Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1869-11-04

tax on the county Of Chittanden; to
/ the select COMMITTEES con6f1k1ng of the
members from tho county Of Chikenden.
/ By Mr.. Aldrich of Woodford, to legal
ize the grand list of the town Of Wood
ford.
BY Mr.. Langdon of Montpelier, by re-
quest, In amendment of an act to incor-
porate the Montpelier & Wells River
Railroad Company.
| By Mr.. Farnsworth of Windsor, by re-
quest, to enable the town Of Hartland to
aid in building bridge across the Con-
necticut river
By Mr.. Salisbury of Townsend, to
change the name of Almira s. Butterfeld.
By Mr.. Wales of Burlington, in addi-
ton to chapter 38, general statutes, re-
lating to new trials.
By Mr.. Bigelow of Ryegate, fixing the
lain of State prisons.
| Special Order.-House bill relating to
an increase in the rate of interest was
the amendments proposed by the
terest not exceeding eight per cent. for
money actually loaned, and not other
wise, instead of seven and three-tenths
per cent on the original bill.
Mr.. Grover of Wells, said he had no
especial interest in the bill, although he
introduced it at the request of very many
business men. The reason why the rate
Of interest is now fixed at six per cent is
that money has a value, and is essentially
a monopoly which the rich possess and
the poor must have, and the rate to be
paid must depend on the demand. He
thought that eight per cent. is too high
seven and three-tenths is the national
value, and it is better to make the rate
uniform in the State and nation. If the
rate is changed at all, better leave the bill
as originally written.
| Mr.. Gleed of Morristown, said if it is
made wrong to take too large rate
per cent, it ought to be made equally
wrong to take too small a rate per cent
Better let the landmarks OF our fathers
remain. We may az we'll attempt to stop
the Falls of Niagara with a straw as to
attempt to regulate the rate of interest
1t is better to leave the matter just where
it is, unless we will adopt the Massa-
chusetts law, and allow parties to take
any rate of interest agreed to in writing
| Mr.. Dickey said that the committee
were induced to report in favor of the
bill, because business men, money bor-
rowers, had requested that the
change should be made The rate of eight
per cent. is more easily calculated than
seven and three-tenths. He thought it
actually better for the borrower to ho We
the rate raised, as thousands and tens of
thousands of doffars are annually sen. out
OF the State, because they can get higher
rate, rendering it difficult for the borrower
to obtain the use of the money. Men
could not obtain money on mortgages
when they are willing 10 pay as high as
eight per cent, for the reason that the
lender would not hazard the loss that the
present penalty os our law fixes on the
taking of higher than six per cent. The
change of the law would save the money
in the State that now is sent ont of it,
and would tend to advance the material
interest of the people of the State
| Mr.. Wood of Fairhaven, said this was
a practical question for the House to con-
slider; we are now in the midsr of "A very
stringent money market, and some meas
ures should be taken to relieve the wants
of the people. He said that il might be
true that those who loan raoney at six
per cent. interest were engs ged in "a more
profitable business, in a long run, than
/ any other in the State: but we must look
at the practical needs of the people
New York allows seven per cent interest :;
Massachusetts, any rate that shall he
agreed upon in writing, and those living
near those States send their money out OF
Vermont for investment instead of keep
1T at home at a lower rate of interest.
hat ~, int IS ~ 1
an increase, but he thought eight per cent
too high, and he moved to amend the
amendment proposed by the committee. -
that 1T shall be fixed Mt seven per cent.
Mr.. Severance of Glover, said that on =
fourteen of the States had found it nee, :.
sary to raise tho ratio Of Interest," above six
per cent. He thought the increase OF the
rate now proposed would not prevent the
sending of money to other States for in
vestment, when they could obtain as
high as ten per cent, and even III her
The reason why Vermont is one II the
poorest of the New Enq md STA ties is
that we have not given . Efficient att sntion
to manufactures, ar II moneyed men
would invest in T. = r.onld co,,d uce Ia
the interests os ~ &C. IIa-ar.,r ,ad a,
lene Va ~ II .or Of the present ~ate OF ak
psi Gem and was opposed 70 any ln-
ar. Wood Of Fairhaven, W ithdrew his
mendment, and Mr.. Garfield OF Airing
ton, moved to amend the anne adment pro-
pressed by the committee by fixing 1t at
seven and three-tenths per cei It, his II
4 high enough for the business interests OF
the State, aud we would have penalty
sufficient to keep it within that maximum
He would 90 further and 0 amend the
bill so that when money - loaned on
mortgage of real estate it III al not be at
a higher rate than six per &c at, 1t being
safer for the lenders to loarn at six per
cent on real estate security than at seven
and three-tenths per cent personal Sc
curities. Mr.. Wood of Fan haven said the
demand was made by the business Of the
State for an increase in II rate per cent.
of interest, and we ought to give heed to
their requirements. Mr. Dckey Of Brad
ford opposed the amendr lent proposed by
Mr. Garfield; eight p. r crnr. is more
readily reckoned than seven and three
tenths, and the rate p1i 10y the national
government really amo ants to about eight
per cent better adv ance the rates tc
eight per cent. and thereby keep the
money in the State on Vermont -ecuritie.
which would be prefe rred by the money
lenders to the securi ties they obtain in
western States. NJ +. Garfield said the
State had already allowed towns to Dor
, row money at seve and three-tenths pei
: cent. and that had been received as tacit
, ly assented to By he State.
The amendment proposed by Mr.. Can
field was rejected ayes 10. ayes 50.
Mr.. Wood moved that the bill be re
committed to th e committee on the Judi
ciary, which was disagreed to-ayes 81
nays SO.
Mr.. Abel moved to amend the amend
ment proposed. BY the committee, by
striking out the words, Z" for money actu
ually loaned and not otherwise"
Mr.. Wheelock of Berlin, moved tina
the bill be dismissed, and on that ques
ton demanded the yeas and nays.