Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1873-11-12
Sound Banking.

The practice of the Controller OF the Cur
rency has latterly been to call upon the
national banks for statement of their con-
dtion at some past period, and as the BANKS
could not anticipate what time would be
fixed upon, a statement thus called for is
much more likely to show the average con-
dition of the banks, than any statement made
at expected times. The Controller has re-
Gently called for statements of the condition
of the banks at the close of business hours
on the 18th of October, and the lst OF No.
vember. The financial disturbance COM
menced the first of October, and was pretty
serious throughout that month and cannot
be said to be over now and the statements
thus called for will give the Controller very
good idea of the business and financial ablll-
ty of the men managing the various banks IN
the Country.
We have seen the statements made by the
First National Bank of Montpelier, of which
Hon. John A. Page is president, and j. Z,
Houghton, Jr., cashier, in response to this
call, and it is very gratifying to any one
interested in the reputation and success OF
that institution The bank increased its
available funds-viz: cash on hand and
balances due from other banks, - during the
month of October over 1000 although
during that time it paid every depositor's
check-including those of several manutac-
turing establishments with large weekly
pay-roll-that was presented in whatever
funds were called for, and accommodated its
customers with loans and discounts as usual
Over $4,000 of this increase was in legal
was growing stronger in currency every day.
1t had on hand September 29th-in round
numbers-in bills Sl1 900, and in legal
tenders S24, 900; October 13,-bills $24 600,
legal tenders $4,000; November l, bills
S34. 900, legal tenders $45 900. Its deposist,
September %, were 500 900; October -,
$40 600; November l, $4,000; and it's
available funds at the latter date were over
$50, 900 which it could command at any
mement to meet any draft on its deposits.
This increase of deposits, and increase of
currency, show both how well the bank took
care to strengthen itself, and how much con-
fdence the public had in it. and they also
show, undoubtedly, the soundness Of the
kind of business done by it. Its business is
emphatically home business; its customers
are at home its accommodations are for
| those in the country which such an institu-
ton may reasonably be expected to accommo-
date; it does not deal in railroad securities
or foreign paper, however tempting rates
NAV be offered in short, it confines itself &c
the legitimate business of banking.
Its general policy during the panic is not
doubtless, a litary instance among the
| banks of the State. We have already called
attention to the course pursued by the Other
National Bank in Montpelier, aud we under
stand that leading banks in st. Adams, Bur
lington and Rutland pursued a similar wise
course We doubt, however, if any bank IL
the State can make better showing than The
First National of Montpelier. If every bank
in the country had done as well In this re
spect there would have been no panic at all
or a very much milder one than We have seer
during the last thirty days.