Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1877-02-23

view to build up institutions to protect
those who had small sums Of money which
they wished TO invest or place in safe keep
ing, with responsible parties, and without
risk or Inconvenience and, also, to loan
the same to good and responsible parties at
home, on such securities as were beyond
question, and to those persons who wero
trying to help themselves. They were or.
ganized under the laws of the State upon
this basis, with view 10 protect the inter.
ests OF the working classes and those who
had small competence. Widows and or
phans were among the first to claim pro-
lection from these institutions, and for
time they seemed to subserve the interest
of those for whom they were designed.
But where have they drinedP What is
their history, and upon what basis are they
run today Have not the irst principles
upon which they started been set aside,
and instead of protective institutions, are
they not conducted on a plan entirely diff
ferent from the original design
A large proportion oil the deposits in our
savings banks to-day are by capitalists, or
by those who have a large surplus for
of interest possible, no matter how much
above legal rates-their cry is, "more,
more" Hence these institutions have be-
come monopolies on large scale. They
are acting as insurance offices for the mon
eyed interest, and in many cases as SCREEN
ers TO protect the deposition from Just taxa
ton. They are run in defiance of our laws
and without the least regard for home in
terest, unless the poor unfortunate beggar
can conform to the established rates of in
terest, based upon the principle of taking
all you can get" no matter who suffers, or
what the final result may he. Every prin-
ciple of protection which these institutions
originally proposed is ignored or set aside.
The interest of the laborer and the good of
our community has been entirely forgotten
in the great effort 10 declare large divi-
dends and returns without risk, and to
encourage the capitalist TO increase his de-
posits. The high rates of interest promised
by the officers of these banks induces par
lies who have loaned money 10 private in
dividuals TO call for their funds, in order
to deposit them in some one of these in
stitutions which are monopoiziug tho cap
ital of our communities. The moneyed
interests Of the country have ever been
hard at work to obtain a high rate of inter.
est, and when our protective institutions
endorse this principle Of take all you can
get" is it not time for the laborng classes
to cry out against unlawful interest, aud
against tyranny and oppression?
What Is the effect of our present oppres-
sve system upon the community and the
commonwealth of Vermont? Is It not all
tending to make the rich man richer and
the poor man poorer? l. it not destined
TO finally depopulate our far famed State
and make the cid homes desolate? How
can the farmer or the business man think
of remaining East, with the moneyed in
terest all intent upon extracting the last
drop of blood he may have in his veins,
financially speaking?
Many of our young men have a small
capital 10 invest in a farm or a shop, who
would gladly stay in their native State, if
possible; but the misery disposition shown
toward them by our moneyed men is a
warning to them to get away from the con-
troll of the oppressor, who will, If permit
ted, crush out every vestige of ambition
the dependent young man may possess,
aud his aspirations are at once paralyzed,
aud he seeks a more genial atmosphere,
where he may hope to rise from want and
penury TO level with his fellow men. The
present system of high rates of interest is
drifting the community into a condition
even worse than exists in some monarchial
countries, where the landlord and his serfs
make up the community. Some of the Of
ticers of our savings banks act upon the
principle that the moneyed interests should
be protected at all hazards, no matter what
becomes of the working man. The al
mighty dollar is the power that controls
the capitalist and he at once loses sight of
every principle of humanity which goes TO
help make man. Under our present sys-
tenn our industries are paralyzed, improve
ments are crippled, and our once beautiful
homes are deserted, and the hopes Of the
working classes forever blasted. viii our
legislature allow our savings institutions to
defy the laws? Will they longer allow
them 10 follow system which must bring
ruin and disaster upon our noble State,
and finally deprive US of the bone and
muoNlO NhINh ipluS US lpECNuCls
What is the condition of large portion
of our business men to-day? We do not
refer 10 those who chance to have a sur
plus, but 10 those who are working from
hand to mouth. Many have been driven
into bankruptcy, and many more are stluG-
Cling for existence, pecuniarily, and thou
sands are laboring necessarily to meet their
liabilities and support their families. The
heavy burden of taxation which is thrown
upon them by the strategy of the moneyed
men 10 shirk taxation, and the accumulat-
ed weight of exorbitant and unlawful in-
terest is doing its work. They have hoped
and waited long for relief, but no relief
comes. These institutions still glory in
declaring big dividends, and apparently
feel unconcerned about humanity or the
interests of our commonwealth. The cry
of the oppressed does not seem to reach
their ears. How many there are in Yer
mont that have invested a small capital in
a farm or a shop, that need a little help,
but cannot see their way out If compelled
to pay per cent. or more for money. Must
this class of men be ground into tho dust TO
satisfy the avaricious miser? Is the origi-
nal design of savings institutions wholly
lost sight Off e.
If the present system is continued, it will,
at no distant day, wipe out that class of
men who are graphing with their load,
made unjustly heavy, and abject poverty
will hold unbroken sway, except where the
capitalist builds his temple. A few dollars
ofextra interest may afford some consola-
ton 10 the miser, and even help him to
build a fashionable place to worship in,
whilst it deprives the laborer of the last