Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1899-02-13
ABOUT SAYINGS BANKS.

| 2mpled prosperity and to-day makes
+! the following ten claims, several of
which we think cannot be parallel in
the history of savings banks any
where. Here they are:
LIST. Not dollar lost by bad invest
ments in ten years.
I'd. Not dollar of doubtful assets
owned to-day so far as is known.
Sd. Never moments delay asked
on any application for withdrawal.
4th. Never loan refused in it's le-
ultimate field for loaning, if good and
! within the law.
2ta. Never a dollar invested out
side OF Vermont.
9th. Not dollar Of assets owned
counties.
9TH. It has never paid to deposit
tors less than per cent compounded
semi annually and is paying that to-
day.
8th. Never dollar loaned at more
than six per cent.
9th. An accumulated surplus ex-
ceeding 70 per cent of it's capital
stock.
10th. A continuous growth from
the start, each six months showing an
increase of deposits and assets over
the previous six months.
There is bit of personal history
connected with this bank which, in
view of the above results, forms an
entertaining chapter to those con-
nected with savings banks, or, indeed
to any one interested in the growth
and prosperity of Vermont.
In 1884 Elk Gov. Page was appoint
ed Inspector of Finance, a position
which he held until Dec. 1, 1888. Dur
this period he had official charge of
the savings banks of Vermont. At
that time savings bank managers
were infatuated with western mort
cages, and there was then no limit by
law to the amount of this class of in
vestments which savings bank co uld
carry.
Mr.. Page seeing, as he believed, a
collapse of the western mortgage
boom, asked the Legislature to Ii NIT
the amount which could be invested
in western mortgages to 40 per cent
of the banks assets. His request was
stoutly opposed by the managers of
nearly all Of our Vermont savings
banks. The result was that COM
promise was finally reached whereby
-. r.
the amount which could be invested
in western mortgages to 30 per cent
of the assets to the bank.
New Hampshire was in precisely the
same position, but in that state an at
tempt to establish limit as in Yer
mont was unsuccessful. 1t is hardly |
necessary to state results, because it
is generally known. With single |
exception, we believe, every savings |
bank in western New Hampshire
they were all save one, heavily load
ed with western mortgages failed;
while in Vermont there was not q
single savings bank failure from 1884
to 1898. They ali passed through the
crucial test of monetary panics I'M
The retaining Of Vermont money in
Vermont to foster aud develop Yer
mont industries was regarded as
hobby of Gov Pages and was d6clar-
ed by many bank managers TO be alb
impracticable, but the COVER
nor told them that he would show
them by an actual, tangible illustra
ton that it could be done and within
sixty days from the time he surrend-
cred his position as Inspector Of Fl
nance he started at Hyde Park the
LamoiIle County Savings Bank and
Trust Co. From it's organization I'M
Ill to-day, a period of ten years, this
oank has never loaned a single dollar
outside of the state, and if the sue
cess OF the institution is correctly set
forth in the ten claims appearing at
Jhe head Of this article-and there is
not a particle af doubt that they are
We think the governor has substa ntia-
ed his theory by incontrovertible
,acts.
This bank has advertised from the
that every Lamoille Coun
" industry might depend upon it for
financial assistance at any and all
lines, and even during those terrible |
oanics of '93 to '96, which SO severely
ested the foundation of all savings
banks, it never hauled downits colors.
It never for one moment failed to
'espond to calls for financial aid from {
any borrower living within it's legi-
innate sphere Of loaning, a claim