Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1839-10-11

thus stated in q report made to the stock
holders BY a committee Of their number.
The original charter was granted by tn,
Legislature in 1875. Il conferred pryi
leges that were intended 10 be sufficient,
liberal to invite real capitalists to become tn,
owners and managers wiihou, afIording q
prospect ofpgofits so extravaganza as to allur,
the cupidity OF spe5ula,ors;--,he opinion oil
that day being, that better currency and
greater safety to the public were ensured by
securing the banking institutions of the
country in the hands OF men Of substantial
property, thnn by any paper guarantees con.
tanned M their acts OF incorporation. How
far this opinion has been justified and the
objects OF the Legislature attained, in the
establishment Of the Bank Of Montpelier, its
history will testify. Its stock, as designed,
was taken at the commencement, by men OF
independent means and has been held by
such 10 the present time, with bat compara.
lively few changes, for the profits il afforded
them. These have been moderate, but sat.
isiactory. For the first time years they
amounted, on an average, 10 abon, cigb, per
cent per annum, and ior the past five, to
fraction over six, after paying taxes and the
contribution 10 the State Treasury; and the
currency tho institution has afforded the
people has been equal to specie all over New
England. In saying this, il is hardly nrces.
sary to add that It's management, has always
been safe and satisfactory Its operations
will tcrminnte on the fvst OF January next,
unless continued by The acceptance oiihe act
OF re.charier. passed at the lus, session OF The
Leg isatur.
This act, your committee find, makes vari:
Gus alterations in the original charter. some
OF which, in their opinion. would endanger
the usefulness aud safety oi the institution ::
and others, BY the additional bur,hens they
impose. must reduce very materially the
profits Of the stoc kholdcrs. Ofihc 6ist class
named, is the section requiring The President
aud Cashier 10 publish ia some public news.
paper. semi annually. a statement made by
them under oath, specifying the ave,acr
amount specie the Bank has IN possession
each month, during The six months preceding.
This would enable every evil disposed per.
son 10 measure with precision the amount Of
bills oil the Institution that Guild BE- necessary
for him 10 possess ia order to spunge OF dis.
grace IT, Besides, such publication would
IN the minds Of those who IRE unacqnain,ed
with banking operations. without ,iieciing
any possible good. To a country bank.
which rcdcrms It's bills ut the principal mar,
OF trade OF the section ia which I, is located,
as well as nj It's own counter. and thus gives
u general currency to lis bills, but a small
amour. Of specie rs requires, 10 be KEEP, in lis
own vaults, for the prompt redemption of lis
paper, IN proportion ,o,he amour, OF ayaila.
bic funds required elsewhere. This will be-
apparent from the following statement:
The Bank OF Montpelier. during tac year
ending the LIST ofSeplrmber instant redeem.
ed at It's agency IN Boston lthe Globe Bank)
iour hundred and twenty hive thousand and
seventy one dollars of is own bills; while
the amount presented for redemption at us
own counter in ihe same Time. did no, prob.
ably exceed two thousand - Thus showing
that 1t is necessary. fos Bank thus conduc.
ted. to keep exceeding two hundred fold
more OF lis ready funds eIsew here than in is
vaults
or the additional buuhens which The act
OF recharirr imposes. your committee would
maine the increase OF the contribution 10 the
States treasury required, being rniscd from
SIX per cent To ten OF all the gains of the in.
sti'uiion and alsothe requirement subicctins
the Bank 10 the operation OF the Safety Fund
law, by which il is compelled 10 contribute
largely TO the paymen, OF the bills of other
banks becoming insolseni II. as appears
from the statement made in the former pau
OF tins report, the stockholders hnv. been
unable. TOR several years past, to realize but
traction over SIX per cent upon their stock
IN the original charter. which was free from
the exac,ions here named. il is most ,yidcn,
that Incumbcred with these additional bur.
thers, there would be no probability tina, the
institution could. with safe management, d.
vide profits equal 10 what The law aloas 70.
interest on money otherwise invested. Con.
seqnehtly, there is no ipdueement for IN.
stockholders to prolong The existence of the
corporation under the conditions imposed
For the reasons above s,nied. your com.
miliee recommend to the meeting of stock,
holders, that they do not accent the Act
passed AT the last session of the Legislature,
recharlering this Bank.
And there is another reason. and one your
commiltee will no, iorbear la mention which
oil itself would influence them TO make IN.
same recommendation, even were The net of
reeharer ever 80 liberal in its provisions.
IL Is notorious ;bat for several wears past
the subject Of banks has been made. bv dem.
aaeogues, topic for political agiialion' Aud
IN their auemps TO excite the popular prci,..
ace against them. they have not ceased TO
Apply every opprobrious epithet,he language
Ia H..