Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1872-11-06
MONTPELIER, VT, WEDNESDAY, 6 1912.


Mr.. Field Of Springfield said he had made in
quiry and found TINT the other officers werc pai,
under the law of 1870, and no believed the Secrc
tary Of Civil and Military Affairs should be pai,
under the same law.
+ MIR. Pingree, Of Hartford. said that there wa
: 80 due 10 Mr.. Slado as justly as there was
dollar due to any officer Of the House.
Mr.. Mattison, Of Salisbury, favored th,
amendmontas proposed by the com
Mr.. sherman, Of Dover, fully agreed with III,
gentleman from Chelsea, and said precedent wnl
in favor Of the right Of the legislature to raise Of
reduce the salary Of officers Of the State and thai
the Secretary OF Civil and Military Affairs SHOULD
be paid under the old law up to the time the new
law went into effect, and that he should be PAID
under the new law from the time il took effect
making the amendment proposed BY Mr.. Ilchart
Just and equitable.
Mr.. Miles. of Albany, said that the officer by
continuing in Office virtually accepted the new
salary, and could claim no more than pro rata
under the old law. and the salary as fixed BY tho
new alter IL went into elect
Mr. Davis Of Reading. opposed the amendment
4 proposed BY the gentleman from Chelsea, because
DE believed that there was nothing due. and asked
Mr. llebard 10 withdraw his amendment 50 that
the question may be taken on the amendment as
proposed by the committee, to indicate whether
the House were 10 favor Of paying Mr.. Slade
anything
Mr.. lcbard then. by unanimous consent, with
drew his proposal Of amendment, aud the qucs-
4 ton recurring on the amendment ms proposed by
the committee, It was disagreed to.
Nlr. Davis, of Reading then moved that the
. bill be dismissed and on that question Mr.. Pin.
gree, Of Hartford, demanded the yeas and nays
which were taken-ayos l25 nays 49, 81 the
motion 70 dismiss was agreed 70.
/ Repors.-frOtu COM on c0fp1mtlans ia ftpr
| OF II. 202 to Incorporate the Grand View 1foins
tain Hotel Company third reading ordered.
From com. on grand list, in favor Of II III
20 lcgnl2e the quinqucnnial grand list Of Tops
ham third reading ordered
Mr.. Pitkin, Of Montpelier, called up II 3, re-
ating to interest
On inquiry of Mr. Butterfeld, of Wilmington.
Mr.. Munson Of Manchester said the report WIS a
majority report.
Mr. Butterfcld said he was opposed 10 the law.
as il now stands on the statute books, but that
money should be governed by the same laws Of
demand aud supply as governed all other COM
moditcs i we pass a law fixing price beyond
which lllur should not be sold, it would have the
same effect in time Of scarcity, to drive all the
llur out Of the State. and the people would have
10 90 out of the State for -four, or purchase of
dealers in the State in violation Of law. 50 it isl
with money, the supply and demand must regu-
late its price Every Shylock in the State was in
favor Of the law ~ il now stands, because it Gre
atcs scarcity Of money, and enabled them 70
get their and 10 per cent. on whatever they had
chusetts to loan, because the law was favorable
and we are going TO Massachusetts, and hiring
that same money, and paying brokers for trans
acting the business. lie said that all parties in
Nassachusetis-both the lender and the borrower
were satisfied with the law in that State, and
he hoped this State would follow the example OF
Massachusetts
Mr.. Whtcomb. Of Ludlow, said he asked the
passage Of this bill as a borrower and not as a
londer, believing that those who are engaged in
developing the resources of the State would be
benefited. and, in that it would create a home
market for farm products, il would benefit the
iarintvs The nearer we can bring producers and
consumers. the greater the benefit to both, and
be believed this bin would tend to Just that con
dition Of affairs lie would not have the regu-
lar iu1i rate Of SIX per cent. increased, but
there were emergencies where business men
conll nAlrd, and were willing, T. pay more.
and they should not be restricted Hel
agreed with Mr.. Butterfeld that the price of
money should be regulated by the supply and do
mand Tlerc are times when there is a strin.
goncy in the money market, and we should allow |
men TO 90 into the market and hire it at its cur
rent value. and not oppress the laboring class by
stopping the mechanical and industrial Occupa- |
tions Of the State. He deprecated the efforts
that had heen made to array capital against Ia |
Dor, as the two should work together in perfect |
harmony lie believed this bill was not in the |
interest Of bankers and brokers, but will com |
mend itself 10 all classes and tend to the I'd |
vancement Of the hest interests Of the State, rs
well a. greatly improve our morals.
