Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1894-11-16
THE LEGISLATURE.
OUR MONTPELIER LETTER.
The Work of a Very Busy Week.

Ine Work OF n very BuSy week.
The State Treasury and its Treasurer
the Savings Banks VIII he Let Alone
---s5OO for Maple Sugar Growers---
the Contest over Judge Reads Uni
form Legislation BiII---SI5O,OOO is
Wanted for the state Insane Asylum
---BrattIebOro Bills PRssed---UustIing
to Get Through Before Thanksgiving.
MoNTPEIIER, Nov. IA.
Unlike most of the states of the Union,
Vermont has no bonded Indebtedness, ex-
cept the S135, 800 due the Agricultural Col
lege fund. When this fund came from the
government, the state, as trustee, used it
to retire its then outstanding Indebtedness
and issued its bonds therefor. In 1890 the
bonds were re-issued for twenty years, by
authority of the legislature of 1888, at six
per cent interest, rate made purposely
large in order to aid the college. As sufti-
cient cash to pay this amount is usually
in the treasury it can be said that we have
practically no state debt. With this con
dition existing the state treasurer is able to
borrow at very low rates when he has to
go into the market and obtain temporary
loans to tide over the few months preceding
the time when state taxes become due.
During the past fiscal year the state paid
interest on temporary loans to the amount
of S1227, and received as interest on bank
balances and tax payments SPOIL. The
funds of the state are deposited largely in
the National Bank Of Redemption in Bos-
ton, but accounts are also kept with several
of the national banks of the state, it being
the policy of the treasurer to place the
money where he can get the most for the
use of it with due regard to safety.
The size of the state tax for the next
biennial term will depend of course on the
action of the legislature during the next
fortnight. If the ordinary appropriations
| only are made ten cents on the dollar, the
treasurer says, will measure it. If the leg
islature approprates $50, 200 for additions
to the state insane asylum at Waterbury,
as is asked for, then fifteen cents on the
dollar will be necessary. Hon. Henry F.
Field, the state treasurer, is a man whom
| it is a pleasure to meet. He has been
cashier of the Rutland County National
| bank for twenty-seven years. His reputa-
| tion as a conservative fnancier was good
one, but the open door to his present posi-
tion was undoubtedly his connection with
| the legislature as representative from Rut-
land and senator from Rutland county, in
hlling which positions he made friends with
| all with whom he came in contact. The
representative or state employe who finds
his cash running low and is obliged to ask
for an advance, may 60 into the treasurer's
Office with the feeling that he is asking a
favor, but he invariably comes out with the
feeling that the obligation is in the other
direction. The treasurer's bond is for the
sum of one hundred thousand dollars.
Savings Banks and Trust Companies.
The several bills granting charters to
savings banks and trust companies are
meeting considerable opposition. Most of
the charters asked are for trust companies,
and contain the provision that general
banking business can be transacted. The
opposition is twofold. The savings banks
who do deposit business only, deem it
unfair that new institutions should be
chartered to come into competition with
them, having the additional privilege of
doing general banking. The national
banks complain that the trust companies
have an advantage over them in the fact
that they can invest their funds in mort
cages while the banks, under the national
banking law, are restricted in that respect.
The general feeling is expressed that the
banking facilities and capital of the state
are now amply sufficient to supply every
demand.
On Monday evening a spirited hearing
was held by the committee on banks, OF
which Mr. Mann is chairman, on the ap-
plicaton for a charter for a trust company
at ST. Adams. AT present there are only two
banking institutions in that town, one ma
tional bank and the other trust company
1t would seem that in this thrifty town o.
1000 inhabitants, if anywhere, there was
more room, but the officers of both institu
tions appeared and claimed that their bank
ing capital was in excess of the needs o
the community; that they now had none!
? on hand to large amount seeking invest
ment, and that Il new institution coulC
only result in dividing the business ant
5 affecting them all adversely.
f The bill reducing the limit of saving
e bank deposits which shall be exempt from
? local taxation to $1,000 has been killed il
the house, and it now seems probable tina
I no legislation whatever affecting saving
r banks will be had at this session, excep
l Mr.. Mann's bills extending the time fo
Y the next veIifcation of bank books and fo
f the publication of the lists of unknown de
positors.
The bill fixing the date in the legislativ
session when the state officers shall b
elected has become law, and the custom
of putting the matter over from time t
time for the purpose of log-rolling an
electioneering, it is hoped, has been fOI
ever set at rest.
Maple Sugar and the Fish Hatchery.
The bill making an annual appropriation
of $500 to the maple-sugar makers, to b
used in offering prizes and in such othe
ways as shall be deemed best for the inter
ests of that industry, passed the hOus
Monday and will doubtless become n law
This bill came from the committee on tn
same day that the fish hatchery bill wa
called up, and both were ordered to a thir