Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1912-08-23
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 Vermont depositors in
Vermont banks was 1914, or nearly
half the men. women and children in
the state, and the amount of their de-
posits was 500, 131, 1851. There were al
so 22,592 nonresident depositors, whose
deposits amounted to $10,S05, 459.14. The
total deposits of the banks, therefore,
amounted to almost $4,000 900, more
than six-sevenths of which represented
Vermont money.
About 5000, 900 of that money was
invested in mortgages on real estate, of
which amount practically third was
loaned on Vermont property and two
thirds outside the state. The exact
figures are $16,477, 1857 on real estate
mortgages in Vermont and $33 $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 $13,567, 617.75. Of
this amount 1927 ,622.31 represented Yer
mont bonds and stock in Vermont
banks, quoted at market value, leaving
$l2,S39, 1854 invested in bonds and
stocks outside the state. This sum, add
ded to the loans on real estate outside
Vermont makes a total of SAC, 1876, 1888. 3d.
These figures do not show exactly the
the state. because there are loans on
personal security and loans to towns
and cities aggregating nearly $4,000, 900
which are given without statistics show
ing what proportion was made within
and without the state
While 1t is impossible to give the ex-
act amount of Vermont's 1853, 900, 900 in
vested In this state and in other states
1t appears in round numbers to be about
nf no ctat 70
dollar invested in the state. Probably
the proportions of out state invest
ments made by educational, religious and
benevolent institutions 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 COM
pei Vermont investments, but rather to
point out the Importance of encourag-
ing by all proper methods a larger use
of Vermont money in the development
of Vermont resources. At the present
time the loaning of money is almost ex-
clusivey in the hands of the banks The
Republican platform this year recon-
mends changes in the laws that will
equalize the tax of individual lenders of
money and savings institutions and Mr.
Fletcher, the Republican candidate for
governor. advocates that all money loan
ed within the state at 5 per cent or
less shall be exempt from taxation.
At the present time the maximum
rate of interest paid by the savings
banks is per cent, If individuals can
loan some of their money at Az or 5
per cent, free of taxation, 1t will be an
inducement to invest 1t 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. 1t is important that Vermont
farmers improve the quality of their
dairy herds, build more slos and better
barns, drain wet lands, and buy more
fertilizer in order to increase the out
put of their farms In accomplishing
this desirable result cheaper and easier
money will be great boon, and the
of benefiting a great number of peo-
Pile. z
1t is important that our water powers
be more largely utilized, that summer
hotels shall be built and that our min
eral wealth shall be developed to
still greater extent. Cheaper money will
aid powerfully 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 bless
Ing to Vermont.
This is one of the important policies
OF the Republican party In this cam
palgn In Vermont 1t represents a def
mite policy which means much for the
future welfare of the state and In order
TO secure its benefits the election of
republican governor and a Republican
Journal