The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1872-12-03
TOT The Negister.
The Rate of Interest.

from tho Legislature Of Vermont as Oh
Of vital interest to the community. Bu
with variety Of views and opinions, ,tha
at once,illustrate the difficulty of the sub
ject, and the conflicting interest to be at
fected by its treatment.
The specious enquiry "why should no
money in its value and its gains, be lef
to regulate itself in public market, lik,
any other commodity or useful property
is answered by the fact, that none
though national incident of commerce
is nevertheless a creature of the law. 1t,
office and value is regulated by law. Ii
is so made standard Of value not mere
ly for itself, but for every other specie.
of real or personal estate. 1t is by Law
an exclusive legal tender, in the satisfac
tion of debts, and in commercial transac
tions. If money is to be on the basis o
other personal property then the debtor
must have, an option to pay his debts 10
the live stock, and the products of hi:
farm, or in the farm itself, in a fair ap.
praisement. But payment in such prop.
erty can only be made in pursuit of some
special agreement between the parties
In the absence of such agreement, money
can be exacted in all cases. The law be.
ing SO the patron of money, must by lib.
eral provisions, mitigate the severity and
hardships growing out of its use and must
restrict the monopolies growing out of its
possession. If in practical experience
every debt we paid at maturity, there
would rarely be a stringency in the money
market, But in ninety-cases out Of one
hundred, debts are not 80 paid and in a
majority Of cases outside of mercantile
aud commercial circles debtors, though
esteemed wealthy, have not the ready
money to take up their notes at maturity.
In such cases, the law steps in and says
to the creditor if you take advantage OF
the circumstances of the persons who arc
already your debtors, and charge more
than the legal rate of interest if residing
in Vermont, you shall account for, and
pay back the excess if in New Y ork you
shall forfeit the whole debt. The usury
laws are consistent with the practical ex-
perience ofthe people in the use Of money.
As dead capital, money in the aggregate,
nets to its owners, not over five per cent
per annum. But associated with human
labor, enterprise and skill, it may improve
tho aggregate result of labor. equal to
seven per cent. per annum, men will earn
two per cent. more with financial means,
than they could do without them. 10
new settlements and in the cultivation Of
'hS'u soii., "L--- .L--- = ---n-Li,
market for the products-money is bet
ter worth ter to twelve per cent. per an
mum than six per cent. in the olden
State, and harder soils. Besides, the new
settler by early payment for his lands,
gets the benefit of its rise in value, in the
growth Of the country, in addition to his
more bountiful harvests.
But while | hold it absolutely neces-
sary thai the debtor should be protected
by law against the exactions Of heartless
creditors, and that there should be some
fixed legal rate of interest. | am not 50
we'll satisfied, that six per cent. is the best
legal rate. Situated as Vermont is on
the borders of New York, where the legal
rate is seven percent, capital that would
facilitate the development of mines, the
appropriation of water power, and the in.
crease of manufactures is drawn away to
neighboring States, where the higher rate
of interest is allowed New Jersey, has
had six per cent the legal rate in nearly
all the counties bordering on New York
The present condition Of Vermont in its
agricultural interests, its mines and man.
ufactures, would warrant the legal rate of
interest at seven per cent, and probably
not higher rate. la settling the rate
all the material interests of the State are
to be considered, and not the mere con.
vencnce of plodding farmers. Railroads
are to be built, manufactures increased,
mines opened, and the resources of the
State are to be developed from these pur-
poses, not only the money produced in
the State, should be retained there, but
the young men who are likely to follow
elsewhere the better facilities of realizing
the means of prosecuting successful bus.
mess JOHN NJ STEARNs.
Wllamsburgh, \ Y. Nov. 23d 1872.
FEAST OF THE TABERNAcLEs. The