Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1856-02-07
The following communication was received
last week, but too late for insertion. Ed.
Bank of MontpeIier.

Written for the Green Mountain Freeman.
Bank of Montpelier.
Mr.. EDITOR The recent distribution of the
Stock of the Bank of Montpelier has been made
IN such manner as to excite in this Communi-
ty very great surprise and indignation, to say
the least. Men inquire of one another when
they meet, if they must submit to the wrong
and injustice-if there is no remedy! 1t seems
to be the general sentiment and expression, that
very great injustice has been done, and every
day that goes by, discloses facts in relation to
the distribution, that confirms the public in this
opinion.
l propose to consider if there is any remedy
1t is very generally understood that it has be-
come the settled policy of the Legislature moi
to re-charter any Bank, but to grant new char
tiers, Or create new corporations 70 take the
place of existing ones at the time they may ex
pre.
The reason why the Legislature has adopted
this rule of action is quite obvious During
the term Of the charters generally fifteen tt
twenty years-the Stock becomes concentrated
in few hands-comparativcly few men owr
the Stock-when at the expiration of the char
ter it is supposed that other men have come
upon the stage, who may have the ability an(
inclination to own Bank Stock, and may yer,
justly and properly desire to participate in tn
control and management Of the Bank.
Then, to give all persons an opportunity t.
obtain Stock within the legitimate and prope
limits or territory, whether young or old, nal
or female, the Legislature chartered new Banl
to take the place of the present Bank of Mont
pelier, which expires January l, 1857 Tn
Legislature named certain period of time at
or within which, books should be opened pub
licly for receiving subscriptions to the Stock
and appointed q Board Of Commissioners, name
in the charter, to perform the highly responsible
duty of distributing the Stock. Then it is yer
apparent that the Legislature on its part, ha
intended to carry out, in this case, the very jus
and salutary rule they have uniformly, of lat
years, adopted in matters of this kind. Mos
of the men named and appointed as Commi,
sioners are we'll known in this Community =
Some of them now hold important public posi-
tions. The people have roposed confidence
most of them by electing them to Office, frol
time to time All this would seem to affor
the Legislature appointing them, as well as
the public, a sufficient guarantee that the
would discharge the trust reposed in them in
just, impartial and honorable manner, to sa
nothing of any obligations imposed upon thel
to do so, by the oath they took
If they have executed this trust in this MAJ
ner, then they have carried into effect the wi
and intention of the Legislature, that conferre
upon them this duty, and there is no just grour
or cause of complaint
If, on the other hand, these COMMISSIONS
have executed this trust in an unjust, part,
and d'shonorable manner, they have not carrie
into effect the plain and obvious intention
the Legislature.
The remedy is very apparent, if they ha
defeated tho intention of the Legislature-it
by application to that body for repeal of Il
Charter. The result of the application woul
of course, very properly depend upon the fac
established in the matter. That the facts a
5eyond reach is quite out of the question. TIL
may all be brought out.
Then again, if the distribution has been u
Just and partial, and made in such a manner
to defeat the objects and purposes of the Cha
ter, it would be within the province, as well
it would be the duty of the Court of Chance
to ENJoIN further proceedings under the Charte
If the facts should be proved, it is not diffcu
to conjecture what would be the opinion of ar
ID Chancellor to whom application should be mat
in the matter.
As the public mind seems to be now in a higl
ly excited state, evidently seeking and requirir
use may be made of them as the exigences
the case, in the exercise of sound and discrim
mating judgment, may seem to require.
If the people are satisfied that the Commi
sioners went through with the form of receivin
snbscript for this Stock, in public room
in pursuance of public notice-having dete
mined before hand, or at any time, that I'll
Stock, or very great proportion of it, shout
not be given outside a certain circle and thu
the distribution has been made from any caus
or motive in partial manner to few men con
bined together within the circle, it then become
the privilege, as well as the duty of the people
who have an interest-tar beyond what may |
considered merely pecuniary-in this matter, t
set on lo9t such measures as will bring out II
facts, and ultimately set aside the distribute
made.
If report speaks truly, the new Stock is
fewer hands than the old. This is q very in
portant matter-iti is fraught with consequer
ces operating beyond what is involved in I'll
mere distribution of this Stock. The oblics
tions imposed upon men acting in public ofici;
stations-the ties which hold men to the tru
and honest discharge of their duties to one al
other in the social compact seems to be giyin
way.
Within past few years there has been yer
general complaint Of the manner in which Ban
Stock has been distributed The evil is on til
increase. This Community has received shoe
that has caused greater agitation than ever BE-
fore. Men seem to have lost confidence in eac
other-they stand aghast-social intercourse
interrupted and very general distrust is apps
rent in the intercourse Of citizens.