Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1846-10-29


mittee on Banks when the present charter would
expire.
Mr. Bradley replied, the 3lst of December lS40.
He would take occasion moreover to say, that he
had examined into the matter, and had ascertained
that the stock of no bank was so widely distributed
as that Of this bank. The number of stockholders
was no.
Without further remark, Mr. Villas called for the
yeas and nays, and the bill was passed by vote of
| 10 to 8, Messrs Bell, Burton, Ffeld, Ilarring-
ton, Miner, Page, Robinson, Smith and Villas, vot-
| ing in the negative.
! The bill Incorporating the Bank OF Brandon
taken up Mr. Hodges proposed series of ques-
tons to the chairman OF the committee on Banks.
from the answers to which it appeared that while
the amount of the banking capital of the State
Sl,27O000, $4,000, in five banks, was located
within q miles of Brandon, and that the Bank of
Whitehall, with capital of 100000, was situated
within the same distance. 1t also appeared that
there were about 100000 more bark capital west
than east of the mountain and also that the BUSH
ness OF Brandon had always been well accommo-
dated by the banking facilities at Rutland and at
! orwell, which places were but lew miles distant
| Many other facts Of minor importance were also
elected from the chairman Of the committee. Mr.
Hodges then went on to say that he would make
some comparative statements on his own RESPONSE
bllity, collected from the report Of the Bank Com
missioner. The population of Windsor county was
about 10000, and it had bonking capital Of
olOO,OOUi Oh L ranklit ABOUT Zf,OUO, WIN Chpl-
tai OF $4,000; OF Washington, about 23O0O, with
a capital Of $4,000; Of CALEDONIA about 2l,-
600 with capital of $4,000; Of Orange a
bout 2IO00 with a capital, in two banks, OF son.
700 each; while the population of Rutland was
only about 10000, and yet it already had banking
capital of 3250,000-Cny $4,000 less than that
! now possessed by seven of the northern counties
of the State, with three times the population. In
Rutland and within thirty miles Of it was banking
capital Of S520,000 besides the 100000 Of the
bank at Whitehall. Mr. Hodges remarked that there
was already redundent circulation in Rutaad
county, these facts would indicates and that the
consequence of increasing it, would be TO stimu-
late the Banks to seek foreign custom, which
would leopard their safety.
i Mr. Smith supported the bill on the ground that
the peculiar location of B an Ion, and its great bus
mess exceeded by that OF only so or three towns
III the State justly demanded the facilities asked
tor, and such was The security OF present sys-
TEN of banking, that the bill could pass without
subjectng the puLlic to the least detriment dan
! ger.
Mr. Harrington opposed the bill at length on the
grounds that there ere enough and too many banks
already, that they were unnecessary to the growth
and prosperity of a community, that their influence
by stimulating speculation and divertlng men from
their proper channel of business was positively in
furious, that they were frequently made the engines
of favoritism and oppression, that the community
frequently sustained heavy losses by their explosion
tnat mere was no call Tor Oank IN BRANDON II the
statements made by Its friends correct and
there was so much capital seeking investment as
had been represented, since that 1t, if loaned out,
would furnish all the money accommodations re-
quired by he business Of the town, and finally be-
cause the case Of the Bank of Essex, the absolute
necessity for which vas demonstrated TO the other
House, of which he was then member, by most
=, overwhelming array of facts showing The vast J..
mount of business the institution would accomlno-
date, had taught him to receive the statements Of
interested parties in such applications with many
grains of allowance.
:, MIR Cushman favored tho bill being required
by the business wants Of that part of the State and
thought that the argument drawn from the fact OF
lis present superior accommodations to other Sec
tons inconcusive, since elsewhere, and particu-
ary in Windsor county, the banking capital greatly
needed enlargement.
Mr. Kmbal opposed the bill on its merits, and
yet would like TO what its friends could urge in
its behalf, and should vote for its engrussment
The bill ordered to be engrossed by vote
of II to 10.
c The House Resolution providing for the distri-
e button of the Report OF the State Geologlst was
: concurred in.
The House amendment Offering the tille) TO the
G bill in amendment of act in addition TO chap. Al
i II. $. adopted
e MIR Onion asked leave of absence on account of
e i'll health from and after tomorrow morning: gran
J. ted. Adjourned.
IloOoE.
!, The amendment OF the Senate to the resolution
fixing time to elect Bank Commissioner, was con
" Cured in.
Bills From the Senate, incorporating the Grand
e Isle County Mutual Fire Insurance Co.. referred tc
l. the Judiciary Committee; relating to religious and
y other societies, referred to Committee or Educa
+ ton relating to the assessment OF damages refer
TT red 10 the Judiciary Committee; extending the
a charter Of the Farmers and Mechanics Bank, re-
U ferred to committee on banks.
y Reports. BY judiciary Committee, oil relating
4, 10 pedders, with opinion that it is constitution
n al and motion of Mr. Tyler, 300 copies were or
o dered to he printed BY General committee, agains
J. bill relating to exemptions from attachment, tad
ding 10 the list of exemptions one puw harrow OK