Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1870-11-03
interests of our State. He hoped the bill
would not pass

interests of our State. He hoped the bill
would not pass.
Mr.. Hinckley of Chelsea disagreed with
the gentleman from Barton, as to his
statement that money is monopoly. He
thought money was pretty generally dis
tributed among the people, and was not
monopolized by any man or class of men.
He hoped this appeal was not made to
prejudice the farming interests against
the mercantile and other interests of the
State. We are all interested together in
the welfare of the whole, and no class in
terests or monopolies should be allowed to
influence our actions in regard to the ag-
ricultural interests of the State. He
thought there was great force in the ar-
gument of the gentleman from Burling-
ton, that we were inconsistent in allow
ing the State and towns to pay per cent
and restrict individuals to per cent
He said that the law as it now stands fa-
vored unscrupulous lenders, who would
hire all they can get, of small lenders, at
6 per cent. and turn round in defiance of
law and loan it again at s per cent Men
may contradict it as much as they please,
but it is true that very little money is
loaned III the State at per cent. Bonuses
are paid, in some way, if not in money, to
raiee the rate as high and even higher
than per cent. He hoped the appeal to
the farmers that because our forefathers
only paid 6 per cent. we must not break
the old landmarks and allow men now to
take or 10 per cent. would not succeed.
All commodities are worth more now
than they used to be. He could see no
reason why money should be treated any
differently from any Other 0P pfhfs bill
would tend to the prosperity and the ad-
Vancement of the marerial interests of the
State, in that it would call home from the
west the large sums now sent there for
investment, and would thereby tend to
its investment within the State. He
urged torcibly the necessity of the pass
age of the bill and hoped the House
would pass it.
Mr.. Slade Of Middlebury, moved to
amend 20 to make the legal rate Z per
cent, and argued that is was better to
establish that rate to correspond with the
laws of New York and Massachusetts,. He
thought the Interests of the State demand
ed that the rate of interest should be
raised to correspond somewhat with the
enhanced price of other commodities of
the State, and instanced certain articles
that have nearly doubled within a few
years, and that we should allow the money
lenders to advance the price of their com
modify somewhat. He offered this
amendment a. a partial compromise on
the subject.
Mr.. Grout explained his remarks as
not designed in any manner AS an appeal
to the prejudices of the farmers or any
other class of representatives, on the floor
OF this House. He wished simply to act
faithfully to his constituents, and he gave
others the same credit of acting in accord
ance with their honest convictions that he
claimed to himself He thought the re-
lief to be afforded by the bill as proposed
by the present amendment was very little.
1t will only put the brass on the cheek of
the lender to demand 7 per cent. Mt any
rate He preferred that the matter should
be left to regulate itself rather than raise
it to per cent. He should vote against
the amendment.
Mr.. Bull of Hancock opposed the
as tending to hurt the feel
ings of some of the money lenders, in that
it wonld compel them to take Z per cent,
when they now could conscientiously
take only 6 per cent 1t might hurt them,
and he hoped it would not pass.
Mr.. Bullard of Fairfax moved the bill
be ordered to lie on the table and be m de
the special order for Thursday afternoon
at 2 , O'clock; which was agreed to.