Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1870-11-02
for The Journal.
The Interest Bill.

/ Mcssrs Poland In the discussion Of the In
iereSt Bill on Tuesday opened, and the positions
which took were assailed. preferred to reply
them but gave way to others, expecting that the
debate would be continued on a subsequent day.
On Thursday when the subject cameu cndcay
orel % get the Glor, and addressed the Speaker
rs loudly as modest man would like 10 do, but
unfortunately was not heard and the opportunity
was lost
Now will you allow me through your paper TO |
make known briefly what wanted 10 reply, and
had right 20 to do, on the floor Of the House.
according to all parliamentary usage.
had put no thoughts on paper, but do 80 |
now, hoping that you will favor me, by GLOWING
them to appear in your next issue In the open
ing Of the discussion had said that money
should bring for its use, what that use is worth
in the market, which worth is determined and
regulated by the principles undcrlieing and con-
trolling commercial exchanges. That it follows
closely the common law oftrade, by which every
article Of commerce tends TO its true relative val
ne, and finds for the time being its own specific
| gravity. And fony power outside Of the laws
Vt trade interpOses to arbitrarily fix the price
fanny thing, there will be a disturbance | Illus
/ tnted suppose thut the farmers Of Vermont
we're forbidden by statute law to sell their pota-
toes for more than % cents per bushel when the
,ctna price in the market is 80, what would they
lo2 Why, they would go out Of the State to sell
ieir potatoes, and as a consequence, many would
81 out Of the State to raise them, Or If they
ok the other branch Of The alternative, they
would sell them at home, and by eyading the law,
be sure to get their market value. They would
ell bu-hel Of potatoes for 2j cents and would
put in a pumpkin for 2j more. They would have
.hcir price. They would say the law was unjust
| .nd ought to be set aside. And every man on
the floor Of this House would say the same and
tho ground take IS, that il articles of commerce
'hould DO allowed t. be sold for what they are
| Worth ia the market, It is as just to allow the
ney lender to have for its use what it is really
/ Torth The subject can never be managed
an 'othly OF equitlbiy on any other principle.
/ 10 this it was replied that money was a monop
Wv. Every man can raise potatoes, but no indi
/ tidunl can make money the Government makes
.nat and therefore it should not be put with ar
tcIe- which rise and fall in the market.
This Dies not meet the point, as think. The
Government makes the money, it is true, but not
o. bold it Ms u monopoly, nor to allow any favored
class to do It by the aid Of special law. Every
man can have such share Of the money as he can
procure by raising potatoes or whatever else to
exchange for it. The money is widely and equit-
ably distributed accordingly as each person can
earn it, AMI thus il eau be no more monopoly so
lar rs our present argument is concerned, than the
simm1n articles Of Commerce had before said
hat t WAS too widely distributed in Vermont to
DC called luopoly. That in countries where
their ltws had purposely restricted the sufuson
wealth, and where legislation desgnedly created
md protected custe, money was monopoly t.
may have been 80 formerly in this country, when
and where the people had scarcely emerged from
the education and effects Of the caste legislation
VI the old Countries But now and in Vermont
money i too widely difdsed to be regarded as a
inln1pily; indeed there is a large class of per-
ans Of moderate means, who are lenders the
|eainstresses, widows, mechanics, and even the
smaller farmers, to say nothing Of the larger
/ Probably there is no territory on which the sun
shines, where money is less monopoly.
Ddt it was said in opposition, that money was
Ofa peculiar nature, it was not property but its
representative, it was a mysterious thing, 80 that
large transactions By its appliances can be carried
IN between distant points as if by magic without
any transfer of funds and it should not be classed
with things, which rise and fall in the market.
10 this answer, we know that money has it,
standard value, the silver dollar, which never
/ should change in weight or purity. Paper money
changes only rs it ceises to represent standard
ciin. Bat while its standard value is fixed its
relative value changes continually, The same
n ney which pays for one pound of butter
NV, paid for three pounds iew years ago
The money which buy some bushel Of oats now
bought three formerly. The value of money
therefore TO do business WITH and its supply
vary, and hence the worth Of its use varies. So
far as our argument is concerned, it follows 80
clasely the laws Of change in regard to things
biuglt and sold, that the use Of it is worth just
what lair market indicates The variations of
is worth are often rapid and wide, az is true Of
the common articles Of commerce. And an inter-
est law, u be even proximately just, should have
a sliding scale Of rates like that which governs
1 tho link of England If the use of money is
not worth in IRE and less, why does that old CON
sentative institution vary its rates agreeably to the
demands OF commerce Do not its managers I'M
derstanJ the philosophy Of trade, the mystery of
IN iney have they not fathomed the intricaeies
Of commerce? And why do the States Of this I'M
ion egilize such different and even movable
rates VI interest? And shall Vermont be told that
the use Of money does not change in its worth,
and that she must adhere 70 her old and uniform
rate How differs Vermont from the rest of the
. Ia Ill. 10 al,o boyo &C.