The Londonderry sifter. (South Londonderry, Vt.) 1883-19??, 1897-10-22

Burlington, Ex-Governor Page was
called upon for remarks, and gave
briefly his views as to the utilization Of
Vermont money for the development Of
Vermont industries. This attracted the
attention of the editor of the Bellows
Falls Times who wrote the ex.Gov.
asking for fuller exposition Of his
views This the Times received and
published in its Saturdays issue,
Deeming it of sufficient interest we
make the following extracts:
Certain propositions are so self
evident as to require no proof. 1
think the statements contained In the
four following paragraphs may be re-
garded as automatic =
First-A home market which will
absorb the products of our soil at
fairly remunerative prices will bring
the greatest good to the greatest
lumber of the people of Vermont,
and consequently best promote her
material welfare.
Second-As means to this end
the establishing of manufacturing in
dustries in our villages is an impor-
tant, and perhaps the most important,
factor.
Third-Industries which can COM
pete with our sister manufacturing
states in New England, cannot be
established except by favorable
combination of the three factors which
have entered SO largely into their
prosperity, viz: Cheap money, cheap
power and cheap transportation.
Fourth-The converse of this prop
osition naturally follows, viz: That
given to Vermont cheap money,
cheap power and cheap transporta.
ton, we can establish paying indus
tries here.
To bring about a combination of
these three conditions is work well
worthy liberal expenditure of the
best effort and best thought of loyal
Vermonters. Let us consider these
factors in the order named. First:
CHEAP MONEY.
Our Vermont savings banks are
to-day full to overlooking with the
savings of our people. To find a
place for their investment is taxing
the best efforts of savings banks
managers from one end of the state
to the other. The trans. Mississippi
regions offer high rates of interest.
In the absence of a better opening,
our savings bank trustees, tired of
seeing idle money stacked away in
their vaults, are availing themselves
of this Western outlet with its ques-
tionable security.
What should be done :? l believe
the state should say to the managers
of these banks that on all monies
which they will loan at 1-2 pei cent.
to be used in developing new indus
tries in our state, the seven tenths Of
one per cent. tax, which they are now
called upon to pay, shall be abated.
Our savings banks to-day pay TO
depositors A per cent. 1t costs. ap-
pioXimately one-half of one per cent.
for their running expenses. 1t will
be urged that these institutions
should not be asked to do business
upon non proft-paying basis. But
is this true ? Let US pursue the In
vestigation little further. There
are very few savings banks in Yer
mpnt that have not tens, and many
of thu IN hundreds of thousands Of
dollars, loaned upon our hillside
farms. Unless some means can be
devised to make the cultivation of
these farms profitable, the banks
must eventually take many OF them
on their mortgages. The prosperity
of the farmer is SO inextricably inter-
woven with the prosperity OF the
savings bank that it Is impossible to
draw a line of separation between
them. Their mutual prosperity de-
mands liberal policy on the part of
our bank managers. They had much
better loan few thousand dollars
without profit, in developing indus,
tries which shall restore prosperity to
the farmer, than to be eventually
compelled to own the farms.
The same general principle is in
volved in low-rate loans to our towns
and villages, to enable them to de-
velop the power required to turn the
wheels of industry. Let us examine
that feature of the case under the
head of
CHEAP POWER.
Vermont has more energy running
to waste than any other of our New
England States. The streams which
flow down our mountain sides ale Ca