Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-04-18
sategmat ans 8tete 3enrHsf.
rs@MTPMNINl;
TUESDAY, APRIL IS, 1887.

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The Bank of Burlington. Some weeks since,
near the close Of tho session Of Congress, we
gave uu extract from tho New York Courier
and Enquirer, somewhat duplicating the bank
OF Burling ton, emo Of the two repositories of
the public money in Vermont. We have now
before US the report Of the Committee of the
last Congress- on the agency Of the notorious
Reuben M. Whitney, IRON which we intend
10 extract all tho matter relative 10 this bnnk.
In laying this matter before the public, il is
hardly necessary to make any apology or ex-
cusc. 1t has not been, nor is II now, our
ambition 10 mako an indiscriminpte war upon
banks nor does itappoar justfablo 10 assault,
any Of them, save when the public safety or
justice imperiously demands it. The most
superficial observer must see that blow at
the credit Of bank will be felt, not only by
the bank itself, but also by each individual
who deals with il, or has its notes in his pock-
ct such an assault il public injury, which
falls alike upon oil, whether guilty or inno-
cent. Fortunately we have no attack to make
upon the credit, as business men use the term,
Of the bark of Burlington we suppose no
state institution stands on firmer basis; cor-
tainly none has so abundant extraordinary
means, furnished by the national government,
to extend its business and maintain its credit,
as a perfectly solvent, and very profitable
bank. We have to do with the transactions
ar The ka nk Nuifh he H..
themselves being the Witnesses. From tho re-
port of Mr.. Garland, in behalf Of the (V.B.)
committee upon tho agent Of the deposte
banks, we extract as follows:
Deposition Of the directors Of the Bank Of Bar
ington, and Cashier.
Answer TO LIST interrogatory That they
pay Whitney al the rate of $500 per onnum,
commencing with the Let January, 1885.
Correspondence With the Bank Of Burlington
Nathan B. HawsH, director of said bank, 10
r, NJ Whitney, dated burlington, July l6,
1895.
"The branch bank at this place win room
cease its operations and 10 enable us to meet
The public demand, need not repeat that
deposite of q permanent character will enable
US to continue to keep our bills al par, as u
hove stated, lin New York and Boston,) and
meet the wants Of the people in this section OF
the county,"
r. NJ. Whitney to N. B, HaswslL.
WASHINGTON, July 81, 1885.
"This, it was found, could not be done I'M
der the existing laws, Treasury appoint an
SCENT but Il Was suggested that all tho advan-
tages could be derived bye1Rch bank appoint
ing its agent, propidsd saa zstlected he same
indipiduol, which could accrue 10 the banks
4 ~. ~
in Gaze the sgeat ~as appointed by that depart.
msni."
"A central agency, for the purpose of in
Recommendation, has been found. thus far,
productive Of great benefit to the public"
RIM. WAitnsy to ". B. Ha,,sel.
WAsHIHoroN, August 6, 1885.
al intend 10 see The Commissioner Of PEN |
sons, and recommend 10 him to place the mo-
ney in the hands cf the branch hunks only a.
bout as fast as they will want it TO pay out,
80 as TO gius ihs use 81 tito yoS as long as pcs
sibIt," SC.
~ want to see the Bank Of Burlington en-
gage more extensively in tho domestic ex-
change business" &c.
r. N. WAita.y to ". B. Ha,ueH.
WAsHINeroN, August 81, 1885.
" In few days, shall prepare a circular"
Sc. "The same will be forwarded
10 all the land Offices. This will lead TO the
receipt Of your notes By all the public rereiv-
ers,"
am pafticularly anxious that the depos-
ite banks should turn their attention TO that
hraach of business" domestic exchanged
H. N. Rhitnsy TO the Pre'ident Of the Bank
Of Burlington.
WksnINoroH, January %, 1885.
with this, forward you the copy of n
letter written by person residing here, high
in the confidence Of the Executive, 10 some
friends in New York and Boston. This will
explain TO you more fully the object of the
agency, and the duties which will appertain
TO it."
Extract from tks letter absrs referred 10, ~hieh
10 tot signed.
"The President and Secretary Of the Trea-
sury, know, view the subject in tho same
light that | do, and will be gratified if the
bank will establish such an a gency and from
his talents, experience, and fidelity, no appoint
nlent could be more acceptable 10 them than that
Of Mr.. Whitney, who has already been RECON-
inonded TO tn, department" [Qusry. I.not
this Amos Kendall n
President Of the bank 10 r. ". Whitney.
BURLINGros, February I2, 1886.
"Your letter, dated the 23d ult., is received.
on the subject OF an agensy Of the deposite
banks. have communicated the samo 10 our
board oil directors, and am instructed 10 sny,
that in all business transactions with the COP
eminent, they have and wish to meet their oie,os,
and do the public business ntIusted 10 them
TO their satisfaction"
g SO far as this institution may be profted
by an agency, as it respects business, public
or private, they will cheerfully pay sum COM
mcDsurate TO such advantages"
Cashier Of the Bank of Burlington TO r. M.
Whitney.
BURLINGTON March 10, 1886.
We arc informed that the Mechanics and