Orleans independent standard. [volume] (Irasburgh, Vt.) 1856-1871, 1868-11-17
Remarks of Mr.. Grout Of Barton.


to dismiss the bill, "making it law
full to receive any rate of interest"
Mr.. SPEAKER The discussion on
this motion to reconsider has taken
pretty broad range, aud very proper
ly so too. for the subject of interest,
of how much shall be paid for the use
of money, which the bill just dismiss
ed, proposed to modify and regulate:
is an important one. 1t is important
not only to the lender and borrower,
but to the whole State, and to every
interest Of the State.
And, sir, in view of all those inter
ests, [ must confess it is a somewhat
vexed question with me. whether the
bill, should it become law, would up
on the whole, better foster and pro-
tect those interests, would be more
just and equitable than the law now
upon our statute book. 1t is 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 passage, drew a pic
ture of the wealth and magni6cence
of the State, in which capital is con.
tented; where it is willing to remain !;
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
10 our State tends somewhat to drive
the retired capitalist from this State
to other States, where he can stipu-
late for and receive higher rate of
usance for his monies than he can
here under existing laws; and as a
result, it cannot be denied, that the
great monied and material interests
Of the State move forward with COM
parativeIy feeble step, in conse-
quence of this constant going abroad
of capital FOR a more profitable invest
ment elsewhere. Allow, then, that a
law such as proposed by this bill
would tend to make capital more con-
tented in Vermont, and would there
by develop more fully the manufactu-
ring and commercial interests Of the
State; those interests which make a
State not only proud aud prosperous,
but powerful as well. say admit
all this if you please-and these con-
siderations we should not lose sight
of-there is yet another side to the
question. 1t is suggested by the poor
man and his humble interests.
ANY member of this body whose
route homeward lies through some III
land mountain town, such as may be
found in any direction from the capt.
tai within twenty miles; in one OF
which | was told the other day that
the making of pegged boots was first
resorted to as a necessity, for the
reason that the hills were so high and
in such close proximity, that there
was not room to draw a waxed end {;
| say take such town, and there are
/ plenty in our State, and in passing
through it, you will observe hard
working, honest peaSantry, struggling
with poverty, contending with the
rigors of mountain climate, and the
limited productiveness of mountain
soil, with their little farms covered
with mortgages, and their last cows
oo-ered --itl. LilIe OF es~ls, II -.
| though not least, their humble homes
filled with the poor man s blessing
at least, a bakers dozen of children
which | might say in passing, are
the future men and women of the
State. Now when such a man is
confronted with the problem of sup
porting and properly educating his
children, and at the same time of keep
ing down the interest on the mort
gage On his farm, and, if possible, of
redeeming the bill of sale which
threatens to swallow up his last COW,
1T becomes at once question of some
practical Importance to him whether
he pays six per cent. or twelve per
cent. interest. And what to him In
his Straitened circumstances, are the
glitter and wealth of the metropolis
What to him, sir, are the glory and
grandeur of a rich and powerful com
merclal and manufacturing State
which gentlemen have SO beautifully
portrayed as the results Of unlimited
rates of interest, compared with the
question of home and of bread for
his family. With him, sir, they sink
into utter insigniicance. 1t may be
said; that this picture OF the poor man
is overdrawn; but there are plenty
such in the State. | doubt if there
is a gentleman on this floor, among
whose constituency such an one can
not be found. There are certainly
such among the people whom have
the honor to represent; and | fee
that there may well come up frou
them to US, the admonition to observe
GLOW wide the limits stand
'Twlxt a splendid and happy land
, and not only to observe this, but tc
, so act, as not to leave the poor alto
gether to the mercy of the rich, mol
to sacrifice the substantial happiness;
of the State to the mere pomp ane
circumstance of wealth and power.
Sir, this subject is really an inpor
: tant one, and | regret the hasty &C
ton of the House in dismissing the
bill without giving the friends of the
measure chance to fully discuss it
Its Importance really merits careful
, consideration and deliberate action
, While | could not vote for the bill il
Ire proSant form az riyIDp tnn mual