The Windham County reformer. (Battleboro, Vt.) 1876-1897, 1881-02-18
proved disastrous He has necessarily ex-
pended large sums Of money, and these

penued large sums OF money, and these
sums have come mainly from the bank. II
is easy enough to see where the capital OF
the bank to the full amount Of $500, 600
has gone since January /, l765. append
few figures which the business men OF
Brattleboro, who have kept watch Of Mr..
Waite, will vouch for as more authentic
than those which Mr.. Price relies upon to
prove the bank rotten In 1854, and its then
directors knaves or fools. And here let me
say that Mr. Price is mistaken in the state
ment that the losses by VIM. Fl. Waite be-
gan in the time of the Windham County
bank. He was in good credit and the man
ager OF bank with 5000, 900 capital, until
after October l, 1864. He was able to pay
his debts up to that date. II is not likely
while he was in good credit, with ample
funds at his command, that he did not pay
what he was owing the Windham County
bank, especially as every dollar was needed
to perfect Its new organization. 1t hardly
seems necessary to say that the theory that
Waite has been carrying this bank since
1865 on borrowed capital, will not wash,
because be could not have borrowed for
less than seven per cent per annum to av-
erage it, and in order to pay this interest,"
he must add seven per cent. to the % or
"a per cent. which Waite's bank must have
earned annually, if its capital was as Price
declares only $3.50. 900. These are some of
Waite's expenditures since January |, 1865,
all of which think it fair to say came
from the capital or earnings Of the First
National bank
| In the last Of 1865 or earlier part OF
Of 1866, he paid to save VIM II. Waite's
account, $4,000
Afterward to s. Il T. NJ Adams of MARI
boro on VIM. HIS account, 5000
| when he started the Brattleboro Organ
GO. and made the large erections on
Flat ST., estimate he sunk, $4,000
| He lost by the Chicago fire. and through
his partner Riley Burdett, $4,000
| The Brattleboro gas works, estimate as
costing, 10000
The Hinsdale bridge, piers and the nil
between the two bridges, the island,
the Vernon railroad, and the litigation
growing out Of 1t. cost Waite, besides
what D. L. Harris putin, e25 900
The losses IN the Vernon slate quarrles,
and the litigation growing out of the
affair must have exceeded el2,500
His share Of the losses of N. B. Willis
ton Co, was about $4,000
He, or the bank lost by W FELTON,, +. T.,
Holbrook, c. b. Stoughton, L. L. sar-
gent, X: Allen, G. w. Field Il Co, +.
D. Cobleigh, Chas F. Thompson& Co.,
the BrattlebOro Manfg Co, and sundry
other unfortunate debtors, according
to my tally, over $4,000
estimate that waite has paid towards
the expenses OF the great organ suit
I'd. Estey Co, $40 600
He paid B. r. Valentine, new York
lawyer, In the fall of 1879, Judgment
Of almost 5000, for servioesin another
patent case, which he lost 5000
estimate his other legal expenses, since
1865, period Of IL years, At $4,000
year, $4,000
Total, Sss7,5O0
Add this to the banks expenditures S53l,5es
And we have ss7ooes
which Waite has discussed in the last Is
years. How did he get It'll Price says it
came from bank with $l50,000 capital
the earnings of that capital for Is years,
and the 800, 900 that he owed other par
ties when he ran away. The figures have
produced, largely taken from his report,
show how impossible it is, that he can be
right. Assuming that he had the whole
capital to suck from since 1865, and that
the bank has earned, as Price estimates,
s43O, 900, that only gives 1870, 600 of in
come against 1870, 900 expenditures Add
to that the 100000, which he owes to
other parties and we are still $40, 900 short
1t will take the net avails of the stockhold-
ers assessments after deducting the expenses
OF winding up the bank, and the return
dividend to account for it.
Ii this communication was not already
long | should remind you, Mr.. Editor, as
well as MIR. Price, that good character is
entitled to quite as much weight as a bank |
receivers guesses or an editors vaporings |
no matter with how "great ability and |
shrewdness" that receiver has been able, at
an expense of $5085, to collect and pay to |
creditors $685. l4, of which $2673 was in
the bank when he took possession, $959S |
was in city banks subject to his check, and
less than $4,000 collected in any other
way than by assessments-and no matter
how anxious that editor may be to seem
independent.
OF the deceased directors, upon whom
you fasten the imputation of dishonesty,
two at least, Franklin Sawyer and Jarvis
F.. Burrows, were competent and honored !
citizens of this county. No man ever |
challenged their capacity or integrity while
living. N. B. Williston in 1854 was one of
the most competent business men that
Brattleboro ever had in her midst. His in
tegrity never was doubted until Linus M. i
Price began to cast dirt upon one of the I
purest lives ever lived in Windham county.
.. X. Post and Simeon Adams have dis |
charged their duty quite as well as the |
average of men the duties and Responsible |
ties that have come to them during their |
lives. Jacob Estey has achieved for him
self and for his town and State, outside |
the rapidly diminishing clique of Waites
lacqueys and lick-spittles, character
for ability and integrity, which either you
or Price, might well pride yourselves upon
If you but had it. No more competent
board OF directors could have been made in
this county than the men aspersed. While
they, with the exception of Mr.. Williston,
continued directors, the bank was pros.
porous. 1t is since these men left its
direction that all its woes have come upon
t. The advanced age ofMr Williston, should
afford an excuse for him in these latter
Iears, which younger men have not. You
'hould not, Mr.. Editor, have given the
slightest countenance to Prices wicked
mputations upon the men who stood as
directors in 1864. Had you known them
'ou would not Let me strongly urge upon
-ou, to never again give your endorsement
0 accusations of a stranger, which if true,
will blacken the names of respectable men.
Until you have first examined the evidence
nd found them true. /,
NJ ~ =