Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1875-08-20
err respectfully,
\ or urcl luLt servant.


Very respectfully.
our obeg.cLt servant.
ions y. PACE
Desiring more specific denial on some
points. Gov Page wrote again 70 Treasurer
Page. Is follows
Non - L. Ple, Sf1t, I-.ls.-l-
sIR i des. re tuat YOU make particular exam ma
ton o. the books u your Office that sou may nc able
t. give positive evidence iu regard o. tAe charges
referred in the 1rgas letter enclosed . "a d. MS
letter o. the 9TH INST
In order 10 Judge correctly. nett they you o- tie
putl.c can forget fhat uy adm z .st-4t-ou ni t-4e
Treasury was p time fl. W4r when d cons Il-ran-e
portion o. the demands upon the Treasury were inet
ny borrowing. find that tnere were borrowed i1r
the stste nearly three million and nall ~ dp4-ars
"a considerable portion beng IRON hanks In -Ici
The operations o. the Treasury were dependent upon
se.lng bonds and loans IRON Tie bank JOY seven ur
eight months a.. each He4r.
The banks IN the State were some %. them hy Their
charters required 10 loan o. the state, and ;ltt PEI
spouied when called upon AZ the lea. rate o. n-
SIX per cent while they do. anu cuu-, USE
their funds ~ much better rates
Il became necessary tor the treasurer 60 keep an
account with io-ty-tW0 banks 90 accommodate lna--
N.duAls and towns IL the paymcut ui The state BAY
20 the soldiers anI taelr families The labor. cuu-
necIed with these accounts were large In ono year
ino drew over nineteen thousand checks hes. dies
large numbers % orders were charged directly o.
ny sccouut iur which uJ checks were drawn Iu
eve some ldea %. tbs business ] IND mat % one
year the debt and credit with banks aggregated
nearly five MI lions. ] kept one hank account 70
Boston and one u New York. where Tic st-.e had
material AID n meeting lis ohll cations. The ban.
accounts were sometimes over1rawu- Il was .Mpo--
slble 10 have i otherwise anc pay promptly. Upon
these oycrtrafts interest wa charged q tie ac-
count; the balances "a Boston and New ora upon
which interest was allowed, was duly cred ted. ia
making up the interest account Al the end 90. The
year the balance only was gwen.
You continued The same arrau .ements .0r 'ute--
est balances, hui owing % restored ''Tflof lnu
were enabled TO consolidate TIE funds ID lew
banks. In the continuance To-. the policy 70 pay OF
the state bonds uutstAndn-' the Legislature each
year made appropriations Tor that purpose winch
were included 10 the STATE f4F The bonds not hav-
M matul ed you have not been ahle L. pay tAeu4
last A. the appropriations were made. % could
not compel parties % part IA thelr hcucs before
maturity. and therefore held the money al su1h
rates nl interest banks and trust COMPANIES
would allow that the accruln- interest Oh the ia4
IN -ht part oiseI tie interest On the bonds.
In the discharge %, your duty i was your only re
source. while your course was cOmmeudable. u is
quite obvious that had L been known that the bonds
could not have been paid before maturity, 10 would
have been better 10 have let the money remain
the pockets o.. the people than 10 take the rsk Of
holQln- i Al less raie o. interest than tic bonds
bore.
The changed circumstances between your adm o
stratlun ana mine Nglau all to business men VINO
Will give the subject little reflection. 10 seems o.
be the lash II these latter times to require mon
10 prove their innocence. however disa -eeable It
may be- But for the recent controversy in re -ard
10 railroad mana cement, q is not prpuable Ihat
should have been subject 10 this trial l. you s 10
I've in quiet escheW all c0nuec ion with railroad
is, believe. as good advlce as can be gwen.
] an truly yours, &c,
To this letter the following answer was
received
MONTPELIER July 3ist i-,5.
Hon. .. =. Pdgs.-Sir - In compliance with your
request, and since J wrote Ou On the 7th inst. 1
have made an examination o. the bank account
kept by YOU Treasurer OF the state during
your Official term. and take pleasure in saying
that find in al cases. where you had ba lauces "a
interest on balances, the interest accounts we're
duly rendered, and the amounts received duly
credited in the proper account.
regret the circumstance that the auditor % &C
counts in his annual reports, had not stated IN de-
tail the receip pts and disbursements account uf
interest instead Of reporting balances received and
paid on interest accounts, a such statement woud
have shown the exact facts " th0ut varying the re-
suits 30 far as the balance was concerned
Respectfully your obj servant
j. 4. PAGE.
\ letter Of inquiry was also addressed to
Dr. Lord, which received the following
reply:
MosTrElIEE. I'll August, 1875.
Hon. j. y. Pale-Dear sly Your note calling
my attention to certain statements %! Mr. Atkins
respecting my freely talking" IN regard Ia the
management Of the State Treasury Whine i was Ia
your hands has been received.
In reply let me assure You that have never had
any conversation with Mr. Atkins or cain at all on
the subject. ] have never heard the subject allud-
ed to but once or twice, and then by persons who
had eli the knowledge Q. the matter which ! had.
! never had any occasion or desire 10 discuss the
matter with others. Where facts are accessible
from records am not IN the habit OF rely n !or
my facts upon the opinions Of others. ] never had
any thought to spread their opin.orsor 10 prejudice
Won in the minds OF your fellow citizens ny freely
talking about such affairs OF ours as Anew moth
ing OF.
examination OF our accounts while IN Cilce, he
finds nothing whatever 10 warrant shadow Of be
lief that its duties not conducted with the most
perfect integrity. His assurance Of your fidelity
10 the responsible trust you held while Treasurer
would utterly d.sabuse me o. any impression that
nj ght have been made 10 the contrary.
AN truly yours
W. H. LORD.
- Poland, Of tie Waiehmae, being
the third individual mentioned as author
ity for the SANDER. something from him
became next in order In an article on
State finances in the WGfoimaa and
STATE Journal, of August 4th, Mr..
Poland accordingly speaks of the item Of
interest received from balances in banks
returned by State Treasurer John \. Page.
at the close of the fiscal year ending July
81, 1875, and desires wholly to retract an
intimation made one year ago, that large
amounts might have been realized to the
State if former treasurers had been as honest
in reporting sums received from this source
as the present incumbent. Mr. Poland
adds:
Upon a Thorough and careful exam
ination of John L. Pages books while in
Office, we End the items of interest properly
credited to the State in every case. His
books are correct, and all moneys recei we'd
by him for interest on balances are properly
accounted for. Justice to Mr.. Page and to
ourselves requires us to say this much, and
we say it with great pleasure"
This very thorough refatstion is Of
course sufficient for q public which would