The united opinion. [volume] (Bradford, Vt.) 1881-1970, 1897-10-22
The Vermont Development
Association.

Ex-Gov. Carroll S. Page, who is the
newly elected president of the Yer
mont Development Association, has
given his views relating to the same TO
fha Bellows Falls Times, which we
Gladly publish below. We bespeak
FOR the article the careful perusal of
ali orr readers, as we believe the prac-
ticabilitv of his ideas will commend
them tothe good sense of Vermonters,
and that their endorsement and exc
cutiOn will tend towards the upbulld-
mo of our various industries to very
marked degree
Certain PROPOSITIONS are so self-evident
DC 10 require no proof | think the state
ments contained in the four following
paragraphs may be regarded as automatic:
First-A home market which will absorb
the products of our soil at fairly remuner-
alive prices will bring the greatest good
to the greatest number of people of Yer
mont, and consequently best promote her
material welfare.
SecOnd-As means to this end the es-
tablishing of manufacturing INDUSTRIES IN
orr villages is an important, and perhaps
the most important, factor.
Third-IndustrieS which can compete
with our sister manufacturing states III
New England, cannot be established eX-
cept by a favorable combination or Uhe
ly into their prosperity, viz; Cheap mon
ey. cheap power and cheap transportation.
Fourth-The coverSe of this proposition
naturally fellowship: That given to Yer
mont cheap money, cheap power and
CHEAP transportation, we can ESTABLISH
having industries here.
10 bring aboutsa combination of these
three conditions is a work well worthy
liberal expenditure of the best effort and
best thought of loyal Vermonters Let us
consider these factors'ln 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 in
yestment is taxing the best efforts OF say
ings 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 aValllng
themselves of this Western outlet with
its questionable security.
What should be done? | believe the
state should say to the managers OF these
banks that on all monies which they Will
loan at Az per cent. to be used IN develop
ing new industries in our state, the seven
tenths of one per cent. tax, when they
are now called upon to pay, shall De
abated.
Our savings banks to-day pay to deposit
tors four per cent. 1t costs approximate
1y one half of one per cent. for their run
ming expenses 1t will be urged that these
institutions should not be asked to do buSl-
ness upon non-profit paying basis. put
is this true? Let us pursue the lnYeStlga-
ton little further. There are very few
savings banks in Vermont that have not
tens. and MANY of them hundreds OF thou
sands of dollars, loaned upon our hillside
farms. Unless some means can be deVlS-
~, ion IF a
profitable, the banks must eventually
take many of them on their mortgages
The prosperity of the farmer is so mex
tricably interviewer with the prosperity
of the savings bank that it is impossible
to draw a line of separation between them.
Their mutual prosperity demands liber-
al pOlicy on the part of our bank mana
gers They had much better loan a few
thousand dollars without profit, in devel-
oping industries which shall restore pros
perity to the farmer, than to be eventually
compelled to own the farms.
Tie same general principle is involved
in lOw-rate loans to our towns and villages
to enable them to develop the power re-
Quired 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 are capable of generating
electrical power sufficient to turn the
wheels of every manufacturing industry
in New England. Within the past five
years improvements in the generation OF
electricity have made it practicable to de-
velOp that power on the hillsideS and
transmit it at a minimum cost to manu-
featuring plants located alongside the
railroads. and convenient to our villages
where the operatives reside.
10 1l1rrt 10. NnCt fNHvn
years my own village, Hyde Park has put
in an electrical plant about three miles
from the village. 1t not only furnishes
our village-bOth its streets and buildings
with light, but also supplies power for
manufacturing purposes. The entire
plant could to-day be duplicated, includ-
ing cost of real estate and water power, a
new, substantial stone dam, power house,
dynamOS and an entire outfit of tirst-claSS
and modern electrical apparatus, for 3d.
800. | personally pay for use OF power in
my hide house and WOOl-pulling plant
enough to cover the interest on the entire
S13,500, and if the suggestions named un-
der this head could be made feaSibe-and
! believe they could be-COnsideraby more
than enough to do so. This leaves the
entire income from electric lights and
from the two concerns other than my own
which use the power, to pay the incident
al expenses of running, and to reduce Ou
debt.
/ might add IN TINS connection that
probably not over sixty per cent of Ou
power is used.
Now my suggestion is this: The savings
banks of Vermont are to-day carrying hun
dredS Of thousands of dollars of municipal
bonds which do not pay them over fOul
per cent. and many of them not over 3@i
per cent. on a basis of tO-day's market
value of these bonds. | would ask the
state to say to these banks that the seven
tenths of one per cent. tax, now paid the
state, should be abated on the money
loaned at 3 : per cent. on the bonds of oul
towns and villages, issued for the purpose
of developing plants like that which we
have in Hyde Park. With this tax abated
this arrangement involves no loss of in
come to the savings banks. Indeed, the
indirect gains resulting to them from such
a line of action should be all the induce
ment necessary to prompt them to give
preference to the municipal bonds of Ner-
mont villages, which, so far as | now re-
call, have never in the entire history OF
our state been in default to the extent OF
a single dollar.
Who can say that with a g. per cent.
rate of interest to towns and villages to
develope power, and with ~ per cent.
assured to corporations that will use the
power so developed, that the question OF
a combination of cbpap mower and chpaI