The Vermont transcript. [volume] (St. Albans, Vt.) 1864-1870, 1867-01-11


ten to twenty-five thousand dollars at
time, and demanding the specie, or
something equivalent. During all
chs hard run the bank never failed to
redeem It's notes. The Suffolk bank
at length grew weary of playing such
a game, discontinued IFS drafts, and
ceased taking the notes Of the bank of
st. Adams. This, for while, some
what checked their circulation, and
occasloned small discount from their
nominal value, when received abroad.
By one or two heavy failures in New
York, at the time of the great money
panic in 1878, the bank sustained
loss OF near twenty thousand dollars;
but 1T kept ON regularly with its bust
ness throughout all the difficulties and
discouragements it had to encounter,
and has paid to the stockholders an
average of about eight per cent. per
annum as dividends, and paid back to
them i've dollars per share above the
amount of capital paid in. 1t is pre-
sumed that few, if any banks in the
State have done better by their Stock
holders than the Old Baah Of 81. Adams.
They may impute this good fortune to
the times, or to the prudent manage
ment of its concerns, as they please.
\ further extension of its charter
was denied by the legislature, and,
instead thereof, new bank was
chartered under the name of the
ST. Aibdas Bank, with a capital of
one hundred and fifty thousand dol
lars. The stock of the new bank was
all readily taken up at the time desig-
mated by the commissioners for sub
scriptions to be made; aud it went in
to operation under the direction of
II. b. Sowles, President, and Henry
Howes, Cashier, and a board of Direc-
tors. Two or three years afterwards,
the Cashier was dismissed, and Brad
ley Barlow was appointed to succeed
him. Messrs. Sowles and Barlow are
still, -1S66 the managing officers Of
the bank, assisted by one or two clerks
None of those who had the direction of
the old bank are officers in the new
one. The history Of banks, like that
of men, cannot well be written till af-
ter they have lived out all their
days, settled accounts with all CON
cerned, and made peace with the
world
In the year 1919 the Franklin COM
~ Jaal. was chartered, and located at
St Adams Bay, with a capital of one
hundred thousand dollars The stock
was all taken up, and the bank went
into operation under the charter. A
few years afterwards, under authority
of an act of the legislature, it was re-
moved to this village; and large and
commodious banking house was erect
ed for its accommodation. Oscar A.
Burton has been President from the
beginning, and Marcus w. Beardsley
the Cashier after its removal to this
village. We believe this bank made
annual dividends to the stockholders
of about ten per cent. up to October
1864, with the exception of one year.
In 1864 the First National bank of
st. Adams, commenced business, I'M
der the direction of Hiram Bellows,
President, Albert Sowles, Cashier, and
q Board of Directors More recently
the Vermont National bank of St. AL
bans, has been organized, and is now,
-1S66-in operation. In October
1864, as is we'll known, band of rebel
raiders from Canada, armed and
equipped to carry their designs into
execution, made a sudden inroad into
the village, robbed the st. Adams
bank, the Franklin County bank, and
the First National Bank, to the amount
of about $3.50, 900, attempted to burn
the village, killed the lamented Mr..
Morrison, forcibly seized a number of
horses, and made their escape back
into Canada. The authorities in Can
ada refused to surrender the offenders
to the United States. But the Cana
dian government subsequently paid to
the banks fifty thousand dollars in
gold, which was supposed to be equiv
alent to the amount that had been re-
covered from the raiders. The banks
are still said TO be losers to the amount
of about Sl50,000 The st. Adams
bank and the First National bank
have since continued their bushes,
though much cramped in their opera
tons The Franklin County bank
succumbed under its loss, and has
since declined to pay its notes. BY
an act of the legislature its insolvency
seems to have been recognized, and
provision made for the extin ouish mant