It is scarcely to be wondered at that after
such a period of prosperity as has been enjoyed by Rutland, an effort should
be made towards securing its incorporation as a city. A committee was appointed
on the 1st of October, 1880, to consider and act upon this subject. They
met on the 13th of that month, the following being present: George H. CHENEY,
F. A. FIELD, R. BARREN, M. J. FRANCISCO, H. C. TUTTLE, W. Y. W. RIPLEY,
J. W. CRAMTON, J. M. HAVEN, A. F. WALKER, Charles WOODHOUSE, James LEVINS
and D. C. PIERCE. Colonel WALKER gave the outline of a city charter for
the government of the village, and on motion he was instructed to draft
a completed charter, and a list of persons from each town was made to confer
with the board on the subject. In the succeeding week a meeting was held
at which Colonel WALKER read the charter; the matter was laid over one
week and one thousand copies of the proposed charter ordered printed and
distributed. After some revision, extending over the next two weeks, the
charter was accepted and a committee appointed to place the matter before
the Legislature. Fort various reasons the whole subject was allowed to
drop and nothing has since been done in that direction.
The comparatively recent erection of the prominent buildings of
Rutland and the good taste and judgment of their builders, have resulted
in a general style of architecture that seldom characterizes villages similar
size. The slope of the hill and portions of the lower land are covered
with private residences and grounds that are not often surpassed in beauty
even in much larger communities; while the business portion of the village,
its', churches and public buildings exhibit excellent architectural styles.
Such structures as the Catholic, Baptist, Presbyterian and Episcopal churches,
the opera house, town hall, the Baxter Bank building, the Morse block,
the three prominent hotels, the Clement Bank building, the Marble block,
the New Richardson block, the Graded School building, and many others that
need not be mentioned, give to the streets of Rutland a metropolitan appearance
and indicate wealth and prosperity.
Following is a list of the moderators (and presidents since 1881)
of the village trustees from the date of incorporation to the present,
with the dates of their service: 1848 to 1850 inclusive, Solomon FOOT;
1851 to 1853 inclusive, James BARRETT; 1854 to 1856 inclusive, A. L. BROWN;
1857, Rockwood BARREN; 1858, Lyman P. WHITE; 1859, James BARRETT; 1860,
Martin G. EVERTS; 1861, Newman WEEKS; 1862, G. P. HANNUM; 1863, W, A, BURNETT;
1864 P. HANNUM; 1866, M. G. EVERTS; 1867 to 1869 inclusive, J. M. HAVEN;
1871, Charles F. ADAMS; 1871 to 1873 inclusive, Charles H. JOYCE; 1874
to 1880 inclusive, M. G. EVERTS; 1881, Charles WOODHOUSE (president); 1882-83,
John B. PAGE; 1884, J. D. HANRAHAN; 1885, George R. BOTTUM.
Officers of the village of Rutland, 1885-86: President, George R.
BOTTUM. Trustees, William B. THRALL, Ward 1; Charles E. BOURNE, Ward 2;
M. A. BOURNE, Ward 3; N. F. PAGE, Ward 4; F. H. CHAPMAN, Ward 5; Samuel
HAYWARD, Ward 6; J. D. O'HEARNE, Ward 7. Clerk, R. R. MEAD. Treasurer,
Henry F. FIELD. Attorney, F. G. SWININGTON. Auditor of accounts, John N.
WOODFIN. Collector of taxes, A. T. WOODWARD. Judge of municipal court,
Albert LANDON, Street commissioner, John D. ELLSWORTH. Water Commissioners,
N. L. DAVIS, W. C. LANDON, Joseph M. DAVIS. Engineers fire department:
Chief, K. K. HANNUM; first assistant, W. F. EDDY; second assistant, D.
In its financial affairs the village of Rutland has always been
at least as stable and fortunate as the average of places of its size.
