Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1873-11-27
The State Finances.
We copy the following from an edi-
torial letter from Montpelier to the st.
Alhans MeSse3s1er

We copy the following from an edi-
torial letter from Montpelier to the St.
Adams Messenger:
MONTPELIER, Nov. II, 1878.
1t having been intimated to US awhile
ago, by Montpelier gentleman, that
State Treasurer Page found his funds
all tied up by the National Trust Co., of
New York, during the panic, we have
taken pains to enquire at headquarters,
and are glad to be able to state that it
was no such thing. To begin with he is
too good a financier to ssput all eggs in
one basket" and at the time alluded to,
as well as all the time, he had and has
the principle deposits of the State
available funds in seven different nation
al banks in Vermont, in order that the
people may be accommodated with the
money. To end with, his deposit at
that time with the trust company allud-
ed to was very small, and was immedi-
ately drawn out through one OF the Rut-
land banks, which had an account with
that company. They do not now. owe
the Treasurer dollar; he did not lose a
dollar by them and was not kept out of
dollar a single moment after his check
was presented. ~ n, stE.t..,x s {
The finances of the State were never
in a sounder condition than now. The
total Indebtedness is only two hundred
and ninety-two thousand dollars; and
there is and will be enough on hand of
the. unexpended appropriation of last
year to meet all the bonds which mature
in IA consequently no money will have
to be voted save for ordinary current ex-
pen6es until 1876. Another gratifying
fact, and one which speaks volumes in
praise of the credit of the State, is. that
during this panic, when men We're
throwing securities of all sorts on the
market, on which to realize, or of which
to get rid, the Treasurer has been able
to buy but five thousand dollars of Ner-
mont bonds, and had to send to Balti-
more for them. When Vermont can
show so bright financial page as this
Eve mean no pun she will not be hasty
in turning over new leaf.
In this connection the thought occurs
that the condition of all our banks will
dear word of comment. The news
papers of this place took occasion to
speak of the liberality with which the
Montpelier National Bank supplied its
patrons with currency during the time
when only certified checks were obtain
able in the cities. The notices were .ex-
tensively copied into the State exchang-
es, and because this single bank was Sc
lected for such mention, some people
naturally gained the impression that
possibly the others were not doing
equally we'll Journalists need not be
told how such things sometime occur,
but it is only fair to say, after investiga-
ton, that all of the principal banks of
Vermont did-and some of them on a
much larger scale-the precise thing for
which this one bank was praised and
if this did not leave them currency with
which to go to the cities and buy up pa
per at 1S per cent, it is all the more
creditable that they used all their means
at home The First National Bank
here, both the banks in st. Adams and
Burlington, each of the banks in Rut-
land, and all others, so far as heard
from, continue to pay depositors and to
discount good mercantile paper at only
the usual rates of interest. The First
National, here, even accommodated
some of the patrons of a rival bank, and
one of the banks in Rutland, rath or
than ''shut till" purchased 800 Zoo Of
currency in the city, at r-,eminm Of
one per cent.