The Barre daily times. (Barre, Vt.) 1897-1959, 1915-03-17
DOINGS OF THE
LEGISLATURE
Continued from first pogeJ

public statutes, as amended by section
OF No. 1888 OF the acts of 1908, relating
TO the salary OF the fish and game com
missioner.
An act to amend section ! OF No. 231
of the acts Of 1910, relating to the pay
of the official reporters OF the general
assembly.
| An act TO amend section | OF No, ~
of the acts OF 1908 as amended by Sec
ton l96 of the acts Of the general as
sembly OF 1915 entitled "An act in
amendment OF and in addition TO and TO
repeal certain sections of the public stat
utes and of the acts of 1908, 1910, and
1912" approved Jan, 30, 1915, relating to
claims against the state.
An act to amend No. A OF the acts OF
1912, relating to state taxes based on IL
legal assessments.
An act to amend section SIS OF the
public statutes, relating to the penalty
of accepting an incorrect inventory.
An act to amend the charter OF the
village of West Derby.
An act to pay the town of Stockbridge
the sum therein named.
House Killed Bank Loan Exemption.
The House yesterday afternoon killed
the AIcClary bill allowing banks to lend
money at per cent. without taxation,
the bill being debated at length
Mr.. Melendy of Londonderry opposed
the bill, saying it took away S25O,00O
from the banks Of the state, and meant
a 10 per cent. state tax TO make good
the deficiency. He said the banks bear
more than one-third of the expenses of
the state. He thought the banks now
paid enough and should be let alone. He
moved to dismiss the bill.
Mr.. Moore OF Ludlow and Mr.. Hap
good OF Peru opposed dismissal without
discussion. Mr.. Hapgood said last year
the law abolishing offsets had brought
$4,000, 900 into the grand list. He spoke
OF the benefits Of direct taxation and
said simple, stable legislation WAS want
ed Mr.. Foote of Cornwall opposed dis
missal and the House refused to dismiss
the bill.
Mr. McClary of Windsor having moved
To amend by striking out the words, "evi-
denced by a promissory note on real or
personal estate" the pending question
was on the amendment, and it was de-
feated by vote of 81 to IS. A second
proposal of amendment was to strike
out similar words in section 2 and was
refused. Mr.. Foote Of Cornwall moved
TO amend by striking out seyen-tenths OF
per cent, leaving a tax OF | per cent.
Mr.. Fairchild of Fairfield asked If that
would not compel the savings banks to
reduce their rate of interest on deposits.
Mr. Foote thought as banks had asked
TO be permitted to raise their surplus
from 10 to - per cent. they might be
able TO stand il. Mr.. MeClary OF Wind
sor said there had been a large shrink
age in bank assets during the last year.
He thought this amendment would put
the banks out OF commission. The banks
would lose deposits TO the banks of other
states. Mr.. Dunsmoore OF West Windsor
favored the amendment. Mr.. Hapgood
said he had consulted some of the strong
est bankers in the state, who had told
him that they were ready to lend money
at 5 per cent. ii they could be relieved
OF the tax OF seyen-tenths of per cent.
Mr. Foote OF Cornwall said he under
stood that some Vermont banks under
the present law were lending money az
8 per cent. He thought the state could
not afford to lose the bank revenue. Mr..
McClary OF Windsor, in supporting the
bill. said the loss of revenue under the
bill probably would amount to S230,000.
Mr. Wilson Of Chelsea opposed the bill
on the ground OF the loss of revenue. He
also opposed the Foote amendment, which
he said added a tax to loans outside OF
the state. He said in very many banks
one-tenth of ] per cent. meant the diff
ference between success and failure. He
thought the passage OF this bill meant
the wiping out OF revenue on the guess
work that perhaps somebody will be
benefited. Two years ago we were told
that the amount Of offsets was S33 600.
600. but only $4,000 600, was loaned az 5
per cent. In passing the tax law two
years ago we handed the poor man
lemon. If We pass this bill We viii hand
TO the people another lemon that viii
cost $4,000. He thought the passage
OF this bin meant a direct tax Of IS
cents ON the dollar annually. Mr.. De-
merritt OF Duxbury thought the lender
of per cent money now goes scot-free.
The Foote amendment was killed. MT.
Morse OF llardWick thought this bill
meant per cent. money. He was not
afraid Of a direct tax ii We get somt-
thing in return.
Mr.. Smith 81 ST. Adams City said that
the laws Of competition applied 20 many
just a. they did 20 hay and potatoes.
This bill meant net loss 20 the banks
Of three -tenths Of ! per cent. and loss
70 the state revenues Of seEen-tonths 81
/ per cent II would b. difficult for ans
but the larger banks 20 stand such a
loss. lie Did not believe Vermont banks
could meet ueh outside competition. Tie
thought the bill would drive money ont
OF the state II was trying 20 On the
value ~ a commodity trying % change
AN economic law ~ legislation. fie
thought ID would make il harder Tor tic
man of small means 90 borrow money
he characterized b 81 vicious bin. aud
opposed it Mf Randall 81 sheffield
thought 10 world ~ The widows and
orphans who would lose the three.tenths
of per cent
Mr. Graham ~ Rockingham opposed
the bill with tar MrClary amendments
defeated which be- tfeuart took awar
the possibility 81 scr efnt money ani
ieft the hl eIass legislation NJ. Atweil
- Brandon Thought nuly few harrou
sfs got tbe leueGt 1i thf less oi aeron-
tsnths of flaf rent ard tHat tiis vas
class iegisintian. HF large ma ioritr.
80 a t.ea tHra frf4 fh.rH fer ding nna