Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1874-11-04
The House and the Interest Rate.


by Il very decided majority House Bill No.
30. to allow per cent interest by agree
mcnt, and providing that in all cases
where no stipulation as to the rate Is
made in the note or contract, six per cent
per annum only shall be lawful. The
discussion on the report of the special
committee, against the bill, was " short,
sharp and dcci>ivr'' and the following is
the reporter version of it:
Nh Gillett, OF Richmond. said he was in
| the minority in the committee. and stated
that Treasurer Page and Auditor Perrin
| were before the committee and stated that
! the law as il now stands tends to drive
capital out Of the state. He would not
! attempt to argue the question, bat WAS
| decidedly in favor of the bill.
Mr. S,yleS, of Huntington. moved that
The bill b ordered to lie and made the
special order for ii,lf-paSt two o'clock on
Wednesday afternoon, which was dis
agreed to.
Mr.. Hyde of Ca,tleton. and Mr.. Small
ley. of Burlington, both favored the I'M
mediate consideration OF the bill
Mr., Davenport, Of Wilmington. SAID
that he didn't suppose it would do any
good to say anything on this bill. 1t
seemed to be unpopular now, and he
supposed it would be more 50 after he had
-aid what he had to say on it. He thought
the reason for scarcity of money in Yer
mont WAS due wholly to our interest laws.
Moneved men would send their money to
| hose states where it could he loaned ut Il
higher rate than six per cent interest;
! Il, 81, l,,I,,
lass and the Turning community are the
sufferers. If capitalists could get eighl
per cent here. they would no; send their
money to the west t" get ten per cent; or
| into Massachusetts to Get the same rate
that this bill would allow here.
Mr.. BurIl. OF Miid!etown. sad that il
munit> would lee compelled to plv that
r:lte On their mortgages or he driven from
their farms He WAS opposed to the bill
Mr.. Dut.on of Norwich. laid he hl;l no
trouble in getting aIl the money he wanted
1t six icy cent. If any are paving more
/ thln that, it is brciu~e they are attending
To other peoples business. AMI not to their
own.
Mr. Dant, rh, Of Barnard, said his CON
>;iturut- were somewhat money borrowers.
-
if this bill became :: law, they would ri
once have o pay 4 higher rate on mort
-a9r, which are overdue"
Mr.. Hubbard, of Springfield, thoHght
the additional tNo per cent. interest wpuIl
prove tie rain of the large proportion OF
The farming interest of the state If parties
wish to send their money ont Of the STATE,
lit them do it bat 1t us not drive oar
I-.,r,,t.r ,,,.,, ,,r,t ~ Ia. -'.itt ri
Mr. MrFad.icn. of Wells. said he believed
the bill was one To make the poor poorer
AMI the rich richer
Mr. Blud-rjt, of It .Io!n>bury. said the
way to get cheap money was 10 increase
the supply. and he believed this WAS 3:
step in thu direction Of :; ltrgrr supply
and thereby cheaper rate.
: Mr.. >Iylr~. of Huntington. said this i 4
step t. the universal rate of cigh' per cent
in this >tl,r. and il effect will be against
H. agricultural Interests of the state: an
i all other Interests :.re closely allied t,
tilr agricultural Interests. it would unf,Vor-
, ably affect all the Interests OF the >ta'c.
Mr. Norton of Bennington. favored tn,
bill u one of political economy. rather
than Il subject for legislation.
Mr.. Henry. %; Chester. moved to amen.
bv striking ont All If the inst ~t.'ti N cN-
crpt the liz i tlIrrc line. AMI favored h
amendment AZ relieving tn" bill of til,
objection Of liNiu@ The lcgal rate nj cigh'
CT cent. and allow M :, contract for ;tny
rate stimulated in the not" or contract.
Mr.. Circuit. of Barton. W1~ clad not I,
see the usual number of Icgal gentlemen
tdvo at M i higher rate OF interest. Ever
# we Kill this bill. We >noUli nave it he
fore. IL :l..tin IN some form for this matt,