The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1912-12-20
FIGHTING FLAT RATE
Merchants and Manufacturers at
Montpelier.

montpelier
Montpelier. Dec. 1S.-ln the Sen
ate chamber packed to the doors, a
number of merchants and manufac-
turers explained to the Senate com
mittee on finance this afternoon why
! the fiat rate bill which recently
passed the House, If enacted into law
would work an unfair hardship to
them and tend to drive business ana
| initiative out of Vermont. The
first speaker was the Hon. Alexander
Dunnett, who said that he was there
to represent the people of his home
| town, st. Johnsbury. Mr.. Dunnett
objected to the lack of equity which
the bill involves when il lowers the
rate on bank stock and a number Of
kinds of personal property and de-
prives the young merchant, who has
large stock of goods in his store,
of the right to get some recognition
of the fact that they are not paid for
or are bought with borrowed money,
allowing him to set off against them
the amount which he owes. He said
that this was not a real fat rate
measure, but patched up expert.
ment, more unjust than any law
which he knew except one very anc-
lent law which read: ITO him that
hath shall be given and from him
that hath not shall be taken away
even that little which he hath"
f. NJ. Cory. speaking for the mer-
chants and manufacturers of Mont
pelier, made an earnest speech
against the bill
The Hon. Max l.. Powell spoke Wig
Orously for Burlington business men.
He 50 d that all over the state it
would paralyze initiative and pena-
lie all the young men who are try
ing to awaken and build up Yer
mont.
The Hon. H. S. Peck also spoke for
the Burlington business man, and
r. B. Wright of Burlington told how
the law would injure business and
be unfair to ambitious young men
with limited capital.
H. II. Abbott, a young business
man from Bellows Falls, stated clear
ly the case of the merchants and
manufacturers of that village and
rendered their formal protest
The Hon. w. A. Lord of Montpelier
opposed the law on the ground that
it was a hybrid with neither sex nor
denomination, mixing up the fat
rate principle for the sole purpose
of catching certain votes.
Mayor Robert Roberts of Burning.
ton spoke on behalf of his fellow cit
lens saying that the law would fall
because it attempted to legislate
men honest.
The Hon. John w Gordon OF
Barre. the most prominent advocate
of the fiat rate for Vermont, was
asked to speak If he wished to, and
make a very eloquent and impas-
stoned appeal for the general fiat
rate principle, but seemed to avoid
treatment of this particular bill. es-
pecially with regard TO its Offset
limiting feature.
Question from Mr.. Roberts reveal
ed the fact that in Pennsylvania,
where Mr. Gordon said the fat rate
had been a success in increasing the
tax lists, the fiat rate in force is
very much less than the rate which
this bill would impose.
The Hon. c. p. Smith, who hap
pened to be in the audience, was ask
ed some questions by the committee
and in his reply stated that the
measure under consideration and
the Babbitt bill for the exemption OF
money loaned on Vermont real estate
at five per cent OF under, were in no
way inconsistent, being designed to
accomplish two different things. The
Babbitt bill he said was designed to
lower the rate of interest in Vermont
and he believed would do it. This
bill, he said, was a revenue measure
designed TO get more property into the
list He said he thought this bill
would be a good one IL the fat rate
provided we're lowered to about three
per cent and the injustice as to Of
sets abolished.