The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1912-09-04
Vermont Money For Vermont.

According to the report OF the
State Bank Commissioner for the
year ending June 80, 1911, the last
report available, the number OF Yer
mont deposltors in Vermont banks
was 1854. or nearly half the men,
women and children in the state, and
the amount of their deposits was $685.
131. 1851. There were also 22,592
nonresident depositors, whose de-
posts amounted to s1O,SO5. 1854. The
total deposits of the banks therefore
amounted to almost S74,0O0,OOO, more
than six-sevenths of which represent
ed Vermont money.
About $5O,000,000 of that money
was invested in mortgages on real
estate. of which amount practically
one-third was loaned on Vermont
property and two-thirds outside the
state. The exact figures are sl6,4TI.-
1887 on real estate mortgages in
Vermont and 1913, $3.50. 3SS.4S on real
estate mortgages elsewhere. The
Vermont banks owned United States
municipal and railroad bonds and
bank stock to the amount OF $l3,567.-
SITS. OF. this amount S727,622.3l
represented Vermont bonds and stock
in Vermont banks, quoted at market
value. leaving S12 ,S39.995.44 invested
in bonds and stocks outside the state.
This amount added to the loans on
real estate outside Vermont, makes
a total of 1876, 1882
These figures do not show exactly
the money invested in the state and
out of the stair, because there are
loans on personal security and loans
on towns and cities aggregating
nearly 100000 which are given
without statistics showing what pro-
portion was made within and without
the state.
While it is impossible to give the
exact amount of Vermont's $63.000.000
invested in this state and in other
states II appears in round numbers 10
be about two dollars sent out OF the
state to one dollar invested in the
state Probably the proportions OF
out-of.state investments made by edu-
cational, religious and benevolent in
stitutions is still larger than that
shown by the banks.
Now the purpose of this article is
not to condemn the banks for their
policy of investment, or to advocate
any plan of attempting by artificial
means TO compel Vermont investments
but rather to point out the importance
of encouraging by all proper meth
DDS a larger use of Vermont money
in the development of Vermont re
sources. At the present time the
loaning of money is almost exclusive
ly in the hands of the banks. The
Republican platform this year rec
ommends changes in the laws that
will equalize the tax of individual
lenders of money and savings insti-
buttons and Mr.. Fletcher. the Republi-
can candidate for Governor. advo-
Gates that all money loaned within
the state at per cent or less shall
be exempt from taxation.
At the present time the maximum
rate of interest paid by the savings
banks is 4 per cent. II individuals
can loan some of their money at Az
or 5 per cent, free of taxation, II will
De an inducement to invest II in the
building up of Vermont enterprises.
This will give the investor a better
rate and the borrower easier terms.
The outlook for Vermont agriculture
never was better than at the present
time. IL is important that Yer
mont farmers improve the quality of
their dairy herds. build more silos
and better barns, drain wet lands, and
buy more fertilizer in order to in
crease the output of their farms. In
accomplishing this desirable result
cheaper and easier money will be a
great boon, and the plan proposed
seems a feasible method Of benefiting
a great number OF people.
II is important that our water pow
ers be more largely utilized. that
summer hotels shall be built and
that our mineral wealth shall be de
veloped to a still greater extent.
Cheaper money will aid wonderfully
all this development work. Every
Vermont dollar that we can set at
work in the development Of the state
rather than some other state is a
blessing to Vermont
This is one of the important polio
les Of the Republican party in this
campaign in Vermont. Il represents
a definite policy which means much
for the future welfare Of the state
and in order to secure its benefits the
Of a Republican governor
and a Republican legislature is nee