Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1892-03-17
"Reminiscences of Gaysvlile, as Told by
an Old Resident.


! At the present time when the business
prospects Of Gaysville seem to be an as =
sured success, one sometimes recalls her
former busy times, when she sent out wool
en- goods that went all over the United
States. The lrst mill that was ever built
there for the manufacture of wooden goods
brought financial disaster TO its promot-
ers before a single yard was made and 1t
/ Law idle until about 1873 or 1919, when
man named Hobart from Randolph and a
/ Mr.. French from Boston bought the mil
and started 1t up with two sets OF ma
chinery. They ran It three or four years
and failed Then homas Greenbanks
( came upon the scenes and was destined To
! do great things for GIysviile. He came TO
town With $4,000 capital, bought for sii-
4 900 the mill, the store formerly occupied
! by A. A. Brooks and the ID. Il. Gay house,
added one or two sets OF machinery, ana
did prosperous and conservative BUSH
ness until 1860, when he was called worth
$4,000 to s75,0J0. He was great worker
and entered INTO every detail OF the bust
ness and was the first in the mill in the
morning and the last to leave ii at night.
August 9, 1860. the mills burned. He had
s26, 900 insurance and he hesitated consid-
erably about rebuilding. His wife urged
him not to, but when be finally concluded
to rebuild he went to work with Will
and Feb 9th, 1861, the mills were started
up again with ten sets OF machinery. Al
first he ran on half time, business was dull
and he was sorry he had not needed the
advice of his wife. Then the war broke
out and business doomed. Jordan ana
Marsh handled good deal of his goods
and he had several government contracts,
calling for little different grade OF stock
than he had been in the habit OF making
but still very profitable contracts. lie be-
gan to make money hand over hand he
ran his mills night and day, and part OF
the time made over $500 day. He pushed
things in this way until 1864 when he was
called worth halt naillion, all made IN
Gaysville in this business except the sl5,-
600 original capital. "Jim', Fisk OF Fisk
Stokes notoriety, was then connected with |
Jordan and Marsh and in the fall OF 1864 |
Mr.. Greenbanks contracted to sell out his |
Gaysville property to Fisk and party |
from Philadelphia, Pa, for sl04 900, prop
erty to be delivered Jan. list, 1860. Before
that time arrived Fisk had Withdrawn
from Jordan and Marsh, and had made
wildcat speculations and lost his money /
and on Jan. LIST the prospective partners
were unable to raise the sl0l 900 and asked
for an extension OF time to March LIST in
which to raise the money. March LIST
Greenbanks went to Philadelphia to COM
plete the bargain but received 5000 to al
low the trade to drop, and as he had got
sick OF the trade himself, came home very
much pleased that he had got 5000 Tor
nothing He was now at the zenith OF
his power and wealth.
After the close Of the war he continued
to buy wool at 81 per pound, which he
made up into goods that sold at the rate OF
wool at only 50 cents per pound. In this
and similar misjudgments he shrunk sSO0,-
600 OF his capital. At this time, though he
was so wealthy, his W hole list In Gaysyille
was only 5000 and he made complaint to
.he board of civil authority and II was re-
duced first to $4,000, and on further COM
plant to $4,000, with which he appeared
Then occurred a long litigation
with the school district that so soured
him that he left town. To give the fun
history OF this 1t is necessary to go back
short time. In 1860 there were two school
districts in GaysvIlle, the dividing line be-
ing the river, and the school houses IN
both districts were small, old and dllapi-
dated. IL was proposed to unite the dis
tricts and build a new school house. A
meeting was called and Dan. Abbott pre-
sented plans, estimating the cost at $1,000.
The matter was much discussed and school
meetings were held every week and Green
banks voted every time in favor of the new
project, including the final meeting when I
/ was voted to build new house. Then !
he war came, other matters engrossed
popular attention and the new school, /
house project dragged slowly along; prize
$ rose like a rocket, and when finally I
completed the building cost 5000. This /
made the taxes pretty high for several /
ears, but Mr.. Greenbanks paid his with
'ut grumble for several years until some
me informed him that the whole tax for /
he new house was illegal in that build
ny had been constructed for other pur- =
loses than a school building. He resisted
he tax and the matter was carried up TO
he Supreme Court, where he won his case,
lot on the merits, which were decided adj
ersely to him, but on the technical point u
hat the notice for the school meeting had d
'een posted more than II days prior to the d
Meeting, when the law said it should be n
'osted not more than Il. This contest in il
which the popular sympathy was all G
gainst him so soured him that he deter Il
mined to leave town. He went to Law c.
ence, Mass, taking with him about $500 q
90 capital He bought site for a mill a
here, which proved to be a veritable quick u
and; he set 70 men to work shoveling IL b
ut and at night the hole would be as large II
5 at morning before. When the founda- t
ons were finished 100000 OF the S200,0O0 Sc
'ere gone and the completed mill repre- "
ented 1000, leaving only $4,000 work
lg capital, sum far too small. To carry W
n his business he procured advances from Il
awrence and Co, his commission house. cl
nd in this way they soon owned the III
hole business. He went into Insolvency, al
aid 10 cents on the dollar, and became, 81
ne might almost say, an object of chart "
:, had il not been for gifts from friends. A
e removed to Salem, where he died about fo
80.