The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1875-08-11
PRICE THREE CENTS.
even the possibility of shadow of suspic
am truly yours etc,

10 this letter Mr.. John A. Page replied
as follows,
MONTPELIER, July 7th, 1875.
Hon. john ID. PAGE, SIR Yours of
the 9th was received. / had read the Fair
haven letter and noticed the the connection
i'll which my name is introduced.
take pleasure in saying that in all Of
my examinations of the booxs of the treas
urer's Office, passed over to me by you,
have never discovered any errors or omis-
sions of entries involving failure to nc.
count fully for all moneys received by you
as state treasurer, to the amount of one
cent. Any rumor that had made such
discovery as ia implied by the letter re-
ferred to, is entirely without foundation,
and no word ever uttered by me would
justify such insinuations.
Very Respectfully,
Your obi Servant,
JOHN A. PAGE.
This letter, from the present state treas
urer, is direct and explicit, but his reply to
the following, a second letter from ex-
Governor Page, is more positive and cir
cumstantial. Under date of July 26th,
Gov. Page wrote as follows to the Hon.
John A. Page, calling attention to his man
agement OF the state treasury during his
term of tf1ice.
Hon. J. A. PAGE State Treas.-Sir:
desire that you make particular examina-
ton of the books in your ONCE that you
may be able TO give positive evidence in
regard to the charges referred to in the
-ArJnS letter enclosed to you in my letter
of the 9th inst.
In order to judge correctly, neither you
or the public can forget that my admins
tration of the treasury was in time of war,
when considerable portion of the de-
mands upon the treasury were met by Dor
rowing. ! lind that there were borrowed
for the state nearly three million and a
half Of dollars "a considerable portion be-
ing from banks) In fact the operations
Of the treasury were dependent upon sell
ing bonds, and loans from the banks for
seven or eight months of each year.
The banks in the state were some Of
them by their charters required to loal to
the state, and they responded when called
upon, at tho legal rate of interest (six per
c.AO while they did, and could, use their
funds at much better rates.
1t became necessary for the treasurer to
keep an account with forty banks to
accommodate individuals and towns in the
payment Of the state pay TO the soldiers
and their families. The labors connected
with ;hese accounts were large. In one
year find drew over nineteen thousand
checks, besides large numbers of orders
were charged directly to my account for
which nc checks were drawn. To give
some idea of this business, l find that in
one year the debt and credit with banks
aggregated nearly FIVE millions. l kept
one bank account in Boston and one in
New York, where the state had material
aid in meeting its obligations. The bank
accounts were sometimes overdrawn. 1t
was impossible to have it otherwise and
pay promptly. Upon these overdrafts in
terest was charged in the account; the bal
ances in Boston and New York upon which
interest was allowed, was duly credited. In
making up the interest account at the end
of the year the balance only was given.
You continued the same arrangements
for interest on balances, but owing to re-
stored ''peaee" YOU were enabled to con-
STATE, bond bonds outstanding, the legislature
each year made appropriations for that pur-
pose, which were included in the state tar.
The bonds not having matured you have
not been able to pay them rs fast as the
appropriations were made. You could not
compe. parties to part with their bonds be-
fore maturity, and therefore held the money
at such rates of interest as banks and trusf
companies would allow, that the accruing
interest on the balance; might in part Of
set the interest on the bonds. In the dis
charge of your duty 1t was your only re-
course. While your course was common.
dable, it is quite obvious that had it been
known that the bonds could not have been
paid before maturity, it would have been
better to have let the money remain in the
pockets of the people than to take the risk
of holding it at a less rate of interest than
the bonds bore.
The changed circumstances between your
administration and mine explain all to bust
ness men who will give the subject little
reflection. 1t seems to DO the fashion in
these latter times to require men to prove
their Innocence. however disagreeable 1t
may be. But for the recent controversy
in regard to railroad management, it 10
not probable that should have been sub
| ject to this trial. If you wish to live in
quiet eschew all connection with railroads,
is believe, as good advice as can be given.
am truly yours, &C.,
J. B. PAGE.
To this letter the following answer was
received
MONTPELIER, July 31st, 1876.
Hon. J. B. PAGE.-Sir: In compliance
with your request, and since l wrote you on
the 7lh inst, have made an examination
of the bank accounts as kept by you as
treasurer of the state during your Official
term; and take pleasure In saying that
find in all cases, where you had balances
in banks, which could have been expected
to allow interest on balances, the interest
accounts were duly rendered, and the
amounts received duly credited in The prop
er account.
regret the circumstances that the audi
tor of accounts IN his annual reports, had
not stated in detail the receipts and dis
bursements on account of interest, Instead
of reporting balances received and paid on
interest accounts, as such statement would
have shown the exact facts, without vary
ing the results so far as the balance was
concerned.
Respectfully your ob't servt
J. A. PAGE.
As Mr.. Cain had said that his Fairhaver
letter was based on information derived
from Poland of the Watchman and Rev
DR.. Lord and rs Mr.. Atkins endeavored te
Justify the publicatson of the Fairhaver
letter on the ground that REV. DIR. Lort
had talked it freely and also that }. NJ
Poland told Rutland gentleman that Dr
Lord was writing an article on the sub1ec
which he would soon publish" letter o
inquiry vas addressed to DIR. Lord which
rec -ived the following reply;
MoNTPRLIKR, August I'd, 1879.
Hon. J. b. PAGR.-Dear Sir Your mott
r calling my attention to certain statement
, of Mr.. Atkins respecting my freely taik
: ing" in regard to the management OF IN
state treasury while 1t was In your hand
; has be- II received.
In reply let me assure you that ! hav
l never had any conversation with Mr.. Al
s kins or Cain at all on the subject. l hav
8 never heard the subject alluded to hut one
G or twice, and then by persons who had a
Y the knowledge of the matter which hat
c never had any occasion or desire to di
n cuss the matter with others. Where fac
: are accessible from records am not in Il