Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1869-11-11
Remarks of Col. Charles III. Joyce Of
Rutland, im she House OF Repre-.
sentatives, Nov. I'd, ON the bill
relating 10 AN increase
of Interest.

Rutland, in the House Of Repre-.
sentatives, Nov. 2d, ON th., bill
relating 10 AN increase
of Interest.
The question being on the vote to re.
consider the vote dismissing the bill, Col.
! Joyce said:
! This bill is one of some importance, so
much SO that the Governor has called our
attention to it. There is an existing evil
in regard to interest, and the quest ion is
how We shall remedy the evil. We must
so arrange il as to be just and equitable
at all times and under all circumstances.
AT times money is worth six per cent, at
times it il worth much more, and we must
adopt some policy that shall strike off the
bands from the State of Vermont and
allow any young man to launch out in
business within our borders without be-
ing driven out of the State. We allow
the State to borrow money at seven and
three-teuths 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 mon
/ ey at ! $40 per cent. because they can
not @at il At ! per cent. We cannot get
money out of the banks; they are not run
for the benefit Of the people, but the
III ney is locked up IN their Golfers in
bonds at $40 per cent. Business men
cannot get it because the law will not
allow them to pay the interest. The duty
of the Legislature is 10 loosen up these
rates and give business men as good a
chance we give TO capitalists who pre-
ter the bonds because of the higher
.ate. hasine9s inttrest3 il the S.tate are
suffering for the want Of money, and busi-
mass is stagnant because they cannot get
money to carry it on. If this bill is not
accepts bic III all its provisions take some
other, bat give men the opportunity to
pay what money is actually worth to them
for business purposes and what capitalists
can get by sending it out of the State or
locking it up in his Golfers. Capitalists
would prefer to loan their money at home
on known security rather than send it out
OF :ha State. He bcsought members to
give business men the relief they need.
Mr.. Glecd Of Morristown, said he had
filled to see any new evidence that should
induce us 70 change cur votes on the
question He said The gentleman from
Rutland started on proposition with
which he agreed, ia Il it is difficult to reg
ulate the matter Of interest. He believed
it w,.4 4 matter that the Legislature could
not control II W allow the rate to be
a. hl2h, ,.,s q IT uFr seat, He strike ..
Ilo~ at the vial iufcgc-tg or the State Of
Vermont, for 10 farmer q. afford to give
more than six per cent. As TO the banks,
the trouble j. wltd the banking system m.
Give IA ii froe baukIs system, aud there
would be money enough. AS to the
statement that we cannot hire money at
,siA per cont. he found no trouble up in
the woods where be lived Ill getting all
the money be needed at six per cent. The
great back bone of the State of Vermont,
the farmers, cannot afford TO pay any
higher rate than six Per cent, and he i'm
p,uiaa he Legislature not 10 remove the
tundra ks Of our fathers.
Mr.. Joyce said the appeal Of the gen
tleuau from Morristo"n is to the farm-
ers, ho compose the majority Of this
House. Ho thought il well enough to
protect the farniug interest, but the
manufacturing privileges Of tue state
have been neglected to give tho farming
interest too nuch prominence. Let the
farmers foster manufacturing aud quarry
iup, aud they are making a market in
their oau midst for their pro-
duets, but they cannot do it without al
lowing those who wish to engage in
thGso enterprises t. borrow the money to
carry them on at rate Of interest that
VIII secure lha money to be invested
here, iu-t, Il 1t ending il oHt Of the
State
4 LuKolLAN DIaAkMAMEST.-T The
questions Of the position which the Em-
peror Napoleon may assume towards the
surrounding powers on the occasion OF
the reassembling OF the French Legisla-
turc II. .canyasscd actively on every side
with anxiety. 1t is rumort | in political
circles in France that the Emperor, in his
speech from the throne op' aing the ses-
sion OF the Chambers, vii! propose or re-
commend a ge4.o,al Europe N disarma-
ment The subject was disc used during
the recent visit Of Lord Clarendon to the
Tuilerics, and it is alleged that the plan
meets the present views of England, and
will accord with her future policy as in
tended to be shaped by the Gladstone
Cabinet. General Fleury mission to the
Court OF St Pe.ersburgh has for its chief
objective point the obtainnent of the con-
sent of Russia to the proposal, matter
which it is thought will be of very easy
accomplishment just now, as the Gar is
maintaining huge army on war foot
ing, unnecessarily and at heavy cost to
his subjects. Should tho agreement to
disarm thus become almost universal, the
French people and Emperor, supported
by the Great Powers, will call on Prussia
to disarm also, and it is thought that seri-
Gus international complications will be
the result, in view of the considerations,
generally accepted, that the ulterior OBJ
jet of Napoleon in the movement is to
embarrass Prussia.