Year: 1870

Legislative Debates.


THE INTEREST BILL.


On Tuesday afternoon, October Goth,
~" H. ~F Pnr-"anr, +4tivaa rrnnaadad
to the consideration and discussion of the
two bills pending before that body, RE
lating to Interest" The following is an
abstract of the discussion


Mr. Drake of Royalton said he should
favor the passage of the bill because he
considered it for the best interest OF the
State Of Vermont He was under oath to
act in accordance with his convictions OF
what would tend To promote the Interest
Of the State. Every commodity Is worth
what it will bring in market, and If any
thing comes III to obstruct the natural
course of things there will be friction and
trouble. Money Is not unlike other
articles of commerce in this respect; sup
ply and demand will always regulate the
price Ii we should enact u law that far
mers shall not receive any more than 20
cents per bushel for their potatoes, when
they are worth so cents in market, We
should drive the farmers out of the State
to sell their potatoes-yes. and to raise
them too. He thought the argument that
money was a monopoly was of Ilttleor no
force, and we must give it its true value
There are more farmers that lend money
than there are that pay interest upon It,
1t is a slauder on the farmers of Vermont
that they are generally borrowers of
money 1t is not in accordance with the
facts in the case. There are mulutudes
OF small lenders in the State, and we say
| to them you must not take more than six
per cent, and at that rate the Shyl0cks
borrow it and re-lend it at much larger
rate. The law is now evaded IN almost
every instance, and we ought to pass this
bill to put the rate somewhere near what
money is worth,


Mr. Bull of Hancock asked if the farm
ers, the laborers, the seum1tresses, and,
according to the gentleman from Royal
ton, almost everybody is a lender of money,
who are the borrowers


Mr.. Drake said, the men in the far
west.


Mr. Buel Of Middlttow va said If we pass
this bill it will at once rai-o the rate to
s per cent, and thereby We shall drive
the money borrowers out of the State,
where they can get money at z per cent ,
or even lower. He was opposed to the
bill as opposed to the true Interests OF the
State.


Mr.. Bartholomew Of Washington moved
90 lay the bill on the table, to enable the
House to take up Fl. SO, which leaves the
rate OF interest unrestricted.


Mr. Beaman of Poultney, said ;his Is
Il mere question of political economy, and
we should discuss it i-passonateIy aud
candldly; and not attempt to force the
matter without receiving all the light
possible on the subject.


Mr.. Grout of Barton, said it was a
matter o. no consequence which bill was
considered first. 1t seemed to be the
object of certain ones to overturn the
the whole matter in regard to interest,
and establish a new order of things He
insisted upon an immediate disposal of
the whole subject, under both bills, and
not prolong the consideration of the sub
ject longer than this afternoon.


Mr. B4rtholemew did not wish to defer
the matter in the least, but some wished
to consider IL. 80 first, and be hoped they
might be gratifed in their desire.


Mr.. Smith of Shrewsbury, moved that
the bill be dismissed.


Mr.. Slade of Middlebury, demanded
the yeas and nays, which were taken as
follows: Ayes 144, nays u. So the bill
was dism is-ed.


The House then proceeded to consider


H. SO, relating to interest, (any rate
legal when agreed to in writing)


Mr. Wood of Fairhaven, said this Is an
exact copy of the law in Massachusetts,
and that the operation of the law in that
State had worked ia practice to lower the
rate OF in terest.


Mr. Carpenter of Burlington, wished to
show the consistency of this House in al
lowing the State Treasurer to borrow
100000 at 3-10ths per cent. and then
restrict the people of the State to 6 per
cent He thought it very much like
man who asked blessing on his dinner
when he had pork on the table and look
ing out of the window saw his hogs in the
garden, and said TO bis Irishman, run
aud drive these cussed hogs out of the
garden" What, what" says the Irish
man, ''asking a blessing on small piece
OF pork, and then turn around and euss
six or eight whole hogs!' He then cited
instances where the law as it now stands
on our statnte-books is hardship in it's
practical workings among the people. By
allowing the Treasurer to borrow at
Z 3-10th per cent. we virtually say to the
world that we cannot get money at per
cent. He hoped some bill would be passed
that would relieve the people, both bor-
rows and lenders.


Mr.. Grout of Barton, was opposed to
this bill. He thought consistency a
jewel when a principle was involved.
But in this case there is no principle in
volve6, and hence there is no inconsist-
ency. He said the argument as to the
ooeration of the law in Massachusetts
tending to reduce the rate to q per cent.
was not borne out in practice, for our
State Treasurer is compelled to pay $40
per cent. among the Massachusetts, capi-
talists to obtain the loan we authorize him
to negotiate. The argument as to the
money being allowed to go into the mar
ket like other commerce ia not tenable. in
that any man can raise his corn, oats. no.
tatoes and their commodities whereas
money is only made and put in circulation
by the general government, and all we
can do individually is to gather together
as much of it as we can. Vermont is only
an agricultural State, and must remain so,
from the fact it is too far from tide water
to enable our people to engage success
fully in manufactures Agricultural in
terests cannot afford to pay more than 6
per cent interest, and when we let down
the bars entirely, we thrust at the largest