The Republican journal. [volume] (Belfast, Me.) 1829-current, 1870-10-13
SAVINGS BANKS IN MAINE.

summary of the progress of Savings Banks in this
State, which will be read with interest.
The Saving banks in Maine have increased in
seven years from fifteen i'll number to thrty-six.
They now have depositors 80, ,527 in number, with
aggregate Of $10490 600 on deposit or an aver
age Of S263.4O to each depostor: The banks of
New York, etc, hold large amounts of government
bonds. In Maine they hold $l,716,O0O of these
securities, or about one-sixh OF their total invest
ments. They hold also, State County and munici-
pal bonds, $2,3250O0; railroad bonds $685., 900;
bank and railroad stocks, $530,OO0; mortgages on
real estate, 24s 900; negotiable paper, $40 900
Of the condition Of the Savings banks in this
State the last annual Report of 1S69-1S7O. says:
In the United States the first Savings institution
was established in Philadelphia in 1916 second
was started at Boston in 1S19 and in the same year
one in New York. With what success these efforts
have been crowned will appear in another part of
this Report. Soon after the Boston institution was
organized, through the efforts of the Hon. VIM.
Willis, another was established in 1919 at Portland
for the town of Portland and its vicinity" being
thus the third or fourth in this country It com
menced business with the most fattering success
under the presidency Of Hon. Prentiss Mellen,
assisted by his association trustees, Paris,
Whitman, PrebIe Longfeow, Southgate, Potter,
Swan, Fox and Davis. Mr.. Willis was secretary
Its tlourishng career lasted until 1888, when on
account of the nature of its Investments it became
unable to meet its engagements and failure ensued
Litigation followed, and the bank finally wound
up under decree in chancery. Thus ended the
first effort in Maine. The second effort was
Bank, of Saco, which was organized in 1897,
and has ever maintained its character as perfect
ly safe depository of the poor mans earnings. Few
losses have been suffered although passed through
the same disastrous period that proved 80 fatal to
the Portland Institution.
During the past year the following new Savings
banks have commenced business under charters
Briagton, Eastport, Machias, Penobscot at Bangor
Skowhegan, Solon, Waterville and West Water
vile, making the present number in the State
thlrty-Seven
Gross amount of deposits sl0s39 $50 %
Number of depositors, 39,52
The amount of deposits reported last
year SIS, ,O32 246 II
The amount tor 1867 5,59S 900 26
Showing an increase for the last year 2,So7 7os IS
two years 5,24l 1855 90
Which is very nearly 100 per cent. above the at
that time.
No losses have occurred during the last two years
The average amount of deposits to each depositor
is S274.24.
The aggregate amount of National bank capital
in this State is S9,0S5,0OO, and of the State bank
44o,00o making grand aggregate of $3.50 ,0o0
so that the present amount of Savings bank de-
posits and earnings on hand. in the several insttu-
tutons of the State, exceed the entire bank capital
by 81 ,309,955
The nature of the Investments made by the
several institutions will appear in the annexed
schedule. The following summary presents the
aggregates ut glance:
United States securities S176t774 80
State, county and municipal securities 2,325,04O 90
Corporation securities 65s $50 u
Real estate Ply ,76+ 9S
Corporation stocks 530,S64 Is
Mortgages of real estate 242s 7O3 73
Notes secured by collatcras l727 $3.50 40
Notes secured by indorsers and suretes Sl2,91s %
Cash 36s y7O SO
miscellaneous, safes, etc. 2,34l 73
slo,ss9, ,955 26
Regarding Savings banks as legitimately what
their title imports there is most potent objection
to making the deposits any further taxable than
they are already under the law of municipal taxa
ton. The fund is but an accumulation of about
10000 small sums belonging to as many different
persons, which they have intrusted to common
depository to keep and manage. AS a general
thing this fund has been the earnings and savings
OF the poor laborerS of both sexes. 1t would be no
very unpaatatabe doctrine that any such fund
should be excused from the charge of taxes the
same rs the first 81 900 of income is exempt by the
National act from the tax on incomes. Nothing is
more conducive to the virtues of economy tenn
perance and industry, than this very kind of de-
post which is felt by the owner to be constantly
working out of him, in its quiet way, present
support or a future prospect in life. Subject that
fund.- however, to the action of the to doom
one half its earnings to the taX-gatherer, and at
once the fund will be removed, and in q large ma
jority of cases be spent, dssipated or lost 1t is
felt that thus an incalcuable injury would be suf-
tered by the community at large while little would
be left for the tax authorities to control.
PROGRESS OF THE SAVINGS BANKS IN MAINE