The Bennington evening banner. (Bennington, Vt.) 19??-1961, 1916-08-11


81 have read with keen interest the
arraignment OF Commissioner Will
liams and feel constrained to enter my
plea of not guilty There is no bet
ter way to answer the charges than by
telling the simple story of the founda-
ton and growth of an institution TO
which | have devoted the best efforts
of my life-The Lamoille County Saw
ings Bank and Trust company.
Organized in 1889.
"This institution was organized
Jan. II, 1889. From the beginning the
one innexible purpose OF my mind was
that its funds must all be invested
within the state of Vermont. For 20
years, and up to the time that was
elected to the United States Senate
every dollar of its assets, according to
my best knowledge and belief, was
loaned in Vermont. All opportunities
to swerve me from this line of action
we're denied without hesitation, and
confidentally challenge any living man
to show where one single dollar was
ever loaned outside the state during
this period of 20 years.
Heavy Deposits.
THAT the people honored me be-
cause of my devotion to this principle
is shown by the fact that for the three
and half years, covering the fiscal
years ending June 30, 1908. June 30,
1909, June 80, 1910, and the half year
ending January 1, 1911, approximately
$1,000 per day was deposited in the
bank in excess of the Withdrawals.
Williams Approval.
These phenomenal deposits
coupled with my necessary absence
from the state, brought about con-
dition which could not we'll take care
of and acting upon what | understood
to be the approval OF Commissioner
Williams, consented that first class
out-of-state loans, II guaranteed by a
strictly strong, high-class Vermont
guarantor, might be accepted.
when this decision was reached
the advertising all assets invested In
Vermont was discontinued. | chal
lenge any one to show where, in any
advertisement, the words, all in Yer
mont were used in one single instance
after this new policy was adopted.
Every advertisement issued by the
bank was first published in the La
noble News and Citizen and the files
of that paper are open to anyone WHIT
desires to examine them.
Followed Williams Suggestion.
Later Commissioner Williams
thought this practice of taking pape
with a Vermont guarantor shoul'
cease, and without hesitation or delay
his suggestions were adopted.
For several years, as Mr.. William
states, personally paid out of my owl
private pocket from $1,000 to $4,000
year rather than have In our bank
dollar of paper that was not predicat
ed either upon Vermont security o
first class Vermont name.
Il am glad Mr.. Williams has mad
clear this fact because II might hay
been difficult to make the public bI
lieve that would make so large
sacrifice to maintain my persona
views with reference to out-of.stat
loans.
outof.State Loans.
''f'ut the time arrived in octobC
1914 when the board OF directors. 70
lowing Mr. Williams advice. decide
to open the banks doors to out.of.stal
loans. | reluctantly yielded to this O
the condition that the bank shoul
complete a quarter OF century wit
out loaning a dollar of paper that WI
not based either on Vermont secu
ity or first class Vermont name.
Touching the charge of avo!dan,
OF taxation very little need be said.
~ Paid My Debts"
AT the time the law abolishing o
sets went into effect | owed lar
sums of money. felt that It vi
right that should sell us much OF II
property az | could and pay my deb
Among other properties 30 sold we
some of my bank stocks. took VIII
believed to be good legal counsel
regard TO this matter and was adyis
that to sell any property owned n
pay my debts was neither morally 4
legally wrong. and acting upon Il
legal advice. | made the sales to viii
Commissioned Williams refers.
~ have not seen. nor do | now
anything that is dishonorable in q
II II did not land II certainly did NJ
result in avoidance of payment OF
honest debt.
Money Invested In state.