Middlebury register. (Middlebury, Vt.) 1886-1937, 1916-08-18
BANK COMMISSIONER Williams EXPOSES SENATOR PAGES BANKING METHODS
Saws He Has Comply
of the That Taxes We're Evaded by Senator
and That His Advertising Was Misleading.

Under date Of July 20, the Rut-
land Herald published an article
under the caption, "Will Mr. Will
liams Answer" which contain
ed the following paragraph;
To bring q 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, (1) regarding the
evasion of state taxes, (2) 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;
"ltorscyea, weeks J have noticed news
items aud editorial statements I'm several
Vernon, newspapers charging that the
lnr},lng methods Of the LHmollle County
Savings Bank aud Trust company 'i
which Senator Page Is plesId nt have been
Illegal and misleading 10 the acp' Fl''hS
puhlic and very strongly intma'ing tNat
the bank commissioner had either Teen
negligent in the performance Of his duties
Or had overlooked the faults in the man
agcmcnt Of that particular bank The
Worthwhile Messenger answering apiar-
entity for Senator Page, stated that the
depositors Of the bank had not teen de-
ceiycd by the banks advertisements and
that no improper or Illegal pra'u'es ny
the bank had been discovered by the bank
commissioner on August ] | nouced an
editorial in the Brattlehoro Reformer'
making more specific charges with rela-
ton 10 the practices Of the bank ana
charging that the bank commissioner mas
been derelict In his duty, and the Ran
dolph Herald last week stated that III the
banks methods were improper 1t was the
du,v OF the bank commissioner to pro-
coed" Not having done SO it is too much
10 EXPECT him to give evidence against
la, hn
Herald the last week In July reviews these
charges and others with relation TO the
same matter, and asks the bank ON
missioner whether he has ever had cause
to crtlcise Senator Pages methods hrst.
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 Tho
Reforner states that have been repeat
edly asked to state the facts with rela-
ton to 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 as to the
position taken by the bank commissioner
which would certainly cleai the banking
department Of any suspicion OF negligence
or favortism 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 posi-
bic claim that the bank commissioner
was making any statement for political
purposes, but am very Jealous OF the rep
utaton of the banking department OF
Vermont, and am not willing that the peo-
ple of the State should get wrong I'M
preston as to the attitude of che bahk
commissioner with relation to Illegal or
improper practices by officers OF any
banks over which he has jurisdiction. Tnis
is my reason for answering the charges
which have been made, | think 1t is fully
as important that the PEOPLE Of tie state
should have confidence in the integrity
and independence OF the bank commits
sioner, as that any particular individual
should he elected United states senator
realize that the people Of this State have
a right to know VIVA; tie attitude of the
bank commissioner has been towards any
improper or Illegal practices of the banks,
but | wish to have 1t plainly understood
that during my term of ONCE as bank
commissioner, the money deposited in the
Lamoille County SAVINGS Bank & Trust
company has been safe. and the bank has
been solvent and It's condition ut The
present time is better, and the bank is
stronger than at any tire tYrins the past
six years
CHARGES SUsIMFD UP
"Summin. III IL" charges which
hive been nadc by the various news
pnrr-S tv"i." - past six weeks.
which rave sccp. vi oh reflect upon
the ndr,,. .st-nt'rr E thc bal';lnE de-
partn"nt ~ Ne-r'CIt;
"FIrst. II l. ch rged that senator
Pngr trnnsf~-rcI b"nk stock which he
owned to mold tan tlon.
"srcnnd, II Is "rnr;:Cd TINT eve Lit
,ci,I. T,-".v Sn,'i~Es Brn> md Trust
coupnn,, OF whirh senator Page Is
,rcs,1crt. Is~rcd misleading rGvcrt!se-
o,cuts with relation 10 tNc mnnnc7 IN
,vb:ch the money Of its dcpositor> vas
invested.
.Third, II IL charged that some GiTcc-
for. of tbc bark Endorsed or r~nrnntccd
,,, NJ state Ionrs by the hnr's In IN
amount very much larger thnn the law
allows.
"Fourth, II Is charged thnt the hank
,,m,..,oncr must hive known OF
q did nOf COr-