Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1892-11-04
THE LEGISLATURE
OUR MONTPELIER LETTER.
The Business of the Session Now Nov
ing at Rapid Pace.

Hearing on Savings BRnks---The First
Round In the Fight for the Removal
of the Windham County BuiIdings---
Woman Suffrage Captures the House
---R Variety of other Matters of In
terest.
MONTPELIER, Nov. 3, 1892.
The representatives of nearly all of the
savings banks in the state appeared before
the committee on banks Tuesday evening,
by invitation of Hon. Fred G.. Field. in
spector of finance, to discuss pending leg
islation and other matters affecting the
banks. C. A. Harris of the Brattleboro
savings bank, c. H. Pratt of the Vermont
savings bank, and +. A. Willard, ir., of
the Wilmington savings bank were pres
ent from Windham county. The subject
receiving most attention was the bill now
before the house reducing from $500 to
$500 the amount exempt from local taxa
ton to such depositors. The one opinion
expressed was that such a radical change
would prove disastrous to the banks, result
in large loss in revenue to the state, and
increase but slightly the local grand lists.
1t was shown to be the very general prac-
tice of depositors to reduce their deposits
to $500 before each first of April so that
nothing should be reported to the listers,
and it was claimed that the same course
would prevail if the limit was fixed at
some less amount. The savings banks of
New Hampshire and Massachusetts now
receive a very large amount of Vermont
money, and are ready for all that comes
The theory was advanced that adverse leg
isation at this time would only serve to
transfer deposits to these states, and lose
to Vermont quite a share of the present
tax on deposits, which in 1891 was about
$15O,OOO.
The bill introduced by Mr.. Brown of
Nottingham, cutting down to % per cent
of assets the amount allowed to be invest
ed in securities outside the state, also re-
ceived attention. The intent of Mr..
Browns bill is to make money more plenty
here at home, but the bank men claimed
that they now from choice supply every
home demand, and that under the existing
law they have hard work to keep their
money invested. If obliged to invest
larger proportion here they would have to
refuse deposits to a considerable extent.
Treasurer Harris of Brattleboro called at
tention to the fact that Vermont was the
only state limiting the amount of savings
bank deposits to be received from depos-
itor. New Hampshire, with slightly larger
YNOrulotiOY, tbou hoo Sf0 0O0 000
in her savings banks to about $25, 900, OO0
in our own. A large amount of this 500,
100000 is outside money. He believed it
the wisest policy for this state, in the light
of revenue to be derived, to remove all
limits. He thought it desirable that saw
ings banks be allowed to invest in the best
grades of New England railroad bonds
He was satisfied, on the whole, to have the
laws remain as at present. This seemed
to be the opinion of most Of the bank
men, The savings banks were never so
prosperous as now and it was best to let
well enough alone This now seems to be
the opinion of a majority of the legisla-
ture also.
Judge Reads bill to remove the shire of
Windham county to Bratteboro was intro
duced Saturday, with the motion that it be
referred to a special committee of five
members, to be appointed by the chair.
Mr. Weston of Newfane suggested that the
proper thing to do was to refer the bill to
the members from Windham county. Mr..
Read then proposed that the question of
reference be made the special order for
Wednesday afternoon, which was agreed
to. The bill came up yesterday afternoon
and was the subject of more talk than any
other matter has drawn out. Mr.. Read,
who started the ball to rolling, is in the
habit of making good speeches and of
course held the close attention of the
house. Speaking on the question of refer
ence. which was the one before the house,
he soon switched off on to the general mer-
its of his bill and got in quite plausible
argument, from his standpoint, on the
main question, including vivid descrip-
ton of the county Jail. Mr. Weston OF
Newfane followed with the statement that
Windham county wished to be accorded
the same courtesy that had already been
extended twice by this house to Other
counties-that of deciding in reference
to matters pertaining solely to theiI
own interests He also called attention tc
the long line of precedents in this direc'
ton. and moved to amend Mr.. Reads mo
ton for a special committee of five, by
making it a select committee consisting Of
the members from Windham county. Mr.
Ware of Townshend, Mr.. Adams of Mari
boro, Mr.. Porter of Wilmington, Mr.
Brown of Nottingham, and Mr.. Clark o
Halifax followed briefly with remarks ia
yoring the amendment Mr.. Martin o
Brattieboro took the floor and in his at
tractive way, speaking on the question o
reference, got in a rafting good speech on
Brattleboro as a trade centre, and as thu
natural site for the county buildings. Mr.
Martin and Mr.. Read both claimed o
course, incidentally, that il would be i'm
possible to get fair verdict from Jur,
whose minds were already made up
When the question came to vote Mr.
Clark of Halifax demanded the ayes AM
nays. which were 1877 in favor of tn
amendment referring the bill to the mem
bers from Windham county, to AZ in oppo
ia