Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1909-11-25
VERMONT MONEY FOR VERMONT
DEVELOPMENT.

known of most men. 1t Is still better
opments OF the country, particularly
in the fields Of transportation and
manufacturing industry as we'll as
others, would be absolutely impossi-
bic without credit. Railroads secure
immense loans without which they
could do practically nothing. Few big
enterprises are started in this age
without an issue OF bonds, which is
another name for loan secured on
the property.
Even Burlington is obliged to issue
bonds in order to secure permanent
roads, an electric light plant, pure
water supply, and so on. We could
not hope to pay down for all these
public improvements and IL we were
to walt until the city was rich enough
to pay cash therefore. we would SIM
ply do without them.
That is why we say that credit is
necessary for tho development OF
Nermont's resources. II Vermont cap
ital will not extend this credit, we
can not reasonably expect or even ask
outside capital to do what we are not
willing to do ourselves. Consequent
ly our slogan in the Green Mountain
state from this time on must be YER
mont capital nrst for the development
Of Vermont resources
1t is interesting and instructive in
this connection to note how this mat
ter impresses others. The St. Al
bans Messenger for example comments
In part as follows:
The Burlington Free Press offers a
sensible word OF advice to Vermont
bankers when 1t suggests that they
make it easy to find the money to A.
nance Vermont enterprises even
though sometimes apparently greater
| inducement is offered for loans out
side the State. And there is some
thing beside mere sentimental loyalty
| to home interests In the proposition.
There is a decidedly practical side to
it. Just as fast as the Industrial
Vermont is developed. just so fast will
Vermont banks have Increasing oppor-
tunity to make dollar right here at
home where their loans can at all
ir,,r
| of first hand knowledge Of borrowers
and conditions and the additional ad-
| vantage of watching both through
every day OF the period OF the loan"
The Bennington Banner sounds a
sympathetic note. speaking in part as
follows:
THE Free Press and Messenger have
herein struck the main issue in the
development Of Vermont. 1t was not
alone the emigration of Vermonter RS
that made Vermont stationary for a
third of century. 1t was just as
much. and perhaps more, the difficulty
in securing money for home business
in competition with the high rates OF
interest offered in the West.
I'm the great business depression
following Cleveland's election in 1892
ten or fifteen million dollars OF YER
mont investments in the West were
wiped out. This statement looks on
its face to be wild exaggeration but
1t is literally true or. IL it errs in any
respect, the estimate is to small. In
one county alone the loss was almos,
| three millions. The extent to which
Vermont money faded away into the
West in 1898, 1894 and 1895 has never
been fully told and probably never
VIII be.
Now this money was not wasted. II
was n part of that tremendous sun
which started the West on it's grea,
development. a development that ha,
been and Is the wonder OF the worlt
and is to-day sending the West aheat
so much faster than the East. The
money Is stlll there and working
every day II has merely been los
to Vermont and as a result Vernon
development has Jagged.
THE provincial egotism and greco
OF some Of the past generation o
Vermonters not only failed to proh
them anything but it has left the pre-
sent generation lap behind. Will tn
present generation follow in the foot
steps OF the past? That is the ques
ton of the day.
THE lesson of '93 and "a was thor
oushly learned and for the past NJ
teon years it has been possible to Dor
row Vermont money for Vermont bus
mess. The result has been a stead!
and healthy growth and an impetus
toward still moro prosperous future
but misfortunes are soon forgotten
and sons often refuse to profit from
the errors Of their fathers.
Investments at home rarely pay a
high rates of interest as are promise,
by some distant scheme but result
in the long run tell the story. No
70 make any invidious comparisons
but as a concrete illustration of aetna
!, | hveinocc ,,,ethnds lOok the caroe