The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1913-04-12
TO BANK .DEposlToRs
Bank Commissioner Urges That Books
Be virified

The laws of Vermont require that
each fifth year the trustees of banks
shall call in the deposit books for ex-
animation and verification, and cause
the same to be examined and verified
by some person, other than the treas
urer or his clerks, employed for that
pupose and approved by the bank com.
missioner. Under the operation of
that law it becomes necessary in the
year 1918 to verify deposit books, and
| have designated the month of May as
the period during which such books
shall be returned to the banks for YER
ification, and am now passing upon
the qualifications of verifiers selected
by the trustees of banks. It is very
important that this work should be
done thoroughly.
The information which have in my
Office and which / have been able to
collect, leads me to the conclusion
that former Notifications have not
been as effective as good supervision
requires The only way in which a
banks liabilities can be thoroughly
examined by the bank commissioner
is to have thorough verification of
the deposit accounts, and asked the
last Legislature to amend the law so
that the bank commissioner would
have authority TO change the methods
of verification, but the House commit
tee on banks were not willing to give
the bank commissioner any more au-
thority in that direction.
| am now urging the banks to make
this verification as thorough as posi-
Bile and they are all cooperating earn
estly with me in that direction | de-
sired to use the newspapers as an adj
vertising medium by which to reach
the depositors; inform them of the mes
essity of promptly returning their
books in the month of May and reas-
surfing all timid depositors who might
be inclined to think this an unusual
proceeding and cause them to distrust
the condition of the banks, but owing
to the failure of the Legislature to
amend the law, | am not able to spend
any money in such work and must de-
pend upon the interest which the Yer
mont newspapers all take in assisting
the departments of the State Govern
ment TO make reforms and improve.
ments in their work, to make this quin
quennial verification the most thor
ought in the history of the banking de
partment of the state.
Each bank will advertise at least
in its local paper for the return of de-
post books, and | would be very glad
indeed If each editor would mention
this matter and would also have an
item in the locals from each town.
calling attention OF depositors to the
Importance of returning these books
during the month of May. The rec
ords show that only a small proper
ton of the books have ever been re-
turned at these examinations and the
only way by which the bank commits
sioner and officers of the banks can be
morally sure that the deposit entries
IN the books of the banks are correct.
is by some verification of the accounts
am familiar with the condition of
the assets of all the banks in the
state and have made an effort TO ex-
anime the liability side of the banks
as much as possible, but have not been
able to do that work as thoroughly as
! would wish, for lack of necessary as
sistance, which the Legislature has so
far refused TO give me. although the
last Senate passed bill which would
have furnished whatever assistance
was necessary, but the committee on
banks in the House refused to endorse
it. Any work which you can do as an
editor to induce the depositors to
bring in their books for verification
and to reassure the timid ones so that
no one shall be alarmed because of
the earnestness with which the bank
commissions is urging this work, will
be for the benefit of the people of the
state.
Frank C. Williams,
Bank Commissioner.