Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1874-11-06

to state that State Treasurer Page and
huuitor rerrIn were before the committee
and stated that the law as it now stands
tends to drive capital out Of the state. He
would no, attempt to argue the question.
but was decidedly in favor of the bill.
Mr.: Sayles OF huntington moved that the
bill be ordered 10 lie and be made the
special order for halfpast two O'Clock ON
wednesday afternoon. which was Disagree!
to.
Mr.. Hyde Of Castleton. and Mr.. smalley
oil Burlington. both favored the immediate
consideration of the bill.
Mr.. Davenport of Wilmington, said he
didn suppose it would do any good to saw
anything on this bill. Ii seemed to be un
popular now, and he supposed it would be
more so after he had said what he had to on
H. lie thought the reason for scarcity of
money IN Vermont was due wholly to our
interest laws; monied men would send their
money to those States where it could be
loaned at higher rate than six per cent
interest ; and so long as they cid that the
laoorlng class and the farming community
are the sufferers. If capitalists could get
eight per cent here, they would not send
Their money 10 the west to get ten per cent.
or into Massachusetts to get the same rate
that this bill would allow here.
Mr.. Buell. of Mddle:own, said that if
TINS bill should pass, cur farming communi-
ty would be compelled TO pay that rate on
ther mortgages or be driven from their
iarms. lie was opposed to the bill.
Mr.. Dutton of Norwich, said he had no
trouble in getting all the money he wanted
at SIX per cent. If any are paving more
than that it is because they are attending
to the business OF other people and not to
their own.
| Mr.. Daniorth Of Barnard said his con-
stltrents were somewhat money borrowers.
and that on mortgages of their farms and if
tins bill become a law they would at once
have to pay higher rate on mortgages
which are over due.
Mr.. Hubbard OF Springfield. thought tee
additional two per cent interest would
prove the ruin of the large portion of the
farming interest Of the State. II parties
wish to send their money out OF the State,
let them DO 1t. but le, u not drive our
young men out of the STATE als1.
Mr.. McFaddcn OF Wells said be bclieYed
the bill was one to make thc poor poorer
and the rich richer
Mr.. Blodgett of ST. Johnsbury, said the
way to get cheap money was 10 increase the
supply and he believed that this was ste;,
IN the direction Of a larger supply and
thereby cheaper rate.
| Mr.. Sayles Of huntington, said this l. =
| step to the universal rate oi eight per cent in
this State. and il effect will be against the
| agricultural llterc~fs ri the state. and ~
| ali other interests are closely allied To the
| agricultural interests, i; would uniayorabiy
| affect all the interests OF the STATE
| Mr.. Henry OF Chester, moved 10 amend
| by striking out all OF the first section cx-
| cept the three first lines; and favored hi,
| amendment Of relieving the bill oi the Oh
lection OF fixing the legal rate a; eight per
cent, and allowing Il contract for any RATE
stipulated in the note or contract.
Mr.. Grout Of Barton, was giad not to see
the usual number OF legal sentleiGca here
advocating the higher rate OF interest. Even
| if we Kill this bill. We shall have it heiure
Us again IN some form for this matter WAS
hydra headed monster, from which II We
clip one head anOtner would soon make ~
appearance. Better kill this at once.
Mr.. Henry of Chester SAID his amendment
brought the question Of an increased rate OF
interest directly before the House, and We
should decide the question II once. Ii we
vote down this bill sc only decide tie ques-
of eight per cent. and tomorrow we shall
have another for seven per cent
Mr.. Holden of Barre, moved the bill and
amendments be dismissed, which motion wa~
agreed to by very decided vote.
From committee on ways and meauS,
against H. ID relating % compensation ct
certain State employees.
Nlr. Stanley of Leicester, moved to amend
50 as TO take effect Dee. lst. 1874, and stated
that he offered this amendment 50 as not 10
DO injustice to the present messengers. Tie
was IN favor of the bill because he thought
| he had no right to take 4 dollar from the
| Treasury OF the State unjuStly. We can get
plenty Of boys at two dollars 4 day, and 50
long es We can DO - We should pay them To
more. Fav0ritism should bot enter into oar
deliberations ii all, bat we should do equal
and exact Justice lie gave a statement OF
the nnmber now employed, and the amount
that it would require II this bill should be
passed.
Mr.. HYDE Of Castlcton said that although
there was a law on the statute book in
$50. giving messengers s. per day. the
fact : tiey have always hcen paid the same
per diem - the members. lhey are Impair
italy distributed throughout all parts OF
the State, and he thought 1t very bad policy
to attempt 10 adopt any new laws. The
committee had given the subject careful
consideration, and were Of the opinion that
the bill ought not to be adopted.
The amendment of Mr. Stanley was then
agreed to ayes 20, nays 81.
Mr.. Davis of Reading. moved that the bill
be dismissed, which was disagreed to; ayes
so, navs 90.
Ar. Henry Of Chester. moved that the
bill be ordered to lie, and that the clerk be
directed 10 procure the printing of 300 CO.
pies.
Mr. Martin Of Londonderry. opposed the
motion to lie, and thought we better meet
the question now.
Mr.. Hyde OF Castlet1n, SAID We are fixing
the pay OF the messengers for another
session. and for another body Of men. and
as he saw many members were not voting
on the question he called for the yeas and
nays On the passage of the bill
Mr.. Smalley of Burlington agreed with
the gentleman from CaStleton. and thought
this was picayGEe matter to be considered
at this time lie preferred 10 let the next
legislature ix the compensation OF their
| own messengers if they wished to change it.
Mr. Bailey of Fairhayen, briefly opposed
the bills saying We were spending time that
cost the State more than Will be saved by
the bill.
Mr. Eddy Of Jamaica and Mr. King OF
Lunenburgh, briefly favored the bill;
On the question OF the third reading OF
the bill the yeas and nays were, yeas ll5.
nays 80; 50 the bill was read the shird time
and passed.
From special committee. consisting OF
members from the county OF WIndham, IN
favor of IL. 10, repeating an act relating 10
the division Of the town OF Westminster
with proposal of amendment grOyi1ing that
the bi. shall not take effect until submitted
to a vote of the people of the town of West
minister.
The ,,,-enInent and the hill were dis.