The Portland daily press., 1868-01-24

LEWISTON, Jan. %, 1867.
| 10 the Editor Of the Press:
There Is not, in this county, above one
third Of the banking capital demanded By le-
| gitimate business. When the best paper must
wait thirty days before it can be discounted,
when cheque for one hundred dollars must
lay over iorty-eight hours before it can be
cashed, when man with money on deposit
cannot draw against IL with any certainty
nd all this while the banks eminently
s)ond-snrely there must be great need of
additional banking capital. Such is the situ-
alton in this county to-day.
The present b,nking capital of the county
amounts to S530,G00. At the close OF the last
year the deposits amounted to $4,000, the
loans to S536,OO0. Before the war, when the
banking capital Of the county was $4,000
the loan was as large as now. With all the
Increase in business, there has been no In
crease OF banking accommodation. In Au-
burn there should be a bank with capital
Of S5Oo,O0O, while this city requires banking
capital to the amount OF 81 ,00O, 600. The le-
gitimate business of the county would keep
~ N'NeH SePthoi NouStdiliN culplOytu.
Any banking system which win not admit
OF increase of banking capital to meet the in
creasing demands of business In growing COM
munries. cannot be right. Indeed, it must
be fundamentally vicious. Every banking
system should be elastic; there should be no
arbitrary notes and bonds, as In our present
national system. We doubtless have qsite
enough circulating medium but q very great
part OF it is not available for the largest busi-
ness transactions. 1t is too much scattered
about In dribblets; whereas it should be
brought more together at available centres
where men of business can lay their hands
upon 1t when they wish. Cannot we have
an Increase Of banking facilities, cannot we
have the present system easily modified so as
to make it selfadjusting, without an increase
OF the circulating medium?
Our banks pay about four per cent. tax;
to the United States two dollars per thou
sand for license, one-half of one per cent. on
capital, one per cent. on circulation, one half
OF one per cent. on deposits, and five per
cent. on earnings. Then, last year, the local
tax of the Lewiston Bank was twenty-six
mills upon two kinds of capital. The local
tax oil the Auburn Bank was twenty one
mills upon three-quarters of capital, with
school house and corporation taxes addition
al. The stockholders OF Auburn Bank talk
of closing up. If they could enlarge their
capital, and secure Savings Bank, as they
probably will, to share expenses with them,
they could get along much better. 3
y. er7 BUSINESS PROSPECTS,. .-H
1t is rather early to begin to speculate
about business for the present year; yet
there are already indications that something
will be done here in the way of building.
The Maine State Seminary will be put up
and the De Witt House thoroughly renovated.
There are hints of new hotel 1t is pretty
certain that Messrs. ]. L. Cobb, Olfine and
Thuriow win erect a wooden mill, with three
setsi of machinery, below the Androscosgin.
There are indications that the First Baptist
and Episcopal societies will construct new
houses of worship. 1t is among the posi- |
bilities that the Hill aud Continental COM
panies may complete their mills by the addi- |
ton OF twenty or thirty thousand spindles
apiece. Their decision win OF course de-
pend very much upon the times. In the
county there is now am unusual quantity OF
bricks for building purposes, some six OF
seven millions BARLOW.