Essex County herald. [volume] (Guildhall, Vt.) 1873-1964, 1916-08-18
BANK COMMISSIONER WILLIAMS EXPOSES SENATOR PAGES Banking methods
Says Comply Bank
the SaCarge That Taxes Were Evade by Senator
and That His Advertising Was Misleading

Under date of July 20, the Rut-
lsnd Herald published an article
under the caption, "Will Mr.. Will
hams Answer which contain
cd the following paragraph:
To bring a disagreeable con-
trowersy to a focus, will MY
Frank C. Williams, state bank
commissioner, inform the voters
whether he has ever had cause
30 eriticise Senator Pages bank
ing methods, CD regarding the
evasion Of state taxes, (2) re-
xarding misleading statements
m his advertisements, 60 re-
snrting the guarantee by some
Of the banks directors OF some
$500, 900 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:
.sFoy several weeks I have noticed news
iesups and editorial statements in SeVefal
Vermont newspapers. charging that the
banking methods of the Lamo'le County
Savings Bank and Trust company, OF
which Senator Page is president nave peen
illegal and misleading to the depoSitlhg
public, and very strongly intlmatnS that
the bank commissioner had either oeen
aAslig ont in the performance of his duties
Or had overlooked the faults in the man
axament of that particular bank. Tae
MSorrfsviiie Messenger. answering appar-
entity for Senator Page, stated that the
Gepositors Of the bank had not been de-
eetysd BY the banks advertisements and
shat no improper or illegai practiccs by
ths bank had been discovered by the bank
commissioner. Or. August ! | not'ced an
editorial In the Brattleboro Reformer,
waking more specific charges with rea-
don to the practices of the bank and
charging that the bank commissioner mas
been dsreiict In his duty, and the Ran
Aelph Herald last week stated that IF the
banks methods were Improper, 1t was the
duty of the bank commissioner to pro-
coed" Not having done so it Is too much
70 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 10 the
same matter, and asks the bank 'om-
missioner whether he has ever had cause
70 criticise Senator Pages methods, inst,
regarding the evasion Of State taxes, sec
onA, 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
s6sy asked 10 state the facts with re!a-
ton 70 the methods of Senator Page,
and have not replied. ! have hoped
that Senator Page would frankly state
the facts with relation to all the
matters referred to, and rs 10 the
position taken by the bank commiss oner,
which would certainly clear the banking
department Of any suspicion of negligence
o. fAvoritism with relation to the Drac-
tsces referred to, and would also assure
the public that all such practices had been
stopped and would thus avoid any posi-
bic claim that the bank comm ssinuer
vas making any statement for political
purposes. but am very jealous Of the rep
ssation Of the banking department Of
Vermont, and am not willing that the peo-
pas Of the State should get wrong i'm
preston as to the attitude of the Cank
commissioner with relation to iIeSa' or
Aaproper practices by officers of any
banks over which he has jurisdiction. This
b my reason for answering the charges
which have been made think II Is fully
~ important that the people Of the State
should have confidence In the integrity
and Independence of the bank commits
sioner. as that any particular individual
shouid be elected United States senator |
realize that the people Of this State have
q right to know what the attitude Of the
bank com missioner has been towards any
Improper or Illegal practices Of the banks,
Out wish to have 1t plainly understood
that during my term OF office as bank
tommissioner the money deposited III the
LAmoille County Savings Sank & Trust
company has been safe, and the bank has
been solvent, and its condition at the
present time ID Detter, ana the bdNK IS
stronger than at any time during the past
an years.
CHARGES SUMMED UP,
sssmasips up the charges which
Aave been made by the various nrws,
HapeYs dv<tns the past six weeks
which have seen, which rcs'ect upoF
she administration of the banking de
pAytnent of vcrmontt
sFirst, 1t h charged that Senator
Psxs transferred hank stock which n
owned to avoid taxation.
.sscsnd. II is charged that the La
ussilte County Savings Bank aud Trus
eevnpsny, of which senator Page Il
vye.,dsnt, ISSUED misleading ndvertise
~~nts with relation to the manner II
which the money of its depositors wa
iavexted.
.srh,rd, Il Ii charged that Some direc
ter. Of the bank hdoracd or guaranteed
oxt Of state loans by the bnnk Ia nj
amount very MUCH larger thnn the Law
siiewS
uPesrth. II IN charged that the hanl