Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1889-01-11
BUILDING ASSOCIATIONS.


tor of the Bennington RcfOrDer, not only
explains why the building association bill
did not BECOME law, but affords good il
lustratiOn Of the bad effects of rushing
things at the close OF orr short sessions:
EXECUTIVE DEPARTMENT,
STATE or VERMONT.
WATERBURY. Dec. Is, 1883. '
j. n. LIVINGSTON, bennington, VI.
DEAR SIR Owing to my absence in
Windsor county and in other places during
the past week. ! had no opportunity TO re
ply TO your note of inquiry of the 18th instant
regarding the fate of Senate bill No. 3G but
am glad at this time to give you the mfor-
nation asked for.
The bill came to me late in the afternoon
OF the last day of the session, when my ia
bic was covered with unread and unsigned
bills, and when ! was pre- sscd beyond meas
ule WIN work incident To the close of the
session. No one had spoken To me about the
merits OF this measure, it, objects, or the de
mnnd for it, passage. read If over care
fully two or three times. cndtaVoring TO un-
! derstand lis provisions ana to discover Il,
object, but instead of getting light VAS left
NOR" IN doubt as to its purpose than when !
began.
on may not be aWar" that IN ITS passage
through the Senate the bill was amended by
striking ont the whole Of section second in
winch the object and purposes OF the meas
'Iy were carefully stated, as follows 'Ihe
ooltcl ana purpose II SUCH associations shall
I he 10 oncot1E" industry. truG7itN. home
h'lh''n% ana savings among It's members
the accumulation Oh savings. the loann2 Of
I such accumulation to ITS members; and TN"
repayment 10 each member OF ms savings
Nh'h lh'y shaIl nave accumulated to cel-
am sum or at any TIME Whrh he SNAIL de-
-'f' me Same, or the association Nhall desire
o" pay the S"'ne
presumed. OF course. that this amend
nl'nt was adopted deliberately, ana with lie
section referred To stricken ont, the bill
seemed TO me To ne nothing more or less than
measure to establish SAVING Institutions,
containing none OF the provlslrna which have
"r'h adopted Tor the safety OF depoNitoro in
other claoooS OF savings institutions in this
state Tree IRON the operation On al general
Jaw relating to savings institutions and CON
tanning provisions whicu, IN the hands of
. crafty men, might be turned to their own
Ad\ ahfa&e to the detlmcnt OF those with
whom they had to do.
/ was aware that there were various par
les Ill attendance upon the Legislature who
''eSlred to obtain charters Tor savings insii-
iutlohS' but that the committee on banks
mad rrs"lutely sustained the rule requiring
notice to tie published by those proposing to
aHk such charters and when upon eXamina-
non OF the flIinSS OF the I'M discovered
mat neither III the Senate nor IN the House
was II referred TO the committee ON banks,
although by Its terms IT permitted the for
nation oi associations which, II not savings
banks were closely AKIN 10 them, had Il
strong suspicion That the measure had for
lis OBJECT an avoidance OF the rule before
mentioned ana that under 1t savings insti-
, buttons would he organized TO winch the
general laws OF the state would not ap-
ply.
noticed also that each OF the depositors
or stockholders Eight aFall himself of an
exemption from the attachment laws of the
state on property to the amount of SCUBA
privilege not granted to depoNitorS on stock
hoiI'ra IN othel savings institutions was
ais" informed That 1t was the purpose of
some partles' VINO mad tailed to obtain char
lerS i"r savings BANKS To organize under tn"
provisions OF this act, provided it became a
law.
lrHlilng to nave iullcr knoWledg" in rela-
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