Mr.. Ormsbee, OF Brandon, did not agree with |
the gentleman as to the effect Of this bill, or the
proprioty Of its passage lie said that money
was the standard OF all values while other COM
mldties were pershable aud nust often change
hands. The money changers haYe IL in thee !
power 10 lock up money IN their chests until the1,
create such n scarcity o. will fase its price be
the rfoeh of he min thar
cannot do so with -four and other commodities. |
lie sad that the money lenders were the ones |
most desir0us Of the passage of this act. As 10 |
the claim that this law drives money out OF the /
state, he believed that that state of affairs was
attributable to the law which required the town
clerk to notify the town clerk OF neignboring |
town Of all mortgages held in the first town by |
citizens OF the second town. Men would send |
their money out Of the state TO escape taxation /
and that was stronger incentive than the fact
that six per cent. the extent of legal interest
that could be taken. lie did not believe this law
was demanded by the money borrowers, and be-
levcd that two-thirds Of the money now bor-
rOwed in Vermont was at six per cent interest
and there is no call for any change Pass this
law, and the door is opened as wide as though we
take it off its hinges. II is a well established
rule that the man of money has the advantage Of
the man who has no money and we should not
help TO increase that advantage hy passing this
law. II then our landed securities are bearing
only six per cent. interest," and all parties are sat
isted with that rate, there is no call for a change
Mr.. Carpenter, Of Charleston. had to deal with
this matter as q man who had for thirty years
been borrower and his experience proved
that there is a higher law than the statutes Of
Vermont We have been compelled to agree to
pay higher rate of interest than six per cent ,
and have paid it, Some men have agreed TO pay
it, and then have repudiated their contract, and
we should compel them to fulfil their contracts
before we restrict those of us who have to pay a
larger rate and are ready and willing to nav IT,
lie was in favor of this bill, and hoped it would
ecome law.
Mr.. Boyce, Of Barre was opposed TO this bill .
rs tending to oppress the laboring classes and TO
disturb the present contracts and securities and
should not be favored by the legislature.
Mr.. Child, Of Wallingiord referred TO the law
manufactures from taxation as tend
ing to develop the interests OF the State. and be-
lieyed that we should do all in our power to de-
yelOp the resources of the State TO enable us 10
compete with other States lie favored this bill
because he believed it would tend to decrease the
rate of interest, and that in the future we should
be able to loan money at less than we now do
II we legalize any rate men may agree upon, il
relieves the transaction Of one of the risks that
money lenders now have to incur by reason of its
10 six per cent. lie favored q change
as tending to promote the industrial interests Of
the State.
Pending the question on the third reading Of
the bill,
The Speaker announcedas select committee, to
whom was referred II. 1872, an act TO amend
chap. 50 of the general statutes, entitled I" OIL
The grand list and amendments thereto, Messrs.
W ilson, of Rutland, Starr, of Nottingham,
Marshall, of Burke, Westsn, Of Windsor. Jud,
son, Of Arlington, Maxiied, of yergennes,
lhase, Of jay, Field Of Milton, Rodgers, ogl
Newbury, Crane, of Concord, Rounds, Of Rich
ord, Russell, Of North Hero llubbell of VOL
,ott, and Batchelder, of plainfeld
On motion Of Mr.. lde, of Barnet, adjourned
SENATE.
THURSDAY, Oct. 81.
Prayer by Rev MIR, Stone, Of Castloton
journal of yesterday read and approved
bills introduced and rCf'TrCd BY Mr.. Adams.
% Incorporate the Chester hotel company 10
general com.
By Mr.. sho9d, authorizing the construction Of
chapel and the repair Of the old state prison, also
IN addition 10 the prison library |,