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The Daily Dispatch: November 15, 1860., [Electronic resource] 2 0 Browse Search
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The Daily Dispatch: November 15, 1860., [Electronic resource], The Vermont defalcation. (search)
nce is made up of sums borrowed in the name of the State and for which no account was made.--The laws of Vermont give the Treasurer authority to borrow to an unlimited extent — so great has been their reliance upon individual honesty up there. It was only discovered, therefore, that the ex-Treasurer had created any debt when a note of $9,000 at the Brattleboro' Bank fell due. Mr. Bates then looked for, had deeded away his property and fled!--The principal notes now discovered, going to make up the sum of $51,500, are: $15,000 with Lawrence Brainerd, of St. Albany; $9,000 with Abel Underwood; $4,500, Orange County Bank; $3,300, Lamoille County Bank; and lesser sums with seven other banks. Of course the State cannot dodge payment, as the Treasurer's name bound the State under the law. There is a further, and, it is feared, a larger defalcation in the Treasurer's settlement with the towns. Investigation shows that some of the towns have receipts in full and are credited only in part.