Essex County herald. [volume] (Guildhall, Vt.) 1873-1964, 1916-08-18

PAGE ANSWERS WILLIAMS
Makes Complete Explanation
He Emphatically Denies Commissioner Will
iams' Charge that the GAIL in Vermont"
Claim Was Ever Used in Any ADVERTISE
ment of the Lamoille County Savings
Bank and Trust Co. after the Bank
Commenced Making Out-of-State Loans.
TO THE PEOPLE OF VERMONT:
have read with keen interest the arragnment of Com
missioner Williams and feel constrained to enter my plea of
mot guilty There is no better to answer the charges
than by telling the simple story ohe foundation and growth
of an institution to which have devoted the best efforts Of
my life-The Lamoile County Savings Bank and Trust
Company.
This institution was ganzed January 81, 1889 From
the beginning the 1ne1ibe my mind that
its funds must all be invested within the state Vermont
For 20 years and up to the time that
elected to the United States Senate, every
dollar of its assets, according to my best
knowledge and belief, loaned in Ver-
mont.
All opportunities from this line of action
were denied without hesitation, and
confidently challenge any living marfto
show where single dollar
loaned outside the state during this period of
Heavy Deposits
That the people honored me because of my devotion to
this principle is shown by the fact that for the three and
half covering the fiscal years ending June 3d. 1905
June June and the half year ending jan
approximately $1,000 per day deposited in
the bank in excess of the Withdrawals.
Williams Approval
These phenomenal deposits coupled with my necessary
absence from the state, brought about condition which
could not well take Of and acting upon what under
stood to be the approval of Commissioner Williams con-
scented that rsclass outostae loans guaranteed by
strictly strong high-class Vermont guarantor, might be
accepted
When this decision reached the ad-
vertising IAN assets invested in Vermont"
+ discontinued. I challenge any to
show where, in any advertisement, the words
I "ALL IN VERMONT, were used in one
\ single instance after this policy was
\ adopted.
Every advertisement issued by the bank first pub
lshed in the Lamole News and Citizen and the files of that
paper open any who desires to examine them
Followed Williams Suggestion
Later Commissioner Williams thought this practice of
taking paper with Vermont guaranor should and
without hesitation delay his suggestions adopted.
For several years. as Mr. Williams states personally
paid out Of private pocket from $1,000 to $4,000
rather than have in our bank dollar of that
predcated either upon Vermont security first class
I Vermont name
lam glad Mr. Williams has made this fact because
might have been difficult to make the public believe that
would make large sacrifice to maintain my personal
views with reference to outofsate loans.
Out-of-State Loans
But time arrived in October 1914 when the board of
directors, following Mr.. Williams advice decided to open
banks loans reluctantly yielded
this the condition that the bank should complete
quarter of century without loaning dollar of paper that
based either Vermont security first class
u Vermont
No Evasion Of Tdxes
Touching the charge of avoidance of taXationv little
need be said
At the time the law abolshing offsets into efectI
owed large sums of money. felt that it right that
should sell as mnch of property could and pay my
debts. Among other properties sold of my
bank stocks took what believed to be good legal coun
10 any
property owned and pay my debts neither morally
legally wrong and acting upon this legal advice made the
sales to which Commissioner Williams refers.
have not seen, do 1 now anything that is dis
honorable in this lift did and certainly did not)
suit in the avoidance of paying of my honest
Money Invested in the State