Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1869-11-12

/ The Boston 4Grerfiscr has the fylloHing let
ter from Montpelier. in regard to some Of the
recent transactions in the Legislature

I Ter from houtptllcT. III it5 ~ ~ oSN'N - 80
recent transactions in the Legislature
MONTPELIER, VI, Nov. 4, lS69.
1t is. TO say the least, an anomaly that the
State which is the most uniformly radical on
national questions, should be the most dogmati-
cally conservative in her home affairs. The
stranger who visits her Legislature expecting 10
find that body directed by a spirit OF intelligent
reform will be wofully disappointed. The most
/ important instance Of its conservatism and fear
Of interfering with the institutions Of our an
cestors'' which the present session has developed
its action on the usury law.
bill was introduced in the House to raise the
| legal rate of interest in the State from SIX TO
eight per cent It is 4 notorious fact that money
is to-day commanding and obtaining not less
than the latter rate in all parts Of the State.
/ Some Of our banks charged as high as nine per
cent this summer. The laws Of Vermont impose
! heavy penalties for usury, but they are never
enforced. The Governor earnestly recommended
/ legslatiouto enable borrowers to legally obtain
the same rate which they everywhere obtain
Illegally The State herself pays more than SIX per
cent ;the United States bonds paying seven and
/ three ;enths in currency. In order 10 avoid the
usury laws much Of our capital flows out Of the
State 10 localities where the laws are more favor
| able This is injurious 10 the manufacturing
! interests Of Vermont. and benefits no interest,
unless it be those Of other States which profit By
the severity Of our laws Now when a bill was
presented TO the House, sustained by these and
many other considerations TO raise the legal rate
of interest. its speedy passage should seem TO
have been assured. But the authors Of the mea-
sure had not considered how immoyably our
legislature is anchored 10 the traditions and
laws of the past. The farmers rose On mass in
the House and voted the bill into oblivion The
debates on the question are a curious subject for
study The friends Of the proposition had the
clearcst possible case. Nothing was advanced
on the negative that approached an argument.
One member summed up the case Tor the oppo-
nents Of The bill very correctly, Is follows I'VE
shall, - said he, - be destroying one Of the old
landmarks # the State" That is about the only
argument the debate afforded on the part Of the
negative Ii is true that il was urged that an
increase in the rate Of interest would he
prejuiicial to the interests Of the farmers.
When this argument was met with the reply
that no farmer can hire money al the present
rate, the astounding and absurd statement vas
made that they could procure an abundance at
that figure II might be well for Massachusetts,
manufacturers 10 make a note Of that fact. But
it the rate was increased to eight per cent see
nothing TO prevent any farmer hiring all tee
money ne can at six. The only difficulty would
be 10 find lender AT that figure; the law would
interpose no obstacle. The rate would be fixed.
as it is now, by the action Of supply and maud.
The only advantage of eight over six Per cent
s that it approximates more closely to the act
ual lending price ofclpital One member grave.
ly argued that the bill pludsrci 10 The public
sentiment, which calls for a higher rate Of inter-
est Another protested that the State had no
practical control over the sui ect; yet he op-
posed the bill because, as he said, the present
law is needed TO protect the farmers from the ex-
tortion Of usuIers Il is by such arguments
that the Vermont legislature vindcate- its char
acter for conservatism at the expense Of lis char
acter for common sense. Other bills have been
introduced aiming TO effect the same object, rs
did the one Of which have been speaking, but
they will probably share the same fate.
Although the House had not time to properly
discuss the subject Of interest, 1T could spend
hours IN serious talk over a " woodehuck bill
The proposition was To offer a small bounty for
'be slaughter Of that innocent animal yclept the
woodchuck. The arguments pro ald con we're
extrayaglntly proix and irresistbly -erio-cam.c.
The House displayed all the gravity Of a Feuiau
Congress. The debate Oh this profound question
vas mainly in the hands Of she flrmers, and
those bucolic S1lous decided NOT TO pay the pro-
posed bounty.
In general ability, this legislature is perhaps
below the average. The Senate is far superior 10
the House in culture and legislative capacity. Il
has dealt quite summary with some ot the va
carries Of the lower body. The House is passing .
hosts Of special bin, Of Incorporation, changing
names. and SO forth, all Of which objects can be .
effected under a general statute without any leg
islstion. The Senate very properly returns all .
such bills without action, or else votes then
down. The rehuke is a good one % the louise.
and if that body can suspend lis cAiyal-c con- .
temptation Of the Is i4niaai B, Of the past fora
short tine. Il may yet do some cool wors.