Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1868-11-19
Remarks of Gen. William W. Trout
OF nartoN, an the Lee s-totosv.
On the motion to reconsider the vote
10 dismiss the bill making it lawful tc
receive any rate of interest"

Mr. Speaker The discussion on this
motion TO reconsider has taken a pretty
broad range, and very properly so too, for
the subject of interest, OF how much shall
be paid for the use of money, which the
bill just dismissed proposed to modify
md regulate. is an important one. 1t l.
important not only to the lender and Dor
rover but to the whole State, and to e.,
cry interest of the State.
And, sir, in view of all those interests,
must confess it is a somewhat yexed
question with me, whether the bill, should
It become law. would, upon the whole
better foster and Protect those interests,
would be more just and equitable than
the law now upon our statute book. 1t L.
true there are some weighty considera-
tons in favor of it. They were brought
To mind by the gentleman from Hydepark
the other day, who, in advocating its pas
sage, drew Il picture OF the wealth and
magnificencc in the State in which capt
tai is contentrd; where it is willing to re.
main; and it has been suggested by him
and others that such is not the case in
| Vermont 1t is undoubtedly true that the
| present low rate Of interest in our STATE
| tends somewhat % drive the retired capt
talist from this State to other States
whore he can stipulate for and receive II
higher rate ,,i usanco for his moneys than
| he can here under existing laws: and rs
4 result, it cannot be- denied that the great
monicd aud material interests of the
| State move forward with a comparatively
| feeble step, III consequence Of this con
slant going abroad of capital for a more
/ profitable Investment elsewhere. AL
low, then, that law such AZ proposed
by This bin would tend TO make capita
more cauteuted III Vermont, and would
thereby develop more fully the manufac
turing and commercial luterets of the
State. those interests which make State
not only proud and prosperous but pow
criut aa.wc.l say admit all this ii you
| plca-ee-au4 these considerations VT
should not la,e sight of-thore is yet
another side ~ the question. 1t is sug.
2e,ted by tho poor man and his humid,
Interests,
Any member Of tins body whose route
humcWurd lies through some inlane
mountain town, such as may be found il
any direction from the capital within
twenty miles; in one OF which | was tolc
the other day that the making Of peggec
boot, was first resortci to as necessity
t,r the reason that the hills were so higt
land IA such else proximity. that there
was not room tp draw a waxcl end | say
take such town. and there are plenty IL
our State, and in passing through it, you
will Observe Woodworking, honest peas
i antry, struggling with poverty, contend
ing with the rlgors of "a mountain climate
and the limited productiveness of noun
tain soil, with their little farms covered
with mortgages, and their last cows GOV
cred With bills of sale; and last though
not least, their humble homes filled with
the poor mans blessin---at least, baker,
dozen OF children might say il
passing, are the future men and wolner
Of the State. Now " hen such man il
confronted with the problem of support
ing and properly educating his children
and at the same time of keeping down
the interest on the mortgage on his farm
and if possible, of redeeming the
/ bill OF sale which threatens TO swallow
! up his last COW, it becomes at once
I question OF some practical Importance
10 hun whether he pays six per cent. OIL
twelve = cent. interest And what t.
T him IN his straitened circumstances, ar,
: the glitter and wealth of the metropolis
What to him, sir, are the glory and gran.
deur ola rich and powerful commercial and
manufacturing State, which gentlemen
: have 50 beautifully portrayed as the re
suits OF unlimited rates Of interest, com
pared with the question Of home and o