The inherent sources of wealth in the town and the sagacious and conservative
business methods of the merchants and manufacturers have proved sufficient
to carry the community safely through financial crises which have left
a history of wreck and ruin elsewhere. The still remembered crisis of 1837-38
was felt to some extent in Rutland county; but the village itself had not
then reached a degree of mercantile importance, the crippling of which
could produce a very serious effect. There were then but eight or nine
places of business in the village and none of them of very great magnitude;
there was one bank, but it so managed its affairs that, although it was
forced to temporarily suspend specie payments, a fate that overtook nearly
every bank in the country, it still passed through the ordeal with a reputation
for soundness enjoyed by few other financial institutions. Early in 1836
the Rutland Herald began to reveal in its columns the state of public affairs
that had much to do with the stringency which soon followed in the money
markets of the country. The "bank mania," as it was termed, was characterized
as "a monster," and congratulatory remarks were published upon the prospect
of the distribution of the surplus revenue among the States, some $475,000
of which, it was said, would come to Vermont. These expectations, although
realized only by the application of the money to school purposes, served
to keep up public spirit for some time. Luther DANIELS, Moses WATKINS and
W. FAY (then publisher of the Herald) were selected as trustees
to receive the quota of money expected for Rutland. Towards the close of
the year 1836 the newspapers contained premonitory items of approaching
"hard times," and the prices of provisions, etc., were quoted as advancing.
Martin Van Buren was elected in the fall of 1836, an event which did not
at all please the Herald, a rabid Harrison organ, and in January, 1837,
the president issued his famous treasury order, which failed to relieve
the prevailing want of confidence. The first business failure in this section,
which received any attention from the Herald was that of HOLBROOK &
FESSENDEN, of Brattleboro. This was followed by that of Stephen HINSDALE,
of Bennington, a large manufacturer whose ruin involved that of several
others. In the issue of the Herald for March 28, 1837, appeared a long
and ably written editorial calling earnestly upon the people of Rutland
village to show a spirit of co-operation and helpfulness in business matters;
the article was apparently inspired not alone by the general stringency
of the times, but also by the general apathy of citizens in matters looking
to the growth and prosperity of the place. This editorial was followed
by another of similar tone the following week, in which it was stated that
Rutland offered advantages as a field for "great enterprise and improvement
and the investment of capital advantageously." The extensive waterpower
was cited and the "immense quarries of the most beautiful marble in the
world, limestone for lime, clay for brick," building stone, etc., were
quoted; as material attractions to capitalists. A great variety of timber,
fertile soil and the establishment of tanneries and shoe manufactories
were noted as desirable fields for investment. "The day has gone by," wrote
the editor, "for puttering in these things," adding that it was not really
an inauspicious time for the establishment of business industries. But
it is apparent that this editorial partook of the character of the boy's
whistling to keep his courage up; for within two or three weeks the same
editor "regrets to find that from various causes the prospect before us
looks somewhat gloomy and discouraging for the present season," and cannot
advise any one to extend his business. "To depend on credit," he wrote,
"at this time is out of the question, when money is said to be worth from
twenty-five to fifty per cent and dismay and ruin seem to be extending
their ravages all over the country." Notices of numerous failures began
to be quoted from other journals, those in New York city having reached
in May the sum of $60,000,000. Banks everywhere suspended payment and the
greatest depression ever experienced ensued; and in the midst of it all
the Herald cheerily shouldered the entire responsibility on "Jackson and
Van Buren's better currency," and the unauthorized and unnecessary interference
of the government with the currency.
On the 19th of May, 1837, a meeting of representatives of the banking
institutions of the State was held at Montpelier, at which the following
banks were represented: Brattleboro, Bellows Falls, Windsor, Woodstock,
Orange, Newbury, Caledonia, Orleans, Montpelier, Burlington, Bennington,
Manchester. Thomas EMERSON, of Windsor, was made chairman, and a committee
of five was appointed to draft resolutions. One of the resolutions expressed
" he highest confidence in the general soundness of our banks and in their
abundant ability to perform all their engagements to the public." It was
also resolved that it was a wise policy to keep all the bills at par by
redeeming them in Boston and other Atlantic cities, thus providing a check
upon over-issue; and that "the banks of the State will take effectual measures
to keep bills at par with those of Boston." A lengthy address to the public
was prepared and published, setting forth the causes leading to suspension
of specie payments in the State, with assurances of the soundness and safety
of the moneyed interest. An editorial was printed in the Herald on the
30th of June, congratulatory upon the practical escape of Vermont from
the disasters of other localities. In January, 1838, the Commonwealth Bank
of Boston failed, an event which created considerable feeling in this vicinity.
