The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1909-11-25


gone by.
Vermont Money For Vermont Dc.
velOpment.
The difficulty often experienced by
those who would develop Vermont.
natural resources TO secure funds witt
which 10 conduct operations, is known
10 most men. ID is still better known
that most OF the great developments OF
the country, particularly in the fields
OF transportation and manufacturing
industry AS we'll as others, would be
absolutely impossible without credit.
Railroads secure immense loans with.
out which they could do practically
nothing Few big enterprises are start.
ed in this age without an issue OF bonds,
which is another name for loan secur-
cd on the property.
Even Burlington is obliged to issue
bonds in order 10 secure permanent
roads, an electric light plant. pure
water supply, and 50 on. We could
not hope to pay down foral these pub.
lie improvements and il we we're TO
wait until the city was rich enough TO
pay cash therefor, We would simply
do without them.
THAT is why we say that credit is
necessary for tie development OF Yer
mont's resources. II Vermont capital
will not extend this credit. we can not
reasonably expect or even ask outside
capital to do what we are not willing
10 do ourselves. Consequently our
slogan in the Green Mountain State
capital first for the development Of Yer
mont resources.
II u interesting and instructive IN
this connection 10 note how this matter
lmpresses others. The st. Adams
Messenger for example comments in
part as follows:
THE Burlington Free Press offers "A
sensible word Of advice to Vermont
bankers when II suggests that they
make il easy TO find the money to H.
nance Vermont enterprises even though
sometimes apparently greater induce
ment Is offered for loans outside the
State. Aud there is something beside
mere sentimental loyalty TO home inter
ests in the proposition. There is a de.
eidedsy practical side TO it. just as fast
as the industi ial Vermont is developed.
Inst so fast will Vermont banks have
increasing opportunity TO make dol
lar right here nj home where their
loans can at all times be placed with
the assurance Of first hand knowledge
of borrowers and conditions and the
additional advantage OF watching both
through every day Of the period OF the
loan
The Bennington Banner sounds
sympathetic note. speaking in part AZ
follows:
THE Free Press aud Messenger have
herein struck the main issue in the
development OF Vermont. Ii was not
alone the emigration OF Vcrmohters
that made Vermont stationary for
third Of a century. II was just as much
and perhaps mere, the difficulty in sc
curing money for home business in
competition With the high rates Of in
terest offered in the West.
la the great business depression
following Clevelnnd's election IN 1872.
ten OF fifteen million dollars of Yer.
mont investments in the Wost were
wiped out. This statement looks on
It's face to be wild exaageraiion bus il
l. literally true or, II its errs in any
respect, the estimate is too small In
one county alone the loss was almost
three millions. The extent TO whis b
Vermont money faded away into the
West IN 1888. 1874 aud lSs5 has never
been faIly told aud probably never
will be.
Now this money VAS not wasted. ID
sas part u that tremendous sun
which started The West on its great
Development, a development that has
bsen aud Is The wonder ~ the world
and Il Today sepding be w.sI AHEAD
80 much fnsi.r Than tbs East. Tne
money j. ,iIil there sud working every
day IL hAs merely been losi 30 Yer
mont aud AZ result Vermont develop
lnent has Jagged
The proylacini egplisn aud greed
q some ~ t6r pA-t generation of Yer
nanlrfs Dot elsiy iAil j TO profit them
anything bal q has irii lhe pr,sent
srterstisn = ihp behlnd. Val tie pre-.
seui gens rssls,i spl.oe 10 ilae footsteps
- ID. sa.l' Thai u llsc question of
he day
b. sessou Of 80 sud ~ sas thor.
oaghly lrArns-i and Tor lhs gast filtern
yais Il laas isrn possible to isffoA
NrinA..iss lcoies tor hefnsuat busin.s-.
The lrsui bas been Il steady and heAI.
iAf gro@th and su impetus tosasd q
ss... Asoie prosperous future, but mis.