The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1897-10-27
The Vermont Development Associa-
ton.

Ex-Governor Carroll s. Page, Presi-
dent of the Vermont Development AS
ISOLATION, has given at length to the
editor of the Bellows Falls Times, at
his request, bis views as TO the utiliza-
ton of Vermont money for the devel-
opment of Vermont industries. On
the subject of cheap money Gov. Page
says: Our Vermont savings banks are
to day full to over flowing with the saw
ings of our people. To find place for
their Investment is taxing the best eff
forts 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 trus-
tees, tired of seeing idle money stacked
away in their vaults, are availing them
selves of this Western outlet with it's
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 four and one. half per
cent to be used in developing new in
dustries in our state, the seveI-tenths
of one per cent tax, which they are now
called upon TO pay, shall be abated.
Our savings banks to-day pay to de-
positors four per cent. 1t costs approx
imately 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 a nom
proft-paying basis. But is this true2
Let US pursue the investigation 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 hill
side farms. Unless sc me means can be
devised to make the cultivation of these
farms profitable, the banks must even
tualy take many of them on their mort
cages. The prosperity of the farmer is
80 inextricably interviewer with the
prosperity of the savings bank that it is
impossible to draw line of separation
between them. Their mutual prosper
lily demands liberal policy on the part
of our bank managers. They had
much better loan few thousand dol
lars without profit, in developing in
dustries which shall restore prosperity
to the farmer, than to be eventually
compelled to own the farms.
The same general principle is involv-
ed in low-rate loans to our towns and
villages, to enable them to develop the
power required to turn the wheels of
! industry.
In regard to the utilization of the
power and energy now running to
waste in Vermont, Governor Page per-
tinently says: Now my suggestion is
this The savings banks of Vermont
are to-day carrying hundreds of thou
| oopJo of do1lara IF ynnpinino1 bonds
which do not pay them over four per
cent, and many of them not over three
and three. fourths per cent on basis of
tc-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 three
and one-half 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 in
wolves no loss of income to the savings
banks. Indeed, the indirect gains re-
sulting to them from such line of ac-
ton should be all the inducement nee
essary to prompt them to give prefer
ence to the municipal bonds Of Yer
mont villages, which, so far as l now
recall, have never in the entire history
of our State been in default TO the ex-
tent of single dollar.
Who can say that with three and
one.half per cent rate of interest to
towns and villages to develop power,
and with four and one-half per cent
assured to corporations that will use the
power so developed, that the question
of combination of cheap power and
cheap money has not been solved, and
that too, without asking our good
friends, the managers of our savings
banks, to pursue any course that will
not subserve their own interests and
welfare, as custodians of the savings of
our people?
Mr.. Page sums up his ideas on the
subject in question in the following
terse language: The time is fast pass.
ing away when steam power developed
from coal and wood, can be produced
as cheaply as electrical power gener'
ated by the waters which are now run
: ming to waste in Vermont. With this
cheap power we can combine cheaper
= meats, vegetables, milk, butter, cheese
poultry, eggs, and other farm products
: as we'll as cheaper rents, than it is pos
! sible for the manufacturing states Of
l. Massachusetts,, Rhode Island, and Con
necticut to offer to their operatives
Our higher attitudes give us purel
water, purer air, and consequently bet
ter health and greater vigcr than car
. be enjoyed by operatives residing IL
: The lower lands of those states.
The development of electrical power
|. now only in its infancy, is certain t.
revolutionize conditions that have here
\ tofore existed. 1t is more than prob
n able that in the near future watel
power now running to waste will bt
utilized to run cars into scores of Yer
mont towns which to-day are destitute
of railroad facilities. The press o
), Vermont can engage in no more glo
i rious service than that of educating GU
}. people, touching the advantages WI
i possess. 1t is to the press that we mus
. look for the successful advocacy of suci
y changes in our laws as will enable III
to keep at home the millions of dollar
} which our saving banks now loan il
The far West To-day those hanks ar,