Early in the year mentioned the banks generally began specie payments and
the local press printed expressions of congratulation upon this condition
of affairs. In April, 1838, rumors of the failure of the Windsor and Newbury
Banks were circulated, causing renewed apprehensions; the former bank did
fail, involving others, and some business failures followed. In the month
of May the Bank of Rutland resumed specie payments, as did also those of
Montpelier and Burlington, and business began to revive. By the 7th of
August all the banks of the State, except the "rotten concern at Windsor,"
as the editor of the Herald termed it, had resumed and the financial affairs
of the various communities soon attained their former prosperity.
The country at large has suffered on two or three occasions, since
the one above alluded to, from depression in business, stringency in money
affairs and "hard times" generally; but it is a fact, and one that is eloquent
upon the conservative and careful business methods of the citizens of Rutland
county, the great resources of the community and the general well-to-do
condition of the people, that these periods of depression exerted but little
influence here; or, at least, not-sufficient to cause a tithe of the failures
and catastrophes that spread dismay through other sections of the country.
Manufactures and mercantile interests have gone on with a sure and tolerably
steady development, and stable banking institutions have been founded to
meet the demands of trade and finance, until now few towns, or counties,
of similar size to Rutland are better endowed in this respect. Below we
give a record of the financial institutions of Rutland.
This institution was incorporated in 1850, with the late Luther
DANIELS as the first president and treasurer. The deposits were small at
first, but the bank rapidly won the confidence of the community and deposits
increased steadily until at the present time more than $1,500,000 are entrusted
to its care. Mr. DANIELS honorably filled the office of president for twenty-nine
years. He was succeeded by William M. FIELD, who still holds the office.
Mr. FIELD has been a trustee for twenty years. Newton KELLOGG is the present
treasurer, and has held that office and the assistant treasuryship for
sixteen years. This bank has recently made a purchase of what has been
known as the "Morse Block," but which will hereafter be called the Savings
Bank Block, paying for it about $35,000. Elegant offices will be fitted
up and provided with one of the best Cincinnati burglar-proof safes.
RUTLAND COUNTY NATIONAL BANK
This bank was chartered as a State bank in 1861, with a capital
of $100,000. It did a successful business until 1865, when it was reorganized
as a national bank with a capital of $200,000; the charter has since been
extended until 1904. The bank now has a paid capital of $300,000 with a
surplus fund of $75,000, and undivided profits to the amount of about $16,000.
William Y. RIPLEY first held the office of president, with James MERRILL
as cashier. Upon the death of Mr. RIPLEY, in September, 1875, his son William
Y. W. RIPLEY succeeded to the office, and still holds it. Henry F. FIELD
was elected to the office of cashier, to succeed Mr. MERRILL, who resigned
in 1867 to accept the position of treasurer of the National Trust Company
of New York city, where he died in 1873. The present directors of the bank
are William Y. W. RIPLEY, James HUNTOON, John DULLER, John PROUT, Edward
H. RIPLEY, Charles H. SHELDON, E. C. LEWIS, John D. MILLER, Henry F. FIELD.
BAXTER NATIONAL BANK
This institution was organized in August, 5; 1870, with a capital
of $300,000. H. H. BAXTER was the first president, with J. N. BAXTER, vice-president,
and George R. BOTTUM, cashier. H. H. BAXTER died in February, 1884, and
J. N. CRAMTON succeeded him in the office. In 1884 J. N. BAXTER resigned
the office of vice-president and Hugh H. BAXTER succeeded him. The capital
is $300,000, with a surplus of $100,000. The bank building erected by H.
