The morning journal-courier., 1908-07-29
FORTY PER CENT. Money Brought That Amount of Interest at Plainville
 Once. "FREE" SAVINGS BANKS Poor Men Paid High for Use of Money --Recollections of J. c.
 Norton.
FREE" SAVINGS BANKS

The energetic business and profess sional men who are interested in the formation of national bank in Plain vile will be surprised to know that years ago Plainville boasted of bank Ing institution that received as high as forty per cent. interest on money loan ed The greater the demand for the money the higher the interest, as 1t was practically auctloned out at in- terest to the highest bidder.
 The bank was incorporated under an act passed by the Connecticut legisla- ture during the first term of Governor Thomas Hart Seymour, one of the heroes of the Mexican war. Returning from his southern triumphs, he be- came impressed with the Idea of im- proving the position of the average everyday workman, and after his first election, succeeded in securing the passage of the act which allowed any man of good standing in his eommun- ity to start a savings bank. The depos- and each depostor became member and was entitled to a share in all profits.
 Plainville was one of the few towns to avail itself of the banking privilege and Henry stanley, prominent local citizen, was selected 10 head the con cern. The bank was located in the building on East Main street now oc- cupled by Mrs George Martin a daughter of the veteran banker IL was known as the Plalnville Free Savings bank and the average deposit was about sl0.
 For some time the bank fourished but eventually keen-sighted ilnanciers began to bid up the interest on money whenever any poor man would want . small loan. After forcing up the inter est rate to high figure they would of ten drop out and leave the borrower to pay a stiff sum for his loan John c Norton of East Main street tells how on one occasion he wanted a loan oi $50 and before he could get the best oi rival bidder he was forced to pay interest at the rate of 29 per cent. Or another occasion fierce bidding had forced the rate up to perpendicular prices and especially just previous tc the outbreak of the Civil war, the scarcity of ready money caused the prices to go kiting skyward.
 This resulted in creating strong opposition to the banking scheme ant In Governor Seymours second tern the banking act was repealed and tht banks closed.
 Noah A. Norton, former Plainvillt man and brother of the present Johr C. Norton, who is now in his eighty. fourth year, represented Torrington 1T the general assembly and was activ, in securing the repeal of the act Thomaston, Waterbury and a few oth. CT towns had similar banks to that ir Plainville. and although prohibitiye In. terest rates were charged, the institu ton at first accomplished much good.
 The row of little cottages markin' the beginning of the border line be tween Forestville and Plainville wer, built with money loaned by the Plain vile free bank After the dissolution of the Plainville bank several of tn members bought the stock of the mi nority stockholders who received ; profit of about per cent. The pur chasers waited patiently until all re turns were made from the Forestvilll cottages and realized over l2 per cent on their venture.
 Today a different system of banklni faces Plainville. and, with the new m tional bank practical certainty. tn citizens can feel assured of first-clas banking accommodations, John C Norton, from whom most of the fact in this article were received, is Q typ of the old colonial man, rugged an' alert, MT. Norton bears his four-scor and four years well, He has a wonder full memory, for which he gives credi to his mother, who early in his boy hood taught him to memorize poetr os stimulant to good retentiv mind.-Hartford Courant.