Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1899-02-03
Congratulations to ex-Gov. Page,


The Lamoille County Savings Bank and
Trust Company of Hyde Park completed
its first ten years of existence on the 2lst
day of January and ex Gov. Carroll S.Page
is very properly and justifiably happy over
the results achieved by this pet institution
of his. This bank was the outgrowth Of
Gov Pages individual notion of how a
Vermont savings bank ought to be run.
When he was state inspector Of finance he
tran against" the then prevalent idea
about Investments in Western mortgages.
He held that such investments involved a
large element of danger, that collapse
was sure to come, and he stoutly urged
that a limit of 40 per cent ought to be fix
ed by law. as the amount which any bank
might invest in those mortgages. The
bank managers as a rule opposed this pro-
posal as stouty, The final result was the
passage of law in 1886 limiting the
amount which could be invested in West
ern mortgages TO so per cent of the assets
of the bank.
The Phoenix was In the list of those
who thought the inspector had got an
'idea" which he was forcing too persist
emily and one-sidedly, but the results have
proved Gov. Page in the right. Under
exactly the same circumstances New
Hampshire refused to enact such law and
a large proportion of her banks came to
grief while in Vermont there was not a
single savings bank failure from 1884 to
1898.
Gov. Page believed that Vermont mon
ey ought to be kept in Vermont to devel-
op Vermont industries, and, to prove his
idea practicable, within 90 days from the
time he surrendered his position as inspec-
tor of finance he started the Lamoile
County Savings Bank and Trust Com
pany From its organization up to the
present time this bank has never loaned
single dollar outside of the state, and
these ten claims are set forth by the Hyde
Park News and Citizen as the results of
ten years of management on this basis:
LIST. Not dollar lost by bad investments in
the ten years
ID. Not a dollar of doubtful assets owned to.
day so far as is known
50. Never moments delay asked on any an.
plication for Withdrawal
4'h; Never loan. refused in its legitimate
field for loanlng, If good md within tue law.
5th. Never a dollar invested outside of Yer.
mont. 81 .-zzessalni
9th. Not dollar OF assets owned outside of
Lamoille and adjacent couu les "a
9TH II has never paid 10 depostors less than
: per cent compoun ed semi annually and is pay
ing that today.
sth Never dollar loaned at more than per
mt
9th. Az accumulated surplus exceeding 70 per
cent OF its capital stock
10Th, a continuous growth from the start
each six months showing au increase OF deposits
and assets over the previous six months
The News and Citizen further says:
This bank has advertised from the beg inning
that every Lamoille county industry might de-
pend upon II for financial assistance at any and
all times, and even during those terrible plnics
of 93 TO 90 which so severely tested the founda.
ton OF all savings banks, it never hauled down
its colors 1t never for one moment failed 10
respond L calls for financial aid from any
borrower living within its legitimate sphere Of
trnthiully made for any other bank in Vermont
II has demonstrated the fact that If home
loans are sought for aud encouraged By savings
bank managers new Industries will from time
to time spring up aud dew elop to absorb the loan.
ing capacity Of its local savings bank The fact
That the Lamoille County Savings Bank and
trust Company does not oSn an asset outside of
l-amnille and adjacent counties is the best posi-
ble suoSantiatlon of this position. To claim
otperNlse IS OF course TO assert that I.amoilie
county is an exceptional field ami we know of
nothing 10 warrant such assertion
Indeed, II is a matter of record that in lSS8 the
on bank in Lamoie county was compelled 10
reduce It's capital from Si50O0 to 90 600 because
IL could not loan its m pney. WhyS Simply be
cause the people felt no safety in entering upOn
any enterprise reqirng banking assistance for the
reason that the bank felt moral obligation rest
ing upon 1t TO take care OF those enterprises during
tunes OF monetary.stringency aud when financial
aid was, consequently absolutely elessential But
whrn the business enterprs of Lamoille county
came TO know that money on good security could
always be obtained at the Lamoille County Saw
lngs Bank and Trust Company with as much Ger
talnty as corn or flour could be had at Chicago
they oranched on into enterprises which have
made the villages of Lamoile county noteworthy
Tor their enterprise and thrift
Without saying, or suggesting, that this
is the only basis on which TO manage a
Vermont savings bank, it is entirely in
order to acknowledge, broadly and cheer
fully, the ability and discretion which Gov.
Page has proved to be his possession in
this instance, and for his friends. every
where to extend him congratulations and
to concede his well-earned right to answer
81 told you So"