Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1870-01-08

striking .act that taxes continue high, they
may be reminded that more than half this debt is
for money that has been scattered broadcast among
citizens.
The report of the Examiner of Banks and Insur-
Companies will suggest matters Of unusual i'm
portance. 1t will be that our old banks under
the State charter nearly extinct. The policy Of
the Government is hostile, and we shall probably
have to abandon the system.
The recommendation of tax to be laid upon
foreign Insurance Companies doing business in the
State, seems we'll supported by argument.
Those who are interested in the condition Of
people, will not be content to estimate the prosper
ity of the State from the operations of capitalists
and the balance of trade. They will also look upon
the great masses and see if they live upon their
daily labor; to what they put their earnings
and to what advantage their small savings There
you best discover whether you are rightly solv
ing the problems of political economy, realizing
the objects of society. There are now 81 savings
banks in Maine, several having been recently
chartered in what we might call our country towns
the chief apprehension in regard 10 which is, that
they may not be able to afford suitable security
against robbery. The deposits for the past year
amount to ,S39, ,955 by about 1000 depositors.
making average of something over $3.50 each.
An Interesting comparison Is shown by the fact that
the amount thus laid in store from honest and hard
earned gains, is already than million and a
quarter larger than the aggregate capital Of all our
banks of issue, State and National, and nearly two
and millions larger than the whole Of
bonded public debt.
1t is urged by some that direct tax should be
laid on savings banks. 1t is sound principle that
property should share equally possible the pub
lie burden; and it seems at first sight, that savings
banks should be exceptions to the rule than
any other banks. But it will be seen upon refiec-
ton that the spirit and intent Of deposits in savings
banks differ entirely from the object and operation
Of deposits in other banks, and it is grave ques-
ton whether this difference is not Of such nature
and result as to make the savings banks positive
benefit 10 the State, which might even entitle them
to special grace, practically amounting to bounty,
premium, if you please These banks are the
special depositares Of the poor treasures OF pttan-
ces which could in no other way be well guarded
and made profitable. If not kept here many of
them would not be kept at all. Besides the actual
saving of earnings and the positive addition to
wealth thence accruing,-itself an object worthy
of your thoughtful care,-there are incidental and
even more valuable advantages. The moment he
has money in the bank, the humblest feels brsc-
ing up of his self-respect and whole moral force.
From that moment springs an incentive to industry,
trugality, temperance, enterprise to ALL In fact,
which constitute good citizenship, aud advances
the character and condition of men. Anything,
therefore, which tends to discourage deposits in
savings banks should be scrupulously avoided. If
there any way to reach the large depostors by
requiring the officers Of banks to make returns to the
Of towns for purpose of taxation, 1t would
certainly be we'll. But first promising that large
sums are less likely than small to escape tax
alton in the ordinary way it is to be said that such
depositors light still easily evade the law, and the
burden would fall back on those less able to bear it.
Indeed the mere fact itself Of publishing Savings
Banks deposits would intimidate and dishearten
many whose very struggle and merit it is to keep
this pittapce from the wilful and wasteiul hands
which would at the same time destroy it and them
selves By the very confidential relations Of these
banks many poor woman is helped in her heroic
struggles to bear her unequal burden. Therefore it
seems to me better to suffer such evils as we
do than in the attempt to correct them to subvert
far greater good
| What this State needs is capital-money in mo-
| ton, whether gold or currency. Our material Is
stagnant, our industry crippled, enterprise
staggered for want Of money, which is power,
| What makes the sinews Of war makes also the SIN
ews of peace. Maine strikes me as quite different
| in her circumstances from the other New England
States, with their denser population, developed arts
and industries, their Capitalization Of forces ana ac
emulation of capital. She reminds me more of the
Western States in her condition aud needS,-a yir-
gin soil, undeveoped powers, vast forests, and Wig
orous men, bat no money Like them she Is trying
to build railroads, invite immigration and develop
her resources, and perhaps is not much in love
with high tariff some of her more cultivated
sisters. The elements and powers of nature, and
the energy and enterprise of men in order to be
turned account for the great of civilization,
hold our own: keep neither our men nor our
money at home. Higher rates of interest for the
one, and quicker and larger returns for the other
win the game. The result is n double drain which
keeps all our channels low. This evil must be
remedied or Maine will have to wait great while
for her coronation. What can be done it is not
easy to say specifically. We must look to the Ma
tional Government to strike off of our fetters
and tighten somc of our burdens. To me it seems
unwise TO cramp our energies with duties and taxes
in trying to do everything in one day. l have no
great pride against letting somebody else help pay the
cost OF the war The great debt Of the country is
boon which must invite posterty to share, along
with the blessings which they will inherit with it.
We gave strength our blood, our tears; let the
delivered future bear part at least in the thank
offering. If we can do anything that will make
labor skill talent and capital remunerative, that
let us do People will come and will stay; money
will be kept and brought, If we can manage to make
it pay. What can do for money does not readily
appear. But can look over the situation, As
have said higher rates of interest abroad lure our
money away Money will seek the highest level
$ water Argument and entreaty Will not
change the course of this memorable law. Capital
lists reluctant Some scruple to receive an ille
gal rate and refuse. Some stipulating for these
rates knowing that they can only trust the honor of
the borrower for the continuance. want better Sc
ourty. But mortgages of real estate, which is
about all have, carry long right of redemption,
and the lender is liable to be kept three years out
of the money at merely the low legal rate The
result is he will not accept the mortgage, but
demands an outright deed, and then the borrower
must trust the honor of the lender which in turn
may not be very valuable security.
Two things would undoubtedly tend to make
money more plenty. /, To perfect and make prac-
ticable our free banking law 2 To egalize high
er rates of interest. OF course the suggestion Of
evils growing out Of the latter proposal at once
arises. But it may be that the example Of the Gem
eral Government which compelled us to suspend
specie payments, may also compel us for time to
recognize a rate Of interest corresponding with this
general practice and sanction.
The Commissioners the State Valuation will
submit the results Of their labors for your action,
which will require your careful scrutiny and impair
tial Judgment.
INSTITUTIONS, REroRMAroRY AND SANITARY.
The various institutions under the of the
State are generally in prosperous condition. The
Reform School shows excellent management. The
business is conducted with Judgment and energy;
the discipline and care of the boys is wise and
kind and although this is in some sense u prison
it is in the best sense a school. II is greater
task than might think TO administer the affairs
of such an institution with entire success. We
have every reason to be grati6ed with the present
results.