The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1913-04-17
CHI YOUR BANK Basbks
VERIFIED.
lnu Ma, lie Possessed ~ Nor
Wealth Than You Have Any
Idea
Nenport. "a. AMI =. lgl3.

Newport. VI April y. 1913
The laws Of Vermont require tina
each flfth year the trustees " banki
shall call In the deposit books foi
examination and VenficaioD. ans
cause the same 20 be examined and
verified BY some person. other than
tie treasurer or his clerks. employ
ed for that purpose and approved
b the Bank Commissioner Under
the opesation u that Law II becomes
necessary In the year 1918 TO verify
deposit books, aud have deSignai
ed the month OF May as the period
during which such books shall be re
tArned to the banks for notification
and ain now passing upon the quail
floations OF yerlflers selected by the
trusted OF banks II Is very i'm
poftaui that this work should be
done thoroughly The information
which ! have Ia my office and which
have been able to collect, leads
mo to the conclusion that former
Notifications have not been as effec-
tive as good supervision requires
The only way IN which a banks La
bliitlas can be- thoroughly examined
By the Bank Commissioner Is to have
a thorough notification Of the de
posit accounts. and | asked the last
Legislature 10 amend the Law -
that the Bank Commissioners would
have authority TO change the meth
DDS OF yerifieation. but the House
Committee on banks were not viii
ling to give the Bank Commission
er any more authority in that direc-
ton. | am now urging the banks
To make this verifieation as thor
ough as possible and they are all
cooperating earnestly with me in
that direction | desired to use the
newspapers as an advertising med
ium by which 10 reach the deposi-
tors. inform them Of the necessity
Of promptly returning their books
In the month OF May and reassuring
all timid depoeitors who might be
inclined TO think this an unusual
proceeding and cause them to dis
trust the condition OF the banks.
but owing TO the failure of the Leg
stature 20 amend the law, | am
not able 20 spend any money In
such work and must depend upon
the interest which the Vermont
newspapers all take In assisting the
departments of the State Govern
lnent TO make reforms and improve
ments In their work. to make this
quinquonnial yerification the most
thorough In the history of the bank
ing department OF the State Each
bank viii advertise at least In its
local paper FOR the return Of de
post books aud would be very
glad indeed II each editor would
mention this matter and would also
have an Item in the locals from
each town, calling attention OF q
posters 10 the Importance OF return
ting these books during the month
Of May The records show that
only small proportion u the book
have ever been returned at these
examinations aud the only way bi
which the Bank Commissioner ana
officers Of the banks can be morally
sure that the deposit entries Ia the
books of the banks are correct. is
by some yerification OF the accounts
am very familiar with the condi
ton OF the assets Of all the bank
~ The state andhaye made an e.
fort 10 examine the liability side
OF the banks as much as possible
but have not been able 10 do that
work a. thoroughly as ! would wish
for Lack ~ necessary assistance
which the Legislature has so far re
fused 10 give me. although the last
Senate passed bill which wolld
have furnished whatever assistance
was necessary. but the committee 81
banks Ia the House refused toen
dnrse " Any work which you can
do an az editor. 10 induce the Do
positnrs 20 bring 10 their books for
f.rificstion and TO reassure the
umid ones 50 that no one shall BE-
alarmed because o, the sarnestness
With which the Bank Commissioner
Il urging this work. wlll be for the
bentfi, ~ the pesple ~ the State
FRANK c. WILLIAMS.
Bank Commissioner