Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1839-12-30
E3-We heartily second 'arago' Let the peo-
pie OF the county have bank, if possible; at any
rate, try the experiment fairly
COMMUNICATION.


.WessrS. Editors IL take the liberty of coIl;n,
TIE particular attention of farmers, capitalists and
Others who have spare money for investment. TO
The advertisement ofthe commissioners for receive
ing subscriptions to the capital stock of The new
bank chartered for this county. | know il was
stated by the Chairman of the Bank COMMITTEES.
on the hoor of the House of Representatives that
the stock would be greediy sought Tor and readily
taken, whenever the books should be opened for
that purpose. Though this announcement NAV
have been well authorized, yet make this com
muncation lest j, might prove otherwise, which /
am led to fear may be the case not so much from
what have heard said OH the subject, as because
! have heard so little said. And yet will confess,
that this may be owing to my associa,ing SO little
with those who have the ability to own bank stock
AT all events, il be not needed, can do no HARM
as the worst effect it can have will he TO produce
an over-snbscription, which of itself woull I've
nenehciai both TO The stockholders and the public
generally, by inspiring confidence in tile value of
the stock and IN the security oil the institution
think The experience of the last fourteen years
has taught this communay, that banking institu.
ton in their midst has had very beneficial effect
the usurer and the collecting attorney If ii should
so happen that we should fail to have bank any
longer fear The effect upon the business and pros
poets of the county would he disastrous And |
am not without reasons for my apprehensions -
was recently informed by one who has The best
means for information, and in whom have the
greatest confidence, that usury had been paid
III The county of Washington during the past three
months, (being the time since the old Bank of
Montpelier left off doing business,) than for five
years before, and that the number of collecting
Suits brought during the same time, had increased
proportlonate TO the usury paid freely confess,
am not anxious that this state of things should
continue, and am consequently very DESTROYS that
the stock in the new bank should be taken and
the institution 20 into operation us soon us possible
have also another reason for wishing the stock
taken, viz: that the principle incorporated
; into the charter may Ice fairly tested
wish to correct an erroneous impression EN-.
tcrtained by many in regard 10 one OF the provis-
ions OF the new charter, which, if lett have its
effect, may prevent some from taking stock, who
might otherwise subscribe. Ii is thought that the
stakeholder in addition to paying the specie for
incumbered real estate for the redemption of all
the bills Of the bank. This is not the case 1t is
required, to be sure, 10 pay the specie upon his
shares but he may give bouds with personal sscu-
ritz to the satisfaction of the Judges of the
~ Court, in twice the amount Of the shares lie
takes that the bank shall redeem nil its bills, or,
he may give mortgage, conditioned To the same
effect, il he prefers it. BY this alternative provis-
ion, he may avoid incumbering his farm by mort
: unless 10 be sure his hail should require one to ill.,
delnnfy him for signing the bond, which he would
not lie likely 10 do The object OF the provision
requiring security is merely to save the public from
losing any thing by the bank; and If the bank re-
deems at all times its bills, it certainly ought to
do, Then there will be nothing to he paid upon the
/ bond or mortgage, and consequently no injury
e done by giving either.
: Some know, object to the charter, because the
stockholders, who have nothing to do with the
3 management of the bank, are required TO give Sc
curly at all, after paying the specie upon their
shares thinking that ii should be required of
any, the directors, who would alone be to blame in
cnse of failure of the bank, should furnish it,
But it is sufficient reply to this objection, that
;. the hank committee thought otherwise and if it
was espedent require of any ofter the payment
I, of the stock in specie, it is certainly matter of bu,
little consequence to The public who gives it, II il
I. is but given. ARAGO.
) 90 Our next number commences IN 1870
oil year which is TO be full Of the most Important