Orleans independent standard. [volume] (Irasburgh, Vt.) 1856-1871, 1869-11-09
Vermont Legislature,

L tEHbAA, Oti. =, lopF.
H. II, relating to an increase in the rate
of interest, was taken up, the question be-
ing on the motion to reconsider the vote dis
missing the bill.
Mr.. joyce of Rutland said this bill is
one of some Importance, so much so that
the Governor had called our attention to
it. There is an existing evil in regard to
interest, and the question Is how We shall
remedy the evil. We must so arrange it
as to be just and equitable at all times and
under all circumstances. At times money
is worth six per cent, at times it is worth
much more, and we must adopt some policy
that shall strike off the bonds from the
State of Vermont and allow our young men
to launch out in business within our Dor
ders without being driven out of the State.
We allow the state to borrow money at
a rate of : $40 per cent, and yet refuse
the citizens Of the state TO do the same
thing. Special laws are enacted to allow
certain corporations to borrow money at
$40 per cent, because they cannot get it
at per cent. We cannot get money out
of the banks-they were not run for the
benefit Of the people, but the money Is
locked up in their Golfers in bonds at I $40
per cent. Business men can not get it be-
cause the law will not allow them to pay
the interest. The duty of the legislature is
to loosen up these rates and give business
men as good chance as we give to CAPT
talists who prefer the bonds because Of the
higher rate Business interests in the state
are suffering for the want OF money, and
business Is stagnant because they can not
get money to carry it on. If this bill i:
not acceptable in all its provisions, take
some other; but give men the opportunity
TO pay what money is actually worth tC
them for business purposes, and what cap
italists can get by sending it out Of tn,
state or locking it up in their Golfers. Cap
italists would prefer to loan their none,
at home, on known security, rather THAI
send it out of the state He besough
members to give business men the relic
they need.
Mr. Gleed of MorristOwn said he ha,
failed to see any new evidence that shout,
induce Us to change our votes on the ques
ton. He said the gentleman from Rut
land started on proposition with whicl
he agreed-that it is difficult to regulat
this matter of interest. He believed it wa
a matter that the legislature could not con
troll. If we allow the rate to be as high a
eight per cent. we strike a blow at the vi
tai interests of the state of Vermont. for n
farmer can afford to pay over six per cent
As to the banks the trouble is with tn
banking system; give us a free bankin
system, and there would be money enough
As to the statement that we cannot hir
money at six per cent. he found no trouble
up in the woods where he lived, in gettin
all the money he needed at six per cent
The great back bone of the state of Ven
mOnt-the farmers-cannot afford to pa
any higher rate than six per cent, and h
implored the legislature not to remove tn
landmarks of our fathers.
Mr.. Joyce of Rutland said the appeal {
the gentleman from Morristown is to tn
farmers, who composed the majority of thi
House. He thought it well enough to pre-
tect the farming interests, but manufactul
ing privileges of the state have been neglect
, ed to give" the farming interests too muc
prominence. Let the farmers foster mar
ufacturing and quarrying, and they al
making a market in their own midst fJ
} their products but they cannot do it with
/ out allowing those who wish to engage i
these enterprises to borrow the money
carry them on at a rate of interest that wi
: secure the money to be invested here il
/ stead of sending it out of the state.
l Mr. Hinckley of Chelsea said that SON
of those who voted to dismiss this bill di
e so because of the Objectionable feature
t the bill allowing the increased rate ft
]. money actually loaned" He was in f;
: vor of reconsidering the vote, and if tt
: vote should be reconsidered, he should PR
pose substitute bill making no distinctio
: in its provisions. Instances are numerot
: where farmers pay large bonus over an
e above the legal rate of six per cent. Or
0 State Treasurer is yearly empowered
: pay as high as seven three-tenths per cen
: Why then confine the legal rate to six p,
d cent, when money cannot be had for tn
d rate.
d Mr.. Abel of West Haven said that ii
r rate of interest was matter that was un
g quail in the several states-some had fixe