Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1881-06-17
YATES WRITTEN STATEMENT,
Prepared by Him, and Given 80 EEis
Counsel for Publication.


When the First National bank was organized, It
formed from the windbam County bank aud $4,000
Of cash. The contract made by the stockholders at
that time shows that the shares called 800 each,
but $50 TO be cash and $50 to be from assets
Of Windham County bank. Windham County assets
proved poor and In less than six months were largely
worthless. The contract shows that II drawn
10 guard the stockholders Of the Windham County
bank against loss hey ond what the First Naonalcould
pay. When the First National was fairly under way,
It began TO pay dividends, paying six Of $4,000 each,
IS Of $4,000 four Of $4,000 and three Of 5000 each
These dividends paid with the advice aud con-
sent Of the direcors but they never held meeting
to examine tho books, 10 ascertain the profits to
vote dividend All the assets OF the Windham Coun-
y bank In paper that bad been taken by the board
OF directors; 1t was all submitted TO them and we'll
considered. We did large Western business, and all
knew it; the president was at the bank large portion
OF the time, and had free TO all parts Of the
and 10 all the funds or papers Of the bank. Our
Western paper was frequently discussed by him and
myself. / think he understood that the bank must
depend upon to e1tricate II after serious losses
in 1894 He knew all about my interest IN Burdett
Co., and late 1873 told Gen. Grandey that he
thought Burdetts matters would make all right. AZ
ter the FIRE at Chicago he visited At his house
evening by two Of the directors, who told him they
going to leave the bank and advised him TO
sign. He told me OF the interview the next morning.
Ject freely; said to him II be stad by me, as under
stood he would when we began the First National,
thought we could build It up. explained to him the
value OF the patent AZ understood II, and assured
him would do my best TO carry the load II he would
assist me. He very cheerfuily said he should stand
by, but the two directors went out one cf them de.
chDed reelection and one sold his stock 10 render
himself Ineligible Previous 10 this three directors
held long consultation with lawyer, to ind out
what their liability 10 national bank. One
ed - shares Of stock and he said to after the FIRE
in 1871 which was soon after Tor within few weeks
these three held their council, that unless paid him
sos per share for his stock he would sell II Al auction
In front Of the bank. bought 10 and paid his price
weeks after the robbery Of the bank in 1871. After
this consultation with counsel the three directors
ed came TO the bank for an examination OF is paper,
and showed them all they called for. This examine
tiou, OF course showed how much the bank depended
upon me; and as II was supposed that the re in Chi
eago had crippled me some they all run.
Co, for infringement of the patent. Estey aud his
workers commenced their assault upon me and the
bank, TO drive away custom and cripple US II they
could One director was constantly talked to las be
said, and finally sold his stock AZ this time
carrying nearly all the bank my shoulders, aud had
It not been for the hre At Chicago could have carried
Il through did not consider that there any le-
gal obligation TO do 1t but had gone into Il
10 honorAby stand by one another, aud proposed TO
do my best. No one had ever deserted me until this
time psTll aud think have never seen time
would not sacrifice my all before 1 would desert a
friend. The original board Of directors with perhaps
exception, all personal friends Of mine, and
had understood each other As this old board died
out assumed their pisces but neither shout
dered their burdens looked after their duties At
:his time there did not 10 be but thing for
me to do-to use every energy could, else must
go down and all would be involved in tha ruin. II
could carry the bank until could raise funds from
the patent was very confident that could save all.
when the patent suit was commenced wss assured
by very able coupsel that 1t could be flushed in two
4
have accomplished my wish and protected everybody.
The patent suit mover has been mine in the eye Of the
Aw, yet vas 90 situated with Burdett at that time
that could have controlled its fnnda.
During all this time advised with Mr. Williston,
and he must have understood how we The pat
ent suit was constant theme Of discussion between
u.s. and have every to think that he regarded
1t fAvorably az our way ont of trouble. think II
be shown that he has said 30 he has said 70 me- In
the presenee OF Others that after the suit was ended
he supposed would be rich enough to take Of all
A. further evidence Of bis knowledge, be fully
mad nv ma a1fh oh ka kn.w- -
Western losses, until aft the visit Of Gen. Grandey
In 1878 Then he was present At the bank, and
ed GrEndey we were all right; but very after that
visit he turned his HAirs to DR.. waller his
in-lAw, TO manage. DR.. Walker lrst began to urge .
