Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1893-07-06


West Randolph. This congress discussed
not only banking but railways, insurance
and financial subjects in general.
JUDGE vEAzEY on RAILROADS.
In connection with the consideration Of
railways Judge w. G. Neazey Of the inter
state commerce commission spoke on ''The
protection of public rights and interests IN
connection with railway operation He
contended that the public had rights as
well as the railroad companies, and that the
latter ought to be compelled by law
to make just and equitable rates for
passengers and freight without dis
Grimm alton. He said the public function
which every common carrier by rail as
tumed carried with it the obligation to re-
train from extorton and unjust discrim-
nation. The question, he SAID, was how
could transportation DO so conducted and
regulated that reasonable and relatively
equal charges and facilities would be as
sured TO every shipper and passenger, while
the just rights OF the carrier would be pre-
Berved A uniform rate pc" mile on all
traffic for any distance would arbitrarily
limit commerce to sections, and greatly re-
strict production.
Judge Neazey asserted that an order di-
rectpg carriers not to charge more than a
prescribed maximum, was not fixing rate.
1t was simply contning the exercise of thar
rate making privilege to reasonable limit.
He advocated that the rights OF the public
in contending for just rates be sustained by
legislative enactment.
col. ALDACE F. WALKER on RAILROAD
COMPETITION.
"lhe effect Ct railway competition upon
oil
the subject Of an address given by Aldace
F. W alller, chairman OF tia joint commit
tse. After showing that up to certain
point competition is blessing, but that
when carried to excess it is a bane Chair
man Walker called attention to the develop
ment OF that spirit Of cooperation between
competitors which sought to avoid the bad
Dr. secondary effects Of competition while
preserving the good, or primary effects
Until recently, be said, the logical re-
Bult OF cooperation was either the &C.
tual combination OF the compatltcrs
or the extinction of the weaker Both Of
these results were now forestsled bv the CO.
operative agreements under which the COM
petitive agencies were not extinguished
The speaker claimed that the general sub
lect OF competition needed no legislation.
In this matter, as in others, there was an
Competition was a natural force and, like
other forces of nature, would do its best
work when undisturbed. He then instsnced
the Berry law as blind attempt TO regu-
late competition, claiming that it was a law
grossly discriminative, and that its worst
idiocy was its failure to distinguish between
combination and cooperation. After show
ing the effects of railroad competition, both
for good and for evil, in this country he
laid:
THE functions of the law under the regu-
lat!ve power conferred by the constitution
upon Congress should be to maintain gen
eral oversight over the management of rail
ways, insisting upon the publicity of rates
for the protection of the public and OF &C.
counts for the protection of security bold
ers, restraining eXtortion and undue prefer
ence in tho transportation OF persons aud
property, but leaving the carriers entirely
free to enter into cooperative engagements
among Themselves for the maintenance of
such rates shall from time to time be
legally established. "
James II. Plat, an old burlington boy.
now living in Denver, who has become
thoroughly imbued with the Colorado free
silver craze, delivered a speech in favor OF
silver.
The banking delegates were requested TO
present. brief historical sketch of the bank
Ing interests in their respective Ststss and
Col. E.mball responded for this State as
tolows:
BANKING IN VERMONT.
The growth and prosperity of Vermont is
well shown in the history OF banking in its
different forms during tie last 80 years.
With only two cities OF more than 20, 900
tLo
institutions being organized and conducted
by the citizens and in their own interest,
there is no occasion for any with a large
capital. Under the old system of State
banks the necessity OF all circulating notes
being redeemablc at the old Suffolk bank.
30 ton, in order t. be current, compelled a
certain amount OF conservatism in ali New
Eng banks, and they also gained
standing that may lie compared with the
prestige which the banks now have, by be-
Ing adnittod to clearing house association
III large cities. AT that time the State law
did not require deposits OF bonds to secure
circulation, but some years since it was
made so that II tho banks wero permitted TO
Issue notes, they would hGYs to deposit Sc
curties Of certain class quito similar to
the present national banking law.
In 1860 the number of savings banks in
deposltors in round number 81, 100, coo.
Ia 1870 total amount due. depositors, -,
700 900. In 1850, including trust com
pnnies that do savings bank business-2l
total amount due depositors, 80, 900. 600.
In lSO@, including trust compan.os-36-
total amount due depostors, $24 600, 900.
The savings institutions have not only con
tributod largely in aid of the people of the
State, but have also good share in the de
velopment of the West. Its own populs-
ton has not increased materially, but the
census shows that its citizens born in the
state and now living in other States, to-
gother with their children, are more in
number than the present population OF the
State. The amount now loaned by the saw
ings institutions on mortgages outside OF the
State, exceeds So, 600. 900. Amount invest
ed in State, city, county and town bonds,
mostly outside of tie State, is about 81,
100, 900.
When the National bank act became
aw, the State banks OF deposit and issu
were oil very soon reorgnaizsd under tina
law. The firstlnational banking association