Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1870-10-26

things. He insisted upon an immeGljate dis
posal of the whole subject, under both bills,
and not prolOng the subject longer than this
afternoon.
Mr.. Bartholomew did not wish to defer
the matter in the least, but some wished to
consider ii. 50 first, and he hoped they might
be gratiied in their desire.
Mr.. Smith of Shrewsbury moved that the
+ bill be dismissed Mr.. Slade of Middlebury
demanded the yeas and nays, which were
taken as follows Ayes IA, Nays -. So
the bill was dismissed.
! The House then proceeded to consider H.
e, relating to interest, [any rate legal where
agreed to in writing.
/ Mr.. Wood of Fairhaven said this is an ex
act copy of the law in Massachusetts, and
that the law in that State had worked in
practice to lower the rate of interest.
Mr.. Carpenter of Burlington wished TO
t show the consistency of this House in allow
/ ing the State Treasurer to borrow 5000, 00O
at I $40 per cent. and then restrict the peO-
/ pie of the State to 6 per cent. He thought
/ it very much like the man who asked bless
/ ing on his dinner when he had pork on the
table, and looking out of the window saw
/ his hogs in the garden and said to his Irish
man run and drive those cussed hogs out oil
the garden. " What, what, " says the Irish
man, 90 ask g blessing on piece of pork, and
/ then turn round and euss six or eight whole
hogs - He then cited instances where the
law as it now stands on our statute books is
hardship in its practical workings among
the people. By allowing the Treasurer to
borrow al $40 per cent we virtually say
to the world that We cannot get money at 9
per cent. He hoped that some bill would be
passed that would relieve the people-b0th
borrowers and lenders.
Mr.. Grout Of Barton was opposed to this
bill lie thought consistency was a jewel
when principle was involved. But in this
case there is no principle involved, and
hence there is no inconsistency. He said the
argument as to the operation of the law in
Massachusetts, tending to reduce the rat to
8 per cent. was not borne ouE in practice, for
our State Treasurer is compelled TO pay
$40 per cent. among the Massachusetts cap
italists to obtain the loans we authorize him
to negotiate. The argument as to money being
allowed to 20 into the market like other artI-
cles of commerce is not tenable, in that any
man can raise his corn, oats, potatoes and 9TH
er commodities whereas. money is only made
and put into circulation by the general Gov
eminent, and all we can do individually Is
to gather together a. much OF 1t as we can.
Vermont is only an agricultural State, and
must ever remain so, from the fact it is too
engage successfully in manufactures. Agri-
sulturaI interests cannot afford to pay more
than 9 per cent. interest, and when We let
down the bars entirely, we thrust at the
largest interest Of our State. lie hoped the
/ bill would not pass.
/ Mr.. Hinckley of Chelsea disagreed with
/ the gentleman from Barton, as to his state
ment that money is a monopoly. He thought
money was pretty generally distributed
among the people, and was mOnopOlized by
any man or class of men. He hoped this
appeal was not made to prejudice the farm
4 ing interests against the mercantile and
other interests Of the State. We ar all inter
ested together in the welfare of the whole and
no class interests OF mOnopolies should be
allowed to influence our actions in regard to
the agricultural interests of the State. He
thought there was great force in the argu-
ment of the gentleman from Burlington that
we were inconsistent in allowing the State
/ and towns to pay ; per cent. and restrict
individuals to per cent. He said that the
law as il now stands favored unscrupulOus
lenders, who would hire all they can get, of
small lenders, at 3 per cent. and turn around
and IN defiance of law loan 1t again at ; per
cent. Men may contradict it much as
they please, but 1t Is true that very little
money is loaned in the State at per cent.
DJuNStS art paul III SUM- Wy II ApE III
money. to raise the rate as high AMI even
/ higher than ; per cent He secuted the
/ appeal to the farmers that because our fore
fathers only paid g per cent, we must not
break up the old landmarks. and allow men
now to take s or 10 per cent. All cOmmod-
/ titles are worth more now than they formerly
/ were. Money Is worth more than 1t used
to be. lie could see no reason why money
should be treated any different from other
& 1 4. l. 4 - =.
/ OF this bill would tend to the prosperity and
advancement of the material interests Of the
State, and that il would call home from the
/ West the large sums now sent there, for in
vestment within the State lie urged forci-
/ bly, the necessity of the passage OF the bill,
and hoped the House would pass it.
/ Mr.. Slade of Niddiebury moved to amend
so to make the legal rate per cent, and
argued that it was better To establish that
rate to correspond with the laws of New
/ York and Massachusetts,. He thought the
/ interests Of t. State demanded that the rate
of interest should be raised to correspond
somewhat with the enhanced price of the
other commodities of the State, and instanced
certain articles that have nearly doubled
within a few years, and thought that we
should allow the money lenders to advance
the price of their commodities somewhat.
de offered this amendment as a partial com
promise Oh 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
o. rel -sentatives n the floor of this House.
He wished simply 10 &C. faithfully to his
constituents, ard he gave others the
same credit of acting in accordance with
their honest convictions that he claimed to
himself. He thought the relief TO be afforded
by the bill as proposed by the present amend
ment was very little, 1t Will only put the
brass on the cheek Of the lender To demand :
per cent. at any rate. lie preferred that the
matter should be left to regulate itself, rath
er than raise it to per cent He should
v1te against the amendment.
Mr. Bull of Hancock opposed the amend
ment, as tending to hurt the feelings of some
of the money lenders, in that it would COM
pei them to take 7 per cent, when they now
could couscientiOusly take only per cent.
1t might hurt them, and he hoped it would
not pass,
Nj. Ballard Of Fairfax moved the bill be
ordered to lie on the tlble, and be made the
special order for Thursday afternoon at two
and one-half o'clock which was agreed to.
On motion of Mr.. Slade of Middlebury,
NI