Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1897-10-21
C. s. Page on Vermont Development.

, of the new Vermont Development as
ISOLATION. ex-Gov. {. 5. Page gave eX-
preston in brief to some views he
holds relative to what he deems the fu-
ture welfare ofthe state requires in the
wav of more liberal treatment of mon
ey bv our tax laws. Being requested
bv The Bellows Falls Times to set forth
these views more fully. he responded
in a letter Of some length. Among
other things he says:
"Certain propositions are so self-eyi-
dent as to require no proof. ! think
the statements contained in the follow
ing paragraphs may be regarded as AK
iomatic:
First-A home market which will
absorb the products of our soil at fair
,, ly remuneratiye prices will bring the
greatest good to the greatest number
of the people Of Vermont, and conse-
quently best promote her material wei
| fare.
Second-as Il means TO this end the
establishing of manufacturing indus
tries in our villages is an important,
and perhaps the most important, factor.
Third-Industrie which can com
pete with our sister manufacturing
states in New England cannot be es-
tablishcd except by a favorable cOmbi-
nation of the three factors which have
entered so largely into their prosperi-
IL, viz: Cheap money, cheap power
1 and cheap Transportation
Fourth-Ihc converse Of this prOpO-
sition naturally follows, viz: That Civ
en- to Vermont cheap money. cheap
power and cheap transportation, we
can establish paying industries here.
Taking up these last three points
cheap money, cheap power and cheap
transportation-Gov Page discusses
each at length, showing how they can
be obtained.
He says our savings banks are loaded
with idle money for which there is lit
tie call except from the West, with all
the hazards involved. He believes
the state tshould say to the managers
OF these banks that on all moneys
which they will loan ut 1 II per cent
to be used in developing new industries
i'm our state. the seven-tenths of one
per cent tax, which they are now called
upon to pay, shall be abated.' The
banks pay depositors per cent inter
est II costs about one-half per cent
on the average to pay the banks run
ming expenses. To loan at IL per
cent would therefore mean that the
banks would be loaning ut no profit to
themselves. He thinks they can afford
to do this, inasmuch as they have al
ready loaned on farm and other prop
erty that is constantly dcpreciating and
which they will sooner or later have to
foreclose on and take at loss.
Concerning cheap power Gov Page
finds much hope in the possibilities for
electrical development. Vermont has
an advantage over her sister New Eng
land states in her more numerous and
difiused waterfalls. Electric power
generated by water is the cheapest
power on earth. Once developed, Its
maintenance entails a merely nominal
expense, so that the problem OF inter
est on the original investment is almost
the only one to be considered. He
points out how to hasten the develop
mcnt Of these possibilities as follows
''The savings banks OF Vermont arc
today carrying hundreds of thousands |
of dollars of municipal bonds which do |
not pay them over per cent and many
of them not overs p per cent on basis !
of today's market value of the bonds. |
| would ask the state TO say to these
banks that the seven-tcnths of one per
cent tax. now paid the state, should be |
abated on the money loaned at -
per cent on the bonds of our towns and |
villages. issued for the purpose OF de-
veloping plants like that which we
have in Hyde Park.
With this tax abated this arrange
ment involves no loss of income to the
savings banks. Indeed the direct
gains resulting to them from such n
line Of action should be all the induce
mcnt 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 Il single dollar
Who can say that with 3 - per
cent rate of interest to towns and vii
lagos to develop power, and with -
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 managers of our
savings banks, tOpursue any course
hat will not subserve their own inter
ests and welfare. as cuStodians of the
savings flour people? ?"
Concerning cheap transported ion,
GOV. Page is willing to trust to the
nercies of our railroad arrangements.
which he has always found willing to