Orleans independent standard. [volume] (Irasburgh, Vt.) 1856-1871, 1869-11-16

was presented to the Eonse, sustained by
these and many other considerations, to
raise the legal rate of interest, its speedy |
passage should seem to have been assured, /;
But She authors of the measure had not
considered how immovably our legislature
are anchored to the traditions and laws OF
the past The farmers rose IN nsasse in the
House and voted the bill into oblivion.
The debates on the question are cur1oss
subject for study. The friends of the prop
osition had the clearest possible case
Nothing was advanced on the negative
that approached an argument. One mem
Der summed up the ease for the opponents
of the bill very correctly; As follows: owe
shall" said he, "be destroying ere of the
old landmarks of the state" That is ssott
the only argument the debate afforded Oh
the part of the negative 1t is true that it
was urged that an increase in the rate of
interest would be prejudicial to the inter-
ests of the farmers. When this argument
was met with the reply that no farmer can
hire money at the present rate, the astoun
ding and absurd statement was made that
they could procure an abundance at that
figure. 1t might be well for Massachusetts,
manufacturers to make note Of that Jact.
| But if the rate was increased to eight per
cent, | see nothing to prevent any farmer
hiring all the money he can at six. The
only difficulty would be to find lender at
that figure; the law would interpose no OBJ
stacle. The rate would be fixed, as it is
now, by the action of supply and demand.
The only advantage Of eight over six per
cent. is to approximate more closely to
the actual lending price of capital. One
member gravely argued that the bill Pm
| dered to the public sentiment, which calls for
a higher rate of interest. Another protest
ed that the state had no practical control
over the subject; yet he opposed the bill
because, as he said, the present law is need
ed to protect the farmers from the extor-
ton of the usurers! 1t is by such argu-
ments that the Vermont legislature vindi-
Gates its character for conservatism at the
/ expense Of its character for common sense.
Other bills have been introduced aiming
to effect the same object, as did the one of
which have been speaking, but they will
probably share the same fate.
Although the House had not time 70
properly discuss the subject Of interest, it
could spend hours in serious talk over q
"woodchuck bill" The proposition was to
offer a small bounty for the slaughter OF
that innocent animal yclept the woodchuck.
The .rguments pro and con were extrava-
gantly prolix and irresistibly serio-comic
The House displayed all the gravity Of a
, Fenian Congress. The debate on this pro
found question was mainly in the hands Of
the farmers, and those bucholic Solons de-
cided not to pay the proposed bounty.
/ In general ability, this legislature is per.
: haps below the average. The Senate i.
2 far superior to the House in culture anC
legislative capacity. 1t has dealt quite
z summarily with some of the vagaries 0
the lower body. The House is passin!
hosts of special bills of Incorporation
? changing names and so forth, all of which
objects can be effected under a general stat
ute without any legislation. The Senate
e very properly returns all such bills withou
action. or else votes them down. The re
t Duke is good one to the House, and
r that body can suspend its chivalric contem
$ plation of the landmarks Of the past 70
a short time it may yet do some good work