The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1897-02-03
Vermont Banks for Vermont
Borrowers.

statement that every dollar of the as
sets of the Lamoille County Savings
Bank and Trust Company is invested
in Vermont, first explained at some
length that the National Bank estab-
lished in Hyde Park, from its organize
ton, had been doing business on the
understanding that it was its duty to
loan money to local borrowers only
when it had funds to loan; that when it
had not, it's customers must go without,
or apply elsewhere. The result was
that there was no certainly among the
business men of Lamoille county of
procuring money when they wanted
and needed it. In consequence bust
ness languished, and the decay Of bust
ness was followed by a reduction in the
capital of the bank in 1856, from $780,
600 to 800 600. The cashier of the
bank dying about that time, Mr.. Page
was asked to assume his duties. From
this point we give his testimony in his
own words:
al protested against assuming the re-
sponsibilities of the banks affairs, saying
that the bank, while run safely, had never
been conducted as thought bank should
be run; that were to have charge Of its
affairs should say to every business man
in Lamoille county who brought good paper
to the bank, and whose interests were such
as to demand the aid Of the bank in inan-
cial matters, that they could have money
even II the bank had to borrow 1t TO loan
to them. told the directors that thought
the banking business was very much like
the calf skin business-that 1t could be
made to grow If they would take the same
care of their banking customers that took
of my cslfskin customers, and that unless
could have the privilege Of conducting the
bank upon my own ideas Of banking
would not accept the control.
After debating the matter, and largely
because no other available person offered,
they took me as Hobson's choice, telling me
| that l would know more about banking
after had undertaken to run bank upon
my ideas for few months. Nothing
daunted. sailed in, and in two years from
that time found 1t necessary to increase
the banking capital of Lamoille county, and
so started the Lamoille County Savings
Bank and Trust Company. Not only was
| every dollar of the National Banks assets
quickly absorbed by Lamoille county inter.
ests, but all the funds of our fast-growing
savings bank. In short time Worthwhile
started savings bank, and to-day we have
here in Hyde Park banks with assets ag-
gregating over 100000, and Morrisville
has a bank with assets aggregating over
$500, 900, making over million dollars in ALI
and with the exception OF 100000 loaned
by the Morrisville bank in the West, l be-
lieve every dollar is invested in Lamolile
and djacent counties.
| If ever proof unquestionable and album
dant is needed in support Of the theory
that Vermont money can be invested in
Vermont advantageously. Lamoille county
affords that proof. Business industries
spring up, grow and flourish wherever and
whenever it is known that ample cash cap
ital is always at hand, and I verify believe
that the thrift and enterprise of our little
Lamoille county, which is now notable
throughout the State, is in large measure
the result of our liberal methods of con-
Quoting the banking business in Lamoille
county.
believe 1 am everlastingly right with
reference to Vermont investments, and
those who think otherwise will have to in
vestigate long time to find single weak
SPOT in my armor for it is fortified by a
battery OF facts that are as true as gospel !;
and the sooner the press Of Vermont awake
to the full measure of this fact the sooner
will Vermont begin to bloom and -four
sh."
The trouble with the pushing ex-
governors last statement is that it
should be addressed to the banks of
Vermont instead of to the press of the
State. The press of Vermont has been
wide awake to the things he has 80
trenchantly set forth if the banks had
had their eyes as wide open as were
those of this hustling business man
and bank manager up in Lamoile,
and their vision had been as clear,
there might be fewer mourn
ing emblems around certain &C.
counts on their ledgers, and there
might be greater degree of thrift in
many Vermont communities. The
glitter of "fool's gold" in the West
has too often been more captivating
than the glow of humber, but surer,
rates OF interest, on safer investments,
at home. Lamoille county banks may
be getting some free advertising in the
publicity thus given them, but in the
contribution the press exemplifies it's
devotion to the interests of Vermont,
and will unquestionably be willing to
extend the gratui'y to any other insti-
tutions that may be doing likewise.