Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-10-30
9O.2O2 90
10000 30
August LIST 1887,

From the foregoing will be nine Banks
which have been examined have diminished their circulation since the
for the redemption of their Bills are likewise reduced but the
amount consequently their liabilities less in proportion to
heir ability pay now, than ut the time above mentioned
appears from enqurng of the officers of the banks that they all
May last but the same appears that they
"S of T"n n for The purpose of and
had been requested to do on equal length of time
previous
The uniform given by officers of the banks for sspendng
has been that was IN consequence OF the suspension of specie pay
Ites in the fs S" not "y% feGs of h9 funds there
having deposits in the Cities convertible any time the bills
of he City banks, which keeps them par in the market,
e to be well iouaded as could not be- expccd for Moment ta
G n % Dnn yrrhEsg Gap of o S @ cGT Goa"
imI of millions, refused to redeem theirs.
have been conducted by those having the of hem that
most cases appears Directors have offered and in many cases
have given security for the payment of the liabilities of the banks in
1%n o ea " e and have thereby assumed responsibility
n TS a s Ss'on of act day of November 1881
on the bank Commissioners certain contingencies therein named
the same LETT discretionary with them of the suspension
0 % for the sixty s do or they
duy under existing to make any application to Chan
proceeded against for violation of their charters for refusing
In coming the above conclusion the Commissioners have been
huenced only by the honorable conduct of the officers of the
mens of the laws wit the security of the safety fund.- and also the
bonds required to be executed the State Treasurer by
generally 560OO and in no case to less sum
than $4,000 each bank which, will be perceived than
half about whole
banks are liable to the public In addition this the public
ed by the capital stock paid in and debts due the Banks.
The
violation
respect than that of uspendg the redemption of bills specie
and from the they
fled of the ability of all the Banks, all their liabilities unless
the wealthy and business of should become
voved in general bankruptcy and
having been suggested to the Commissioners great
the made by the banks had been made the
in large that Others wishing for Bank accommodations
small could be accommodated have induced
relative these
pared bear ies'mOnYs the Injustice of the at all the
small other
received greater facilities than might reasonably be
they members of the board and
ton of due banks given for varying from fifty
three hundred dollars each.
Another equally foundation
due the banks is secured other
pledge of Bank Stock whereas the facts
the Banks embraced in this report having due them
S500000 find only of $607 so thus
other Banks the enquiry forgotten to be entered into
Banks proceeded against, full ample manner by
holding their he done by individual against
whether other additional security, Onght he
provided by law the Commissioners fully agreed but submit
that question o the wisdom of the Legislature.
The Bank of marlborough which the duty of the Commits
included in this The Commissioner
whom this duty assigned the undersigned Commissioners have
recently informed prevented from making
sickness. That Bank will be Immediately
spectcd, and report made of its condition.
| All which is respectfully submitted
HARRY HALE, Bank
i ALMON WARNER, Commissioners.
Montpelier October 18th, 1887