Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1878-10-11

war averaged sixteen and one-ffth per cent.
aud this included large appropriations foi
building the State House. / think the State
expenses ought 10 be so reduced that tax of
twenty cents will be ample and still do all
we are now doing, and more il required, fol
our public charities, schools, and all objects
worthy of our attention. l do not mean Ia
say that all OF this increase Of expense is UNI
necessary, by any means Some of il is call
cd for by additional duties and responsible
ties thrown upon the various departments
aud in other cases it is manfestly just and
reasonable. But quite q part of it has come
from the general tendency of the time towards
liberal expenditures which has pervaded oil
public, as well as private affairs. II would
transcend the proper limits of this communi-
cation, to attempt discussion Of special meth
DDS of rotrenchment. The whole matter is in
your hands, and the means of any further in
formation you may desire is at your COM
mand.
The greatest single ITEM that of court ex-
pense, is in my opinion, of sufficient import
ance to warrant the attention of a special
committee to that point alone.
/ am glad to refer with approval to the dis
cussion of the subject of trials by jury and
referees in the first message of my predeces-
sor If parties were compelled to bear a
larger share of the expenses of jury trials it
might diminish the amount of petty litigation,
and lead TO more references under the statute,
and do no violence TO the cause of justice.
Possibly, if no satisfactory remedy is found,
it may be advisable to appoint commission
err who shall investigate the whole subject of
court expenses and report at the next session,
recommending such changes of the statute or
constitution, MS the case demands.
,ugpesD,rNr IN, r,xv,
Every member of society hath a right to
be protected in the enjoyment of life, liberty
and property, and therefore is bOund % con-
tribute his proportion tocdm tie expense Of
that pr0tection." TO secure this result of
equality of taxation to the utmost possible ex-
tent, is the plain demand of this clause of the
constitution which have quoted.
TO rehearse the evils of our present system,
or rather, what is worse, of our administra-
ton of it, would be to repeat what my prede-
cessors have often said, and what every cit-
zen has seen and felt. Not the least among
these evils is the corrupting influence of con-
slant evasons of law. You understand the
subject fully, and the responsibility for fail
ure to apply a remedy must rest with you.
Several measures have been proposed to Sc
cure Just and equal assessment. At the last
session bill passed the House. House bill
No. 271, requiring each taxpayer to swear
to his list. The laws of Massachusetts and
Connecticut have a similar provision. The
reduction of State expenses and the direct
payment of any special taxes TO the State
will so far, but only to limited extent, re-
move the object for differentiation as be-
tween different towns but would have no eff
feet to relieve the inequalities among the tax
payers of the same town.
The law prescribed that the assessment of
the road-bed of railroads shall not exceed
81, 600 per mile. | am informed that in at
least one case the Equalizing Board raised
the valuation of town, where the listers had
set the road-bed at the limit of s., 900, and
that the railway company will contest the
validity of the list, on this ground. If there
is defect in the statute, it should be rene
died.
SAVINGS BANKS.
These institutions are assuming important
proportions in our State, holding now over
eight millions of deposits The amount in
1860 was n little over one million. They have
been so well managed that during the last few
years of financial trouble, while some of the
neighboring States have suffered severely
from the reckless and dishonest management
of these institutions our savings banks have
all stood firm, and none of them have suffered
serious loss. This result, however, is due
ton, than to our legislation. They are all
acting under special charters, differing con-
siderably in their provisions. They are not
to any extent restricted rs to rhere theymake
loans. All of them loan part of their funds
on mortgage. Some of them have made
these loans on real estate at the West These,
so far as 1 can learn, have been carefully
made and have yielded larger interest than
could have been realized from other sources.
The fundamental idea of a savings bank is alb
solute safety, though at some sacrifice of in
terest and dividends. 1t seems to me unwise
and unsafe to lose sight of this in our legisla-
ton. We cannot always depend upon hav-
ing honest and capable men in charge, and
even such men, unless restricted by law, will
be more liable to make mistakes. We know
what widespread disaster the failure or even
suspension of savings bank, would cause in
its vicinity, and among a class who have
earned their money by years of hard labor
and close economy, and who would all the
more keenly feel its loss.
recommend general law placing all saw
ings banks under the same general provisions
and restrictions, and repeating so much of
their special charters as conflicts Herewith,
but requiring no change of investments al
ready made. Then in granting future char
tiers little would be necessary except to name
the bank, its corpOrators and location, re
ferring to the general law for its rights and
duties. This policy of general organic law
Is being adopted by other States, and would
refer you among others to the new law OF
Massachusetts, passed at the session of 1876,
also to the law of New York of 1875, both of
which embrace some wise provisions, which
the costly experience Of those States had
shown to be necessary.
Such legislation would insure uniformity
and the greatest measure of safety, for if the
general law were found to be defective, il
would be corrected; but few look for defects
in IL special charter unless to take advantage
of them.
Some charters have no restrictions upon
investments, except that 1.-THE deposits shall
be used and improved to the best advantage
will not express an opinion as to whether
general law should allow loans on Western
mortgages but if they are permitted, the
banks should be required to report the
amount of such loans separately from home
loans on mortgages, so that depostors coulc
know precisely the nature of their investments
OF course in case of panic or run upon 4
bank, money could not be realized upon these
remote mortgages readily as upon homo
loans, nor would any showing in regard tC
them pacify importunate depositors like al
exhibit of securities in their own neighbor
hood, which they would know, or could read
lily learn all about.
Any laws you may see fit to enact in regart
to savings banks should be carefully consider
ed, and with view to promote and eXtent
their usefulness, and to strengthen the public
confidence, to which they are now 50 well en-
titled by their honest aud judicious manage
ment.
The Inspector of Finance seems to hay,
made n thorough examination of these insti
tutiOns. He reports that in a few instances
directors of national banks are trustees of saw
ings bauks in violation of section 81, chapte
SO, General Statutes, and that some bank
have exceeded the law i'll the character anC
location of some of their investments, or il
loauing to their officers. 1t is not probabl
that any of these violations have been will
wrong intent, and no loss, so far as known
has resulted from them, but they ought not Il
be allowed TO continue, and l have requisite,
IL