The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1869-05-18
The Interest Question A gam.

Mr.. Editor.-I trust IN view of exis-
ting circumstances, you will pardon me
for asking leave to speak again through
your columns upon this question, which as
your correspondent Sc" has well said,
AS one of great practical Importance
When such an array Of literary and pro-
fessionsl ability, great learning and prac-
tical acumen, is concentrated upon one
side of the question, when retired minis
tors Of the Gospel, executors, and members
of the legal profession become its cham,
pions, and publish seven long articles in ils
defense. | say when these literati thus
unite their efforts to sustain one side of
question, may not the farmer who may
chance to be pitted against this array of
professional combatan,s, be heard from
his pillow, at least half Ms many times, es-
pecially when he speaks in defense of the
laws OF Inc lhnu
No one now claims that it is right to
take more than just interest for the use of
money. Your correspondent "E." has
given US the right word, "just." The
questions now at issue are;
LIST. What is just rate of interest at
the present time in Verm ont, and by what
rules shall we be guided III determining
the matter
End. Ought there to be any statute
law regulating commercial trapsactons
Of this nature, and if 30, what rate or rates,
should it legalize I Let me recapitulate
and enquire, what has been accomplished
thus far by this decision In the outset,
principle was advanced as the true crit.
erion by which TO settle the first of these
questions, which held TO he wicked in
theory, and ruinous in practice Has one
argument MIR. Editor, been advanced in
its defense since my exposure of its vile
deformiiy, On tho contrary, your cor
respondent "E" uttered noble sentiment
when he said, any man, who will take
advantage Of the distress or ignorance of
another, and exact more than just com.
pensation for the use Of money, should
be disgraced il. the eyes of the communi.
ty"
The positions l have thus far taken, and
endeavored to maintain, are the following,
viz:
LIST. That the profits Of business ia the
community, are the proper criterion by
which to determine The value of money in
that community,
2nd. In proportion as YOU force rates
above the point thus indicated, will bust.
ness interests suffer wherever il is prac-
tced.
3D.. 1t tends TO blight all business
prosperity, to drive our young men Of
great enterprise, but small means, from
the state, and discourage those who res
main, the very class whose energy and
thrift, we can least afford to spare or par
alive.
4th. That capital had better 60 out
of the state, than remain here on such con =
ditions.
9th. That the vast increase in the cir
culating medium, and the consequent rise
in prices, especially when prices have
reached their maximum, ia no valid ar.
gument for advancing rates.
9th. The policy of other states based
upon opposite circumstances from our own,
is no guide for us,
7th, That there is no wholesome CON-
petition among money lenders in Vermont,
and in consequence oppression, injustice,
and wrong are constantly occurring, hence
statute aw,should interpose its regulating
power.
9th. That though our legal rate may
not have been high enough, during that