Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1869-11-03

Butler the sum therein named. IsedO ns sor,ico,
as chaplain Of State PRISON.: % committee on
claims.
by M. Whitcomb of Duuc. t0 amend section
4 Of an act 10 Incorporate fho Barre Hotel Come
pany. approved November To- 1859 t0 commit
tee ON corpomtions
Bv MIR Briggs of Brandon to inclrporllc the
Brandon Cheeeo Factor, Company 10 committee
on corpOtutone
By Mr. Wales Of darlington. o. Incorporate
the Burlington SAVINGS Bank and Ifust tImnl-
ny 20 committee on corporations.
BY Mr. joyce of Rutland reatnr t0 ile cll- /
lection Of taxes Co committee on judiciary
On motion OF Mr. Dicl,cv. adjourned
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Prayer by the Chaplain.
Journal Of yesterday was read and approved.
MsmoTiai--By DIR. Caniield oi Arlington OF
the clergy and laity Of the Protestant Episcopal
Church IN Vermont praying Tor modification
OF the laws, relating 20 divorce 70 committee on
judiciary.
BiHs introduced ana rgnTcd.-liy Mr. IN OF
Mlddlenury, to incorporate the Home Marble No.'
also TO incorporate the Continental Marble 90.
also, to Incorporate the Dominion Marble Go.
also, an act to incorporate the Vale Marble Co.;
seyeraly 70 committee on corporations.
BY Mr.. Dckey oil BMdl)rd, by request, 60 pro
tect fish in Symns ponds and the waters between
the same and the town Of Ryegate in Caledonia
County . general committee
by Mr.. Wales Of Burlington, laying a tax ON
the County OF Chittcndcn 20 select committee
consisting OF the members Of Chittcnden County .
by Mr.. Adrich OF W uOdi0rd, 20 lcgalllo tine ,
GRAND list OF the town OF N0JdlOrd; 10 commit
tee on grand list
By Mr.. Langdon OF Montpelier, by request, in ,
amendment OF an act, To- Incorporate tue Monipe- +
her Wells River Railroad Go. 10 committee
on railroads
by mr.. farnsWofth oi W lndsof, 49, request, % \ n
enable the town OF ilartlanu To- aid IN buIld- +
ing bridge across the Connecticut River; 70
committee on highways, bridges and ferries.
by Mr. Salisbury OF Iownshend, 10 change The Il
name OF Alinin ,. Butteicld to general COM II
mlttee. /;
By Mr. wales OF Burlington, IN addition 70 4
chap' 90 s. s., relating TO new TRIALS TO COM :,
mlttee on judiciary. b.
by Mr.. BigelOw OF Ryegnte, fixing the salaries b.
OF the Superintendent and Chaplain OF the State
Prison TO committee on state prison. 10
SPECIAL order.-H -, relating to an increase ~
IN the rate OF interest, was taken up, pending the
consideration Of the amendments proposed by the ~
committee-iirst, to make the rate OF interest not -
exceeding "tigM per cent, for money actually ~
loaned, and not otherwise, instead OF seven and '
three-tenths per cent, MS in the original bill
Mr.. Grover os Wells aaid be bad ne especial =,
interest in the bill, although he introduced il at ~
the request OF very many business men. The rea- ~
son why the rate OF interest is now fixed at six per oil
cent, is that money has value, and is essentially ~
a monopoly which the rich possess and the poor W
must have. And the rate to be paid must DEPEND =.
on the demand lie thought that eight per cent "
is too high seven and three tenths is the nation ~
nj value and il is better to make the rate uniform -
in the State and Nation. II the rate is changed b
at ALL better leave the bill as originally written
Mr. Gleed of Morristown said ii it is made a
wrong TO take Too hrge a rate per cent it ought ~
10 he made eoualv wron 10 tke foo small rate 60
per cent Better let the landmarks of our fathers d
remain: we may rs well nttempt To stop the Falls .
OF Niagara with n straw. as to attempt TO reri- =
late the rate of interest il is better Ia leave the
matter inst where IL il unless we vii, ,dnnt mo
n. Il. 4 a
rate of interest agreed 10 in writing.
Mr. Dickey said that the committee were in v
duoed to report in favor Of the BILL because bust
ness men, money borrowers, had requested that :
the change should be made, The rate of eight =
per cent. IS moro easily calculated than seven and
three-tenths lie thought it actually better for
the borrower to have the rate raised, as thousands
and tens of thousands Of dollars are annually
sent out OF the State, because they can get a
higher rate, rendering it difficult for the borrow
or TO obtain the use Of the money Men could
not obtain money on mortgages, when they are
willing to pay as high eight per cent. for the
reason that the lender would not ht1ard the loss
that the present penalty OF our law tscs on the !
taking higher than six per cent The change Of /
the law, would save the money in the state that
now is sent out OF it, and would tend TO advance
the material interests OF the people Of the State
Mr.. Wood Of Fairhayen said this was q practi- l
cal question for the House to consider; we are
1 now in the midst Of n very stringent money MIR
ket, and some measures should be taken 70 relieve
the wants OF the people. lie SAID that it might
be true that those who loan money at six per
cent. interest were engaged in more profitable
business, in long run, than any other in the
State; but we must look at the practical needs Of
the people New York allows seven Der cent in
terest, Massachusetts anyate that shall beugrocd
upon in writing, and those living near those States
send their money out Of Vermont for Investment,
instead of keeping it at home at lower rae of
Interest. The true interests OF the State demand
n an increase, but lie thought aghi per cent too
" high, and he moved 70 amend the amendment
proposed by the committee, that it shall be
liked at seren per cent.
Mr. Severance Of Glover opposed the hill
Mr.. Wood Of Fairhayen withdrew III amend
ment, and Mr.. Garfield of Arlington moved TO