Henry BAXTER is perhaps the finest structure in the village for business
purposes, and cost about $80,000. The present directors of the bank are
as follows: J. W. CRAMTON, Hugh H. BAXTER, George E. ROYCE, James C. DUNN,
L. G. KINGSLEY, W. C. DUNTON, E. D. KEYES, W. C. LANDON, G. R. BOTTUM.
of the business interests of Rutland would be complete without some reference
to General H. H. BAXTER, a biography of whom will be found in later pages
of this work. Although not a native of the town, he came here at a time
when he could soon make his influence tell upon the village. Becoming largely
identified with the marble industry, in its earlier years, his energy and
foresight was largely instrumental in developing it. About the close of
the war he removed to New York, where he became associated with some of
the largest financial operations of that city. His death occurred in February,
1884; the reader will find the record of his life in the biography alluded
CLEMENT NATIONAL BANK
A private banking business was carried on by Charles CLEMENT &
Sons from 1876 until the organization of the CLEMENT National Bank in 1883;
the institution began business in August of that year. The first officers
were Charles CLEMENT, president; W. C. CLEMENT, vice-president; Y. W. CLEMENT,
cashier. These offices are filled by the same persons at the present time,
with the exception of cashier, E. T. SMITH being the present incumbent
of that position. The directors are, in addition to those named, Joel C.
BAKER, John A. MEAD, H. A. SAWYER, J. N. WOODFIN, N. R. BARDY, D. M. WHITE,
A. H. TUTTLE. The capital is $100,000.
STATE TRUST COMPANY
This institution is established in the same offices with the CLEMENT
National Bank, and was chartered in 1880. Its character is that of
a savings bank and it has a capital of $100,000. Following are the names
of its officers: Charles CLEMENT, president; John A. MEAD, vice-president;
E. T. SMITH, treasurer; N. P. KINGSLEY, E. J. ORMSBEE, P. W, CLEMENT, W.
C. CLEMENT, M. S. COLBURN, H. O. EDSON and J. N. WOODFIN, with the officers
above named, are trustees.
RUTLAND TRUST COMPANY
This organization was incorporated in 1882 with a capital of $100,000,
of which one-half is paid in. It is a savings institution, governed by
the customary regulations of such organizations. The present officers are
as follows: Justin BATCHELLER, president; H. H. DYER (who succeeded
Edson P. GILSON), vice-president; George K. MONTGOMERY, treasurer;
H. H. DYER, Justin BATCHELLER, Levi RICE, A. F. WALKER, Henry H. SMITH,
George WILLIS, Edson P. GILSON, George BRIGGS, directors. The company has
its offices with the Killington Bank.
MERCHANTS' NATIONAL BANK
This institution was organized February 10, 1885, with a capital
of $100,000, and an authorized capital of $300000. John N. BAXTER is president;
John A. SHELDON, vice-president, and Charles W. MUSSEY, cashier. The directors
are John N. BAXTER, Charles S. COLBURN, Warn H. SMITH, Egbert C. TUTTLE,
Evelyn PIERPOINT, Henry H. BROWN, John A. SHELDON, Rockwood BARRETT, Nahum
Y. KINGSLEY, Hannibal HODGES, Silas L. GRIFFITH.
KILLINGTON NATIONAL BANK
This bank was incorporated in 1883, with a capital of $200,000.
Following are the officers and directors, there laving been no change in
the board since the bank was established: Redfield PROCTOR, president;
E. P. GILSON, vice-president; George K. MONTGOMERY, cashier; Redfield PROCTOR,
E. P. GILSON, Frederick CHAFFEE, H. H. DYER, Henry H. SMITH, George WILLIS
and John A. SHELDON, directors.
NATIONAL BANK OF RUTLAND
In 1824 "The Bank of Rutland" was chartered, with a capital of $50,000.
Robert TEMPLE was the first president and William PAGE, cashier. It retained
its first name until 1866, when it was reorganized as a national bank,
assuming the name at the beginning of this paragraph, with a capital of
$300,000. Hon. John B. PAGE was made president; Francis SLASON, vice-president,
and S. W. ROWELL, cashier. The capital was afterward increased to $500,000.
Owing to various causes the bank went into Liquidation in January, 1885,
at which time Carlos SHERMAN was president, and Evelyn PIERPOINT, cashier.
Those two gentlemen, with W. H. SMITH, were appointed a finance committee
to close up the affairs of the institution, which work is at present in
progress. The charter of the bank expired May 17, 1885.
