal rate of interest at six per cent as at present
established
Mr.. Fisher of Westminster, and Mr. Iangdon
of New Haven, opposed the reconsideration Of the
vote, Us they were opposed to any change in the
legal rate of interest.
Mr.. Gleed of Morristown, said the proposed
amendment was simply mn attempt at tinkerng.
He said that the rate Of interest would regulate
itself, let the law fix what rate it would The
demand and supply would always regulate the
price OF money--the rate that should I've paid for
the use Of it--and any statute in relation to the
matter would be simply dead letter.
/ Mr. Converse Of Woodstock, fully concurred
would 90 very much further. Any limit to the
rate Of interest was detrimental to the interests
of the State.
Mr.. Brigham of Hydepark said he thought it
a mistaken policy to limit the rite of interest. If
the object of recunsderng the bill was to propose
ali amendment fixing the legal rate at seven and
three-tenths per cent, or any other rate, he hoped
it would not be reconsidered. Other States have
passed similar bills and they worked well. He
was sorry that Vermont could not see the adyant-
age Of the passage of this bill
Mr.. Fisk of Isle la Motto, hoped the vote
Nbuiu IttonShutItu. rs tit now
money goes out of this State to New York
for investment ut per cent, and then people
will 90 10 that State and hire the same money at
o greater rate Of interest than is allowed by law
We should at least raise the rate OF interest as
high as was paid by government
Mr.. Grover OF Wells, thought the matter was
pretty well settled by the decisive vote Just taken.
lie was of the opinion that the rate Of interest
ought 10 be raised to make uniformity in this
/ and other States but he could not consent to
: open wide the DOORS and leave still wider differ
! ences than now. Better have the rate remain as
it is, than to try 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 plenty or
, scarcity of money did not regulate the rite OF
interest that must be paid for it. but the amount
, OF profit that could be derived from its invest
ment lie would seek middle and medium
ground, and hoped the vote would be re-consid-
= cred, and that an amendment would be adopted
fixing the legal rate at seven three-tenths per
c cent.
: Mr.. llolton of jamaica, opposed any change Of
rate Of interest
: Mr. Fisher of Westminster, said that now the
q poor man could purchase farm and give secu-
rity at six per cent. In the vicinity where he
0 lived there WIS no difficulty about tbs present
> rate, and he thought the State ought not To aid
the Spectators by allowing them any higher legal
rate of interest.
= MT. BALDWIN OF Hlnesbufgh, hoped that the
o vote would not be reconsidered He was opposed
toany change in the rate of interest as tending to
drive the laborng classes out of the State to the
z West We should rather encourage them to re-
4 main here in the State
Mr. Gleed of Alorristown replied 70 Mr., Bald.
n wins argument, by referring To the fact that nj
l. the West the rate Of interest Is very much hiRh.
CT than in the East and yet our yeomanry are
J. rushing there because they could better start there
than here. As to farmers in this State, il is not
e true that they mostly in debt for their farms
but they are ''aboye board, - and money at inter.
|. est. lie thought we ought 10 open up some way
l. for money TO be invested in manufacturing estab
lishments and commercial interests which would
e benefit the farmer as well as all other classes Il
l. could be done only by removing the present re
strietiOn ON the rate of interest.
d MIR. Orout Of Barton reviewed the argument,
that are advanced by both sides Of the question
but thought it is really question of interest t
n the moor man. and an interest tlnt the