etuenent o. oAruage-snop euAirs, Nhleh was con
Germ MI Willston took into his own management to
save himself about 5000 and the bank about S3O00
saved his but IN his management Afteruard We lost
Of the loss at that time, although Mr. Willison held
in his hands s6000 Of debts that should have been
collected and applied TO this ueeount settled to
ciiate and avoid trouble. This settlement was pee
Is, 1878. gave Mr.. Wiliston my Obligation for $1,000
as nd DR.. Walker was short Of funds Within
rcrg few days DR.. Walker commenced TO turn the
about the bank aud forced TO buy shares
Of stock An the bank, when he must have known had
vent the annual meeting Of the stockholders 1879
Il have his letter for thsl Mr.. Price says in his re-
share Of carriage-shop loss. He q mistaken. The
cash was paid TO DR.. Walker and by him sent to New
Haven and deposited In bank Previous TO the pur-
chase tried to have the AFFAIR remain quiet, telling
DR.. Walker that could not have any unnecessary eI
element added to the prevailing rumors; II he did, II
would in1nre US very much. He refused anything
short OF resort 10 the comptroller at WashfnRtop
unless bought the stock. therefore must purchase
be ruined, and think he must have been sure OF
this BY his persistent course; and feel certain he
could only have obtained the proper information to
guide him from M wiiiston. He has said, since the
closing Of the bank, he did know. 1 mention this
transaction in detail to contradict the oftrepeated a.
sertion that would not permit any oficer to know
aud when be got scared after Grandey's talk with him
he had got to be an old mani he was timid, and, in
DR.. Walker in possession Of facts enough 10 get him
out OF harms way as an ofeer Of the bank and save
his property.
would say here that never has any oHaeer Of the
bank been refused any information he might make a
demand for; this can be proved by both Sawyer and
Guild the assistant cashier and teller. When was
absent from the bank, Mr.. wis.on as president was
In charge; and never locked up anything, not even
for years past have said 10 the hst ~
only trouble with their bank was that the directors ala
not pay any attention to the Affairs OF the bank. The
truth 49, the directors Of the First National Bank Of
Brattleboro held meeting ascertain what the
prohts Of the bank had BEEN to vote TO pay div-
and il any one became dSsatsasd was forced 70 b1y
him out do not remember now that Mr. Wfliston
as president, ever called his board together. used
to have meeting when II became necessary to pass
upon something Ike transfer Of bonds; but that
was all understand the board Of directors to be
part OF the presidents machine. Dividends paid
by the advice and consent Of the directors a. heV
came into the bank from time to time Just previous
dividend shall we have this time ~ When the diyi-
dend was raised from per cent 70 DER cent made
Il so because II was urged by individual directors for
more than year that II was necessary 20 do so 10
keep our reputation With other banks. When sue
eeeded IN inducing them TO be satisned with redue
ton OF the rate from per cent to 4 per cent and
again from per cent 10 per cent il was met with
the remonstrance that 1t would injure our stock.
suppose some will say Knowing all these facts a.
you did and knowing that the national banking law
was being violated, why did you remain Why not
SHOW up such mapAgement? ! had gone on from
hope that we could recover and up all delin-
queneies AZ no time since the rst dividend Of 1865
or TO the officers OF the bank than at the time We
closed Could have succeeded in carrying it through
land could have done 80 had the deesion rendered
In the United States Circuit Court IN favor Of Burdi
In 1880 been paid on the execution could have lia.
Undated the bank myself and saved every one harm
less: This would have cheerfully submitted TO
could have been before any publicity Of the internal
ahairs Of the bank had been made. That would
nave done IL and Intended to do 80, ought 10 be be-
eyed from the evidence showing what have put in-
70 this affair TO carry it through. had already sunk
their capital And had every reason to believe that
this execution would be paid. AZ every hearing In
the court the decision had always been in favor
and Il did seem impossible to md any excuse for an
appeal excepting 10 crafty spirit Of revenge and
carry out an ofrePeated threat to ruin The ap-
been obliged to submit to had Overloaded me- ana I
was unable TO do any more.
have sacriheed my honor as business man with
AL my property after over forty years OF hard work
have been ruined in health by the brutality used
Immediately after my arrest and have only q very
iio @iiottou 70 me- IN All human-pro0Abiltty,
20 remain among the people OF this world and 1
have seen what little had reserved TO pay my debts
| Sgassndered oy mercenary and unpriDcpled agents.
While am left without dollar Of properly anywhere
that At this time can call mine, think that the
stockholders Of this bank should be compelled to pay
| me back what they have received from me over ma
above what WAS their legal dua but In my shattered
condition OF health II looks very dark and dreary 10
me 20 Try and maintain courage and strength enough
70 go on with the struggle. II s Of vital Importance
70 me TO try and have my position correctly uuder-
stood. II the figures deduced from Prices report
are correct, the stockholders Of the First National
Bank have had paid to them Sl50OOO tkinI The
correct aosount e. they have been paid tll2 80 in