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$50,517 00 Capital Stock, i

$30,000 00 Bills in circulation, . . . 19,996 00

$49,996 00 BANK OF MONTPELIER. RESOURCES: Notes discounted,

$97,485 00 Specie,

2,817 97 Bills of other banks and Treasury notes, 18,415 00 Due from attornies, &c.,

4,473 44 Deposits in Boston and Troy,

10,374 00 Bankitig house, i

2,600 00

$135,665 41 LIABILITIES. Capital stock,

$37,500 00 Bills in circulation,

i 73,000 00 Deposits,

21,681 79 Unpaid dividends,

i 79 00 Oct. 8.

$132,260 79 The Bank of Newbury in 1838, in consequence of the failure of their agents in Boston, sustained a loss, amounting to about $ 28,000, and the directors have not declared a dividend of profits since, and the income of the bank, after deducting current expenses, has not yet been suficient to repay the loss then sustained. The state's treasurer, during the last year, called on the bank for the payment of ten per cent. of the profits of the bank accruing since the loss above stated, without regard to such loss. The bank declined paying, on the ground that the ten per cent. tax was a tax on profits, and as the bank had not made any profits, the directors were not un. der obligation to declare a dividend, or pay any portion of the income of the bank to the state's treasury. The treasurer represented the case to the undersigned, with a request that proceedings might be instituted against the bank for not making the payment required; but the undersigned, considering that the directors of the bank had pursued a correct course in not declaring a dividend under the circumstances, declined instituting proceedings against the bank, without the direction of the legislature.

In compliance with the resolution of the last session, the undersigned made immediate application to the court of chan. cery for the county of Benningion, for the appointment of necessary receivers for the Bank of Bennington, and the court appointed Nathan H. Bottum and Henry Robinson, receiv. ers, agreeably to the 79th chapter of the Revized Statutes, who forthwith took possession of the effects of said bank. All which is respectfully submitted.

. R. PIERPOINT, Bank Commissioner,


To his excellency the Governor :

The undersigned, having been appointed a committee to examine and report the situation of the several banks in the state, not subject to the provisions of the safety fund act, makes the following report of the condition of such banks.


$150.000 00 Bills in circulation, .

72,839 00 Dividends unpaid

i 770 16 Deposits, i

25,263 18

$248,871 34 RESOURCES. Bills and notes discounted, · · $207,738 33 Due from State,

2,000 00 Specie,

15,534 20 Bills of other banks, .

17,277 00 Deposits in Boston, New York and Troy, 20,994 98

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$119,429 97 Notes discounted,

$98,415 69 Suspended debt,

18,782 81 Specie, bills of other banks, and deposits in

13,997 76 Real estate,




2000 00

$133,196 26 R. PIERPOINT.

Oct. 19, 1842.




To the General Assembly of the State of Vermont now sitling :

By a concurrent resolution of the Honorable the Senate and House of Representatives, passed on the 10th of No. vember, 1841, “ The Auditor of Accounts” was, among other duties, by that resolution assigned him, instructed to report at the then next session of the Legislature, “what mod. ification of the law is necessary to secure a more thorough accountability, by every officer or citizen, being in the receipt of money, belonging, in any wise, to the State of Vermont."

A law, which shall secure a faithful application of all the public funds, will owe its principal efficiency to some provision, which shall frequently bring to the notice of government, the entire sources and disbursement of the public revenue. Civil laws will never execute themselves, but always require the pervading energy, which enacted them, to secure their desired results. Abuses in the laws and in their administration will remain unredressed, till these abuses are brought home to the knowledge of those, whose province it is to correct them. Oinniscience and omnipotence are attributes of a perfect Legislator, and wherever a government is fully advised of all its rights as a government, and of all the duties of the citizens, it need not be feared, that the rights of the one will not be secured, or the duties of the other enforced. It is not less promotive of official integrity, than conservative of the public funds, that every officer of the governinent should feel a legal necessity to be honest. The collection, keeping and disbursement of the public treasure, require integrity, and perseverance, united to a competent knowledge of the laws relating to finance. All revenue and its disbursement should be regulated by law, and the subject requires the constant and vigilant supervision of the legislature. But the brief --


term of the session of our General Assembly, and the frequent changes of the constituent members of that body, render it difficult for the legislature to exercise that vigilant supervision of the public treasury, which its importance demands. Should an individual member project a plan to improve the law relating to finance, the session is too short to enable him to perfect his designs. In the mean time the uncertainty of his re-election, together with the pressing nature of private avocations, crowd the consideration of the public interest from his thoughts, and a purpose, originating in a pure regard to the general interest, is stifled by the clamorous calls of private cares.

The laws passed in 1797, for the regulation of the finances of the state, were subject to many imperfections, as their frequent amendments have fully shown. Those laws, in their most approved amended form, have never been sufficient to secure the treasury against the possible perversion of its funds. What member of the General Assembly, since that period, has known sufficient in relation to our laws of finance and of their execution, to enable him to pronounce with certainty, that the funds of the state were duly collected and hunestly disbursed ? Would it be presuming too much to affirm, that none could say it, aside from a conviction of the integrity of our public functionaries? As a general rule, the presumption should be, that the public funds are wasted, where the contrary cannot be shown.

Since the period above alluded to, we have had no system of finance which has brought all the different and scattered fragments of evidence of public claims or property to a focus, where the eye of the legislature could rest upon all the sources of revenue at a glance, and where any extravagant or disproportionate allowance could at once be detected, a nd all wasting of the public funds prevented. It may be, that the public funds, at times, have been faithfully collected and disbursed; our laws of finance should be such as to enable the proper department to prove that the system is always thus administered.

In pursuance and discharge of the duty assigned him, the Auditor would advert to some defects in our laws of finance at present in force; and the modifications, necessary to secure the desired accountability, and would respectfully interpose such remarks, as the subject may appear to him to re

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