The Union and journal. [volume] (Biddeford, Me.) 1858-1882, 1860-01-20


poor, but who under existing laws sometimes
have an opportunity in the hour of sad
necessity to keep their last dollar from the
"itching- palms" of rcmOrsclcss creditors
In the event ofits getting safely through the
committees hands, the House will doubtless
hear from North Berwick and If the bill has
any good qualities, the Representative from
that town will make the fact apparent. "A
bill additional to the petition law of last
year, excepting from its operation petitions
not requiring notice to adverse parties, has
been presented, but its passage is doubtful rs
vet. The intention of the law of last session
was to compel parties asking for private
legislation, where notice to adverse parties
is required, to giveit inadvancc OF the Lcsis-
laturc. But it is contcnded that its provis-
ions arc too general, in concluding petitions
which do not require notice as well us those
that do. The bill just introduced, seeks to
obviate this, by compelling notice only where
there are adverse parties.
After the lOtho of February all petitions
for any kind Of private legislation will be
referred to the next Legislature. A passage
at arms occurred last Thursday between
Senator Anderson of Cumberland and the
President of the Senate. Mr.. A. declined
serving on the committee on manufactures
and committee on NIilitia-becauso he con-
sidcred that Cumberland County was not
properly represented one the committees
having a voice in the appropriation oil
money.
Thus far the Legislature have been telling
what they are going to do, but in day or
so the committees will begin to report and
business will be quite brisk. VIII notice
their proceedings further in my next.
We learn from the Bank Commissioners
report, that the number of Banks in this
State at the present time, is sixty-ninc. Oh
these the Mercantile Bank at Bangor and the
international Bank at Portland, have CON-
mcnced business under charters granted to
them at the last session Of the Legislature.
The amount of Bank capital at this time, is
S7,57G,70O. The actual increase of capital
during the year, isS267 ,S45. The whole
number of stockholders in the several banks
is seven thousand, five hundred and eighty
eight. Ofthis number, eight hundred and
twenty two live out of the State and hold
Sl,323, 04O, or more than one sixth of the
aggregate amount OF bank capital employed
in the State.
The Commissioners remark that they
have rcson to believe that no inconsiderablc
part of the amount thus held by parties
beyond the State jurisdiction is actually
opned by our own citizens.
They do not consider that the investment
of foreign capital in bank stock adds materi.
ally to the resources of the State or of any
county or town within it, unless subject to
taxation, with power to collect. They say
also, that they fail to perceive how the pro.
visions of the 44th section of chapter AZ Of
the Revised Statutes can be made available
to the creditors of bank, when tho private
property Of stockholders is beyond the reach
of the judicial process of our State courts.
In respect to the almost universal practice
of cxacting illegal interest under the name
of exchange, they make SEINE important sug-
gestions. They say "The true rate OF cx-
change, which bank is allowed to charge
in addition to the legal rate of interest or dis
count, between the places of discount and of
payment, is the difference in value between
funds paid at its own counter, and Mt the
place of payment designated in the note.-
ANYTHING more than this is pe:verting the
undoubted intention of the Statute, to cover
up an usurous exaction, for no one will deny
that 80 long rs bank redcems its bills in
Boston, note payable at that place, is Of
more value than if payable ut its own bank
ing-house."
They say the rates now charged vary from
one fourth to one per ccntum, according to
the time the paper was to run-thc state of
the money market and the necessities of the
borrower, neither of which constitute the
legitimate elements of exchange. The aim
of existing laws, is to protect the borrower
from thccxactions of aggregated capital, and
ut the same time afford the latter reasona-
bic profit by its use, in strict conformity to
law. In tho opinion of those most Interest,"
cd, the usury law does not afford an adequate
remedy for the wrong complained of. The
various suggestions of the Commissioners will
doubtless receive the early attention of the
Legislature. Last winter charters were
granted to six banks, only two of which have
gone into operation.
The Atlantic bank at Portland, remains
under qualified injunction. On the 9th Of
September its directors voted to apply to the
Legislature for leave to surrender its charter.
The commissioners recommend the accept
anco Of the surrender, and failing to apply,
they recommend that its charter be repeal
cd.
The injunction on the Sanford Bank has
been removed, the deficiency in the capital
stock, amounting to thirty-sevcn thousand
dollars, having been paid in. This bank pro-
poses to resume business Immediately.
The present number of Savings Institutions