The Barre daily times. (Barre, Vt.) 1897-1959, 1913-02-15
House Voted Also in Favor
of Abolishing Off
sets
HELD LONG DEBATE
ON HOUSE BILL 145
House Finds Too Much Bust
ness To Close Up Leg
islature Now
State House, Feb. Is.


just prior to adjournment for tin
, week yesterday afternoon, the House
after long debate passed the Hous,
bill l45, providing for exemption from
taxation of money loaned on Vermont
real estate at a rate of Az per cent
The vote passing the bill was ITO tc
SIS.
The bill was amended in two i'm.
portant particulars, the first as follows;
Section l, money loaned within the
state at rate of interest not to ex.
coed four and half per. cent. per an
mum evidenced by promissory note,
mortgage on real estate or personal es-
tate or by a bond for deed, shall
be exempt from taxation.
See. was amended so that it read !:
"No deduction on account of debts
owing shall be made from the appraised
valuation of personal estate nor from
the grand list of any person; and Sec
tions 545, $40, $50, 553, 554 and $50 of
the public statutes, and all amendments
thereof, and all sections and parts of
sections of the public statutes and all
acts and parts of acts inconsistent with
this section. are hereby repealed
| Mr.. Martin of Bennington moved to
amend by striking out Section 2, and
inserting instead a section abolishing off
sets owed within or without state UNI
less person, firm or corporation shall
file with the town clerk sworn state
ment concerning the nature and amount
of Indebtedness, with the name of cred
itor and place of business, prior to Jan.
Is of each year except the year 1913.
Mr.. Martin argued for honest men
who need the Offset and the great ma
jority need such relief.
Mr.. Jose of johnson claimed the only
organized interest in LamoilIe county in
favor OF offsets is the lumber interest
and storekeepers. Offsets are special
privileges and should be abolished
Mr.. Flynn of Dorset quoted from in
ventories of Rutland taxpayers, show
ing offsets in some instances in excess
OF entire valuation of personal prop.
erty.
Mr.. Wright of Westminster had
learned a large paper mill doing bus
mess in his county had more offsets
than its entire property valuation. The
men Of his vicinity who ride in automo-
biles are the men who favor offsets.
Mr.. Clayton of Londonderry favored |
the abolition of offsets entirely--no half
way work.
Mr.. Gleason of Richmond opposed the
On motion of Mr.. Hitchcock of West |
Haven. debate was closed. and the pro-
posed amendment was killed.
Mr.. 0rvis of Manchester moved to |
strike out all after enaeting clause and
substitute provision that money on
real estate mortgages at not more than
five per cent. interest annually shall be
put in the list at one per cent. OF its
valuation and taxed at 10 per cent. OF
the grand list. No deduction shall be
made from the appraised value of per-
sonal property on account Of debts ow-
ing The amendment was favored by Mr..
0rvis and Mr.. Comings of Richford
Mr.. Wright of Williston moved the
bill be ordered to lie, which motion was
ost. Mr.. Goodroe moved the previous
question, which the House refused to
adopt
Wanted Equality With Banks.
Mr.. Comings of Richford felt the pea
BE sent their representatives here to
PASS law permitting them to loan
money on the same terms and condi-
ions as banks.
Mr.. Eaton OF RoyaIton thought there I
aIo g Sal -, |
telling individuals to loan money at
i've per cent. while banks can get six
er cent.
Mr.. 0rvis thought the tendency would /
e to bring the rate of interest on mon c
v loaned by banks down to five per I
emit. (,
Mr.. Hapgood of Peru believed the
iouse had the right TO vote on the {
i'll without embellishments. b
Mr. Jose thought it an imposition on t
he members of the House to be asked d
D pass tax bill drawn up by a few
lembers while at lunch, and which was r
oil of grammatical errors. c
The amendment was lost and on the
assage of the bill. Mr.. Orvis asked for I
ne yeas and nays. G.
Mr.. Miller Of Bethel thought the aboli-
on of offsets would paralyze business
! Vermont during the winter months,
to making out their inven- =
,ries in April. Men from other states =
re coming here and entering into bus y
less because of the right given by our
Tvs permitting offsets. The abolition -
offsets and low rate of taxation 60
and in hand. Offsets have not been :
and yet industries have in -
eased.
An Old Maids Dream. :,
Mr.. jose Of johnson considered the
tention OF offsets bogy. an old maids a
cam; every labor man in Vermont
Ould favor the abolition. OF
Mr.. Clayton of Londonderry favored
e bill, Mr.. Wright of Nilliston OPP pI
'sed. n,
Mr.. Hapgood of Peru favored the aboli- "a
on. if money could be borrowed at ps
ur and one-half per cent. VI
Mr. Hulett Of Rutland moved 20 amend
inserting after the word real estate in
T personal estate or by a bond for
ed. This amendment was defeated. liz
Mr.. Crosby OF Brattleboro opposed the ri.
"a that I'VE must do something We
ght to do something il We could bet 20
/ the Law, but he believed the law 70