The Barre daily times. (Barre, Vt.) 1897-1959, 1916-08-14

Under date of July %, the Rut-
land Herald published an article
under the caption, "Will Mr.. Will
liams Answer" which contain
ed the following paragraph:
To bring a disagreeable con-
troversy to a focus, will Mr..
Frank C. Williams, state bank
commissioner, inform the voters
whether he has ever had cause
TO criticise Senator Pages bank
ing methods, % regarding the
evasion of state taxes, CD re-
garding misleading statements
in his advertisements, (3) re-
garding the guarantee by some
of the banks directors of some
100000 of the banks funds, in
vested outside the state?
Under date of Thursday, Aug.
10TH, Mr.. Williams addressed
the following communication to
the editor of the Herald:
"For several weeks have noticed news
items and editorial statements in seYefal
Vermont newspapers. charging that the
banking methods of the Lamoille county
Savings Bank and Trust company, of
which Senator Page is president, have been
illegal and misleading TO the deposting
stu Nerlx int
the bank commissioner had either been
negligent in the performance Of his duties.
or had overlooked the faults in the man
agement of that particular bank. The
Morrisville Messenger, answering appar-
entity for Senator Page, stated that the
deposltors OF the bank had not been de-
ceived BY the banks advertisements. and
that no improper or Illegal practices by
the hank had been discovered by the bank
commissioner. On August ! / noticed an
editorial in the Brattleboro Reformer,
making more specific charges with rela-
tfon to the practices of the bank, and
charging that the bank commissioner has
been derelict in his duty, and the Ran
dolph Herald last week stated that If the
hanks methods were improper, it was the
duty of the bank commissioner to pro-
ceed' Not having done so II is too mnch
to expect him to give evidence against
himself" An editorial in the Rutland
Herald the last week in July reviews these
charges and others with relation TO the
same matter, and asks the bank 1om-
missioner whether he has ever had cause
to crticise Senator Pages methods nrst,
regarding the evasion of State taxes, sec
ond, regarding misleading statements in
his advertisements. third. regarding the
guarantee by some of the banks directors
of funds invested outside Vermont The
Reformer states that / have been repeat
eddy asked to state the facts with rela-
tion to the methods of Senator Page,
and have not replied. I have hoped
that Senator Page would frankly state
the facts with relation to all the
matters referred to, and as to the
position taken by the bank commissioner
which would certainly clear the banking
department of any suspicion of negligence
or favoritism with relation to the prac-
tees referred to, and would also assure
the public that all such practices had been
stopped and would thus avoid any possi-
BILE claim that the bank commissioner
was making any statement for political
purposes, but am very Jealous of the rep
utation of the banking department of
v
pie of the State should get a wrong inn
preston as to the attitude of the bank
with relation to Illegal or
improper practices by officers of any
banks over which he has jurisdiction. This
is my reason for answering the charges
which have been made l think it is fully
as important that the people of the State
should have confidence in the integrity
and independence of the bank commits
soner, as that any particular individual
should be elected United States senator. l
realize that the people of this State have
a right to know what the attitude of the
bank commissioner has been towards any
improper or Illegal practices of the banks.
but 1 wish to have 1t plainly understood
that during my term of office as bank
the money deposited in the
Lamoil1e County Savings Bank & Trust
has been safe, and the bank has
been solvent, and its condition at the
present time is better and the bank is
stronger than at any time during the past
six years.
CHARGES SUMMED UP.
oSummiUg up the charges which
have been made by the various news
papers during the past six weeks.
which I have seen. which reflect upon
the administration of the banking de-
pnrfment of Vermont;
"Ffrst II is charged Tint Senator
Page transferred bnnk stock which he
owned to avoid taxation.
"second. 1t is charged thnt the La
mobile County Savings Bank and Trust
of which Senator Page Is
president. issued misleading advertise
ment. with relation to the manner In
xh,ch the money of its depositors was
Invested.
ssThtrd, II f. charged that some dlrec-
tor. of the bank Endorsed or guaranteed
nut Of state loans by the bank In an
,uount very much larger than the law
allows.
aFourth, II is charged that the bank
must have known of