Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1897-10-22
Vermont Development.

dustrIes.
Ex-Gov. Carroll S. Page of Hyde Park
has recently given public expression to his
views on the way to secure the prosperity
and development of Vermont first in a
speech at meeting of the Vermont
Development association at its meeting in
Burlington when he was chosen its presi-
dent, and then, in a more explicit form in
letter addressed to the Bellows Falls
Times. In this letter ex-Gov, Page lays
down, as its basis, these four propositions
which he regards as self-evident, requiring
no proof or argument to establish their
truth:
"First-A home market which will alb
sorb the products of our soil at fairly re-
munerative prices will bring the greatest
good to the greatest number of the people
of Vermont, and consequently best pro-
mote her material welfare.
"Second-As a means to this end the es
tablishing of manufacturing industries in
our villages is an important, and perhaps
the most important factor.
"Third-Industries which can compete
with our sister manufacturing states 10
New England cannot be established except
by favorable combination of the three
factors which have entered so largely into
their pros perty, viz Cheap money, cheap
power and cheap transportation.
"Fourth-The converse of this PROPOSE
tion naturally follows, viz: That given to
Vermont cheap money, cheap power and
cheap transportation, We can establish pay
ing industries here.
"To bring about combination of these
three conditions is a work well worthy a
liberal expenditure of the best effort and
best thought Of loyal Vermonters."
In considering these four factors ex-
Gov. Page takes up first the question of
cheap money and says, in substance, that
the Vermont savings banks are today
filled to overlooking with the savings of
the people for which it is difficult to find
safe investment at a rate of interest to
enable them to pay per cent to deposit
tors He would, therefore, have the state
say to the managers of these banks that
on all moneys which they will loan at AZ
per cent to be used in developing new in
dustries in our state, the seven-tenths of
one per cent tax, which they are now
called upon to pay, shall be abated. To
offset the argument that the banks should
not be asked TO do business on an unproft-
able basis, he says:
There are very few savings banks in
Vermont that have not tens, and many of
them 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 interviewer
with the prosperity of the savings bank
that it is impossible to draw a line of sepa-
ration between them. Their mutual pros
perity dem tnds liberal policy on the part
of our bank managers. They had much
better loan few thousand dollars without
profit, in developing industries which shall
restore prosperity to the farmer, than tc
be eventually compelled to own the farms
Elk Gov. Page would use the same gen
eral. method and argument in substance
for his second point OF securing cheaI
power for manufacturing industries. He
hollis, and with truth doubtless, that Yer
mont has more energy running to waste
in her unused mountain streams than any
other New England state. The progress
in the methods of generating electrical
power has made it possible to generate
electricity wherever sufficient water-powel
exists and transmit it to manufacturing
plants in villages or along railroad lines
For illustration, an electrical plant was es
tablished two years ago three miles from
ex Gov. Pages own home in Hyde Park
where it not only supplies electric lights
but furnishes power for three manufactur,
ing concerns. Ex-GOv. Page himself pay;
as rental a sum equal to the interest or
the money which would be required to du.
plcate the plant, leaving all the rest Of
the income to pay for the electric lights
and reduce the village debt,
"The savings banks of Vermont are to-
day carrying hundreds of thousands of dol.
lars of municipal bonds which do not pay
them over 4 per cent, and many of them
not over 81 per cent on a basis of today's
market value of these bonds. l would ask
the state to say to these banks that the
seven-tenths Of one per cent tax, now
money loaned at 81 per cent on the bonds
of our 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 nc
loss Of income to the savings banks. In.
deed, the indirect gains resulting to them
from such line of action should be all
the inducement necessary to prompt them
to give preference to the municipal bonds
of Vermont villages, which, so far as |
now recall, have never in the entire history
of our state been in default TO the extent
of single dollar.
"Who can say that with 81 per cent
rate of interest to towns and villages
to develop power, and with At per cent
assured TO corporations that will use the
power so developed, that the question of a
combination of cheap power and cheap
money has not been solved, and that too,
without asking our good friends, the man
ayers of our savings banks, to pursue any
course that will not best subserve their
own interests and welfare, as custodians
of the savings of our people?'
With regard to the question of cheap
transportation ex-Gov. Page holds, in
short, that the railroad managers are bright
enough, selfish enough and far-sighted
enough so that they can be depended on
to give careful and favorable consideration
to any and every demand for rates or con-
cessions which will allow local industries
to live and prosper.
Finally, ex Gov. Page sees in the develop
mant of cbaa N alactricaI nowar sucb as 10