put in. train for winding up its concerns. 

 The legislature in 1811 passed an act di- 

 recting the removal of the Westminster 

 branch to Woodstock ; and the next year, 

 for the removal of the branches at Bur- 

 lington and Middlebnry to tjie same place, 

 and also ordering all the bills of said bank 

 to be burned, e.xcept what were necessary 

 for the payment of checks due from the 

 bank. In 1814 an act was passed order- 

 ing the treasurer of the state to burn all 

 the bills of the state bank in his posses- 

 sion, excepting such sum as he deemed 

 necessary to meet demands upon the 

 treasury. 



Since that period the outstanding bills 

 have always been received for taxes, and 

 in that way have nearly, or quite all, been 

 called in and destroyed. The loss to in- 

 dividuals in consequence of the failure of 

 the institution was trifling, but the loss to 

 the state was very considerable. 



In 1816, applications were made from 



Burlington and Windsor for the incorpo- 

 ration of a bank in each of those towns. 

 After considerable discussion the matter 

 was referred to the next session of the leg- 

 islature. At the session in 1817, the sub- 

 ject was called up and an act passed in- 

 corporating a "bank at Windsor ; but ior 

 some reason it did not go into operation, 

 and at the session of the legislature in 

 1818 a new act of incorporation was ob- 

 tained for a bank in Windsor, and a bank 

 was also incorporated in Burlington. 

 Since tiiat period many other banks have 

 been incorporated, most of which are now 

 in operation, and their bills in good credit. 

 Several of IJie bank charters have expired 

 and been renewed, and some have been 

 incorporated which have not gone in- 

 to operation. Essex county bank forfeit- 

 ed its charter and was stopped ; the bank 

 of Windsor became insolvent and failed, 

 and the bank of Bennington is also stop- 

 ped. 



The Banks in operation in 1841 arc exhibited in the following tahle. 



*ln those cases where the time between the act of incorporation and the expiration of the charters 

 exceed 18 years, the charters have been renewed. 



Each of the above banks is managed by 

 aboard of five or seven directors, and six 

 per cent, of the profits of each bank incor- 

 porated before 1830, and ten per cent, of 

 those incorporated since that period is to 

 be paid into the treasury of the state. 

 Each bank, incorporated since 1830, is 

 also required to pay annually into the 

 treasury three fourths of one per cent, on 

 the capital stock paid in until the amount 

 paid shall be equal to 4.^ per cent, upon 

 the capital, which is to remain as a" bank 

 fund " for the payment of the debts of the 

 bank in case it shall become insolvent. 



Pt. II. 



18 



In 1840 the legislature passed a general 

 act for tiie regulation of banks to be char- 

 tered or re-chartered within the state, and 

 designed to secure the public against loss- 

 es, by the mismanagement of tJiese insti- 

 tutions. It provides for the appointment 

 of a bank commissioner, who is author- 

 ized to examine the condition of the sev- 

 eral banks, and institute proceedings 

 against them in the court of chancery. 

 In 1830 a branch of the U. S. bank was 

 established at Burlington, which contin- 

 ued in operation till the expiration of the 

 charter of that institution. 



