Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1877-02-23

interest felt when business Is al stand
still, without prospect of much Improve
ment The burden falls heavily upon those
who are owing largely for their farms or
buildings. The present system has proved
great grievance, and the working class
and those who sympathze with and help
on improvements demand relief. They
must and will be heard. There is no ex-
cuse for our savings banks sending money
West, however high rates of interest can
be obtained, while the Eastern man is in
need of 1t, and can give ample security.
When the plan was first adopted by our
savings banks of establishing agents at the
West to invest their funds for them, New
England's funeral knell was sounded
Those of us who had mortgaged property
for few hundred, or perhaps few thou
sand dollars, were at onc9 forced 10 pay a
ruinous rate of interest, and those who
were loaded with all they could stand gave
up in despair, or rcdoubled their efforts to
stand the extra burden little longer; and,
II by chance they do stand, II is simply be-
cause of favoring circumstances and extra
efforts by day and by night. II is the last
straw that breaks the cancels back. Five
per cent. is higher to day than per cent
six years ago. Taking uncertain Western
securities, THAT could not possibly be ex-
changed for cash, II needed,) has enabled
the banks to declare large dividends, and
stimulated the moneyed men TO send of
every dollar possible, no matter how much
their neighbors may want little help on
good security, they cannot have it, as they
cannot stand the extravagant rates of inter-
est which the banks obtain at The West.
And so the work of depopuatlon goes on,
backed mp by the capitalists Of our State,
not for moment considering that they are
actually committing suicide, and the life
giving principles of our State droop and
die. II one mans property goes down on
a foreclosure will not his neighbors suffer
in proportion? fla block of stores should
sell for one half their cost or real value,
would not the block adjoining he sensibly
affected? II Mr.. AS farm is sold on a fore
closure for one-half its value, will not his
neighbours decline in value in the same
proportion? This problem, fairly worked
out, compels the Eastern man to go West,
where the soil produces in proportion to
the rate of interest he may have to pay /;
and the work Of depopulation goes on, and
the capitalist wonders what is the matter,
but finally concludes that the soil of New
England is all run out. Give the laboring
man a chance and tens Of thousands of
acres OF Vermont land would again show
the march of improvement, and the dill
gent husbandman would be amply re-
warded for his toll aud his sons would he
induced to remain with him ut home. Yet
this system cannot always last we are fast
approaching crisis which will lead the
money-lender 10 consider the great ques.
ton of interest. Will Vermont still re-
main Indifferent TO this subject, while our
sister States are providing a remedy? If
every effort of the laboring man can be so
controlled as TO subserve the interest OF the
capitalist, and impoverish those who are
striving to earn an honest dollar, we must
conclude that slavery worse than negro
bondage is destined to drink in the life
blood of our fair land. When the man with
his surplus thousands prays, let him re-
member "those who are in bonds as bound
with Them" and may our country be saw
ed from tyranny and oppression, and from
the power of a moneyed despotsm.