Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1916-08-17
ENATOR PAGE
PLEADS NOT GUILTY
TO ARRANGEMENT
Stopped "AIl Assets Invested in
Vermont" Ad. at Proper
Time--Sold Bank Stocks
to Pay Debts.

reel constrained to enter my plea of mot
guilty There Is no better way to an
'wor the charges than by telling the sim
PIE story of the foundation and growth OF
an institution to which ] have devoted the
best efforts of my life-the Lamollle
county Savings Bank g. Trust company.
ThIS institution was organized January
q. 1889. From tho beginning the one in
flexible purpose of my mir | was that its
Iunds mast all he inves Il within the
state of Vermont For twenty years. and
up To tho time that I was elected to the
United States Senate. every dollar of It's
assets according to my best knowledge
ana belief. was loaned in Vermont. All
opportunities TO swerve me from this line
OF action were denied without hesitation,
md ! confidently challenge any living
man to show where one single dollar was
ever loaned outside the state during this
period Of % years
That the people honorcd mo because
Of my devotion to this principle ia
shown by the fact that for the three
and ono-half years covering the fiscal
wears ending Juno go 1908, June 3d.
1902 June 30. 1910. and the half year
ending January l, 1911. approximately
$1,000 por day were deposited in the
bank in excess of the Withdrawals.
These phenomenal deposits. coupled
with my necessary absence from the
State. brought about condition which
could, not we'll take care of, and, act
ing upon what I understood to be the
approval of Commissioner Williams.
consented that first-class out-of- State
loans If 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 anyone to show whore, in any
advertisement. the words ALI in YER
mont We're used in ono single instance
after this new policy was adopted.
Every advertisement issued 10y the bank
was first published in the Lamoille News
and Citizen ana the files of that paper
are open to anyone who desires to
examine them.
Later Commissioner Williams thought
this practice of taking paper with Yer
mont gunrantor should cease, and with
out hesitation or delay, his suggestions
We're adopted
For several years, as Mr.. Williams
!
private pocket from one to two thou
sand dollars a year rathcr than have in
our bank dollar of paper that was not
predicatel either upon Vermont security
or trst-class Vermont name. l am glad
Mr.. Williams has made clear this fact
because 1t might have been difficult to
make the public believe that would
make so large n sacrifice to maintain my
: ,.a ,,Df A.
state loans.
Bat the time arrived in October 1914.
when the board Of directors, following
Mr.. Williams advice. decided TO open
the banks doors to out-of- state loans.
reluctantly yielded to this on the cond-
tion that the bank should complete a
quarter of n century without loanInc n
dollar of paper that was not based either
on a Vermont security or frst-class Yer
mont name.
Touching the charge OF avoidance of
taxation very little need be said.
At the time the law abolishnR offsets
went into effect owed large sums of
money. | felt that it was right that I
sell as much of my property rs I could
ard pay my debts. Among other prop
critics SO sold We're soma Of my bank
stocks. took what J believed 10 he
good legal counsel in regard to this mat
ter and was advised that to sell any
property | owned Ind pay my debts was
neither morally nor legally wrong and
acting upon thi, LEGAL advice. l made the
sales to which Commissioner Williams
refers.
have not seen. nor do 7 now see any
thing that is dishonorahle In this. if it did