MARBLE SAVINGS BANK
This institution was organized February 1, 1883, and during its
short life has now in deposits and accumulations $400,000, with surplus
and profits of $4,000, and twelve hundred depositors. It is located in
Ripley's marble building, Merchants Row. Following are the officers: E.
H. RIPLEY, president; E. C. LEWIS, vice-president; E. EL. TEMPLE, treasurer;
trustees, E. H. RIPLEY, W. C. DUNTON, E. C. LEWIS, J. C. DUNN, L. G. KINGSLEY,
C. H. SHELDON, C. E. ROSS, A. F. DAVIS, Levi RICE, W. B. SHAW, and F. A.
This branch of business, which is closely allied to the mercantile
and financial interests of every place of importance, is well represented
in Rutland, and such has been the case for many years past. The village
has suffered from several quite disastrous fires, but those whose business
sagacity impelled them to protect their property by insuring with the local
agencies, found their trust safely established. The first insurance company
of a local character was chartered for business in this village many years
ago, in just what year we have been unable to learn; but it transacted
but very little business and suspended operations. The New England Fire
Insurance Company: was chartered in 1880 and the organization was perfected
in March, 1881. The incorporators were Bradley FISH, B. W. MARSHALL, F.
M. BUTLER, H. O. EDSON, O. CUNNINGHAM, C. PARAMETER, E. C. LEWIS, L. W.
REDINGTON, G. H. FOX, J M. HAVEN, D. L. MORGAN, S. C. WHITE, C. C. DUNN,
John B. PAGE, L. G. Bagley. J. M. HAVEN was made president; Bradley FISH,
1st vice-president; F. M. BUTLER, 2d vice-president; C. PARMENTER, secretary;
B. W. MARSHALL, treasurer. In May, 1885, Mr. FISH died and L. W. REDINGTON
was elected president, and now holds the office with C. PARMENTER as vice-president
and secretary; H. O. EDSON is treasurer. The directors are as follows:
Lyman W. REDINGTON, Cyrus JENNINGS, Thomas C. ROBBINS, John A. Sheldon,
Henry O. EDSON, John A. MEAD, Charles A. GALE, M. QUINN, A. H. TUTTLE,
Fred M. BUTLER, F. H. CHAPMAN, Chester PARMENTER, George H. VERDER. The
company is doing a safe and growing business and enjoys the confidence
of the community.
M.J. FRANCISCO, corner of Merchants Row and Center street, has the
oldest insurance agency in Rutland; he began the business in 1864, and
still retains about the same companies then represented by him, as follows:
North British, London; London, Liverpool and Globe, of London; Phoenix,
of London; Fire Association, of Philadelphia; Queen, and the Guardian,
of London; this has been a strong agency and has paid heavy losses in some
of the more destructive fires of the village. When the Bates House burned
in 1876, Mr. FRANCISCO paid almost $100,000. The gross capital of the companies
represented by him amounts to about $200,000,000.
C. PARMENTER represents, besides the New England Company before
described, the Sun, of London; the British American, of Toronto; the Westchester,
of New York; the Franklin, of Philadelphia, and the Springfield, of Massachusetts.
In life business he has the Fidelity and Casualty Company.
The insurance business of BURNHAM & TEMPLE was established in
1866 and they have always represented a large number of strong companies.
Among them are the AEtna Insurance Company, the Hartford Fire Insurance
Company, and the Phoenix Insurance Company, of Hartford, Conn.; the Niagara
Fire Insurance Company, the Continental Insurance Company, the German American
Insurance Company, and the Home Insurance Company of New York; the Insurance
Company of North America, Philadelphia, and the Imperial Fire Insurance
Company, of London; they also represent the Travelers Life and Accident
Company, of Hartford. The firm is composed of E. L. TEMPLE and S. E. BURNHAM.
KELLOGG Brothers (S. H. KELLOGG and J. N. KELLOGG) have their
offices in the Morse block, where the senior member of the firm has done
a life business for many years. About one year ago a fire business was
added, which is increasing to their satisfaction.
of Rutland County Vermont with Illustrations and Biographical
of Some of Its Prominent Men and Pioneers
by H. Y. Smith & W. S. Rann
Mason & Co., Publishers 1886
of the Town of Rutland
by Karima, 2002