Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1870-01-14
JANUARY IA, 1870.

eNnaUSteu. III Is eStimltcu tnat Will ~
that may reasonably be contemplated
the ratio of taxation this year will lal
somewhat short of the last. Still, we
should make I'll reasonable appropria
tons. II would be poor economy To re-
fuse to cxpeud any money till our debt:
are paid.
The remarkable feature of our finance,
this year is the assumption by the State o
n porlioa of tho war expenses of towns
This is made at the rate of 800 for every
three years man actually furnished fol
the war. Alter long and thorough ex-
animation of the most tangled and per-
picking matters, the commissioners ap,
pointed 10 adjust the reimbursement
have now made their report, which will
be found to contain curious matters OF
history in regard to the method Of furnish
ing men for the war They adiudge the
sum of So, l0j, 1888. The fractional
parts of 800 required 10 be paid in cur
rency in this distribution amount to $50,
7S3, 33. For the rest, viz. S3.0S4, 400,
bonds Of the State are now ready for issue
bearing interest from October /, 1869, NJ
the rate of six per cent. payable semi-an.
nually. To provide Tor this interest and
the ratcablc portion OF the sinking funds
required to cxtinguish this debt, you will
need to assess the sum of about $50, 900.
IL would serve rs a protection against
loss or robbery, il You were TO provide
for the registration of these bonds as the
holders might desire. ia portion of this
loan find its way To The market, there is
no reason TO apprc hend serious deproci-
alton. Under the late stringcncy which
SO severely tested all bonded securities
ours fell off not more than or > per cent,
from par. When we consider also the
much higher rates of interest offered 10y
other securities which flood The market,
we cannot but congratulate ourselves up
on the public confidence IN our financial
sounGncSs.
The liabilities, which, one way OF
another grew out of the war, have laid a
heavy burden on us. Were ii not for this,
il will be perceived, our liabilities would
he tritling. But it must be born in mind
that this debt does not represent what is
wasted and lost. 1t is n heritage ofhonor
and patent of nobility, and if that seem
too unsubstantial consolation 10 those
who dwell on the more striking fact that
our taxes continue high, they may be
reminded that more than half this debt is
for money that has been scattered broad
cast among our own citizens.
The report OF the Examiner of Banks
and Insurance Companies will suggest
matters of unusual Importance. Ii will
be seen that our old banks under the State
charter are nearly extinct. The policy OF
the government is hostile, and we shall
probably have TO abandon the system.
The recommendation OF q taXto be laid
upon foreign Insurance Companies doing
business in the State, seems well supported
by argument.
Those who are interested in the con-
dtion OF our people, will not be content
10 estimate the prosperity of the State
from the operations OF capitalists and the
balance of trade. They will also look
npon the great masses and sec if they can
live upon their daily labor; to what use
they put their earnings, and to what adj
vantage their small savings. There You
can best discover whether you are rightly
solving the problems orpoli,ical economy
or, realizing the objects ofsociety. There
are now thirty-seven savings banks in
Maine, several having been recently
chartered in what we might call our
country towns.-Thc chief apprehension
in regard t1 which is. that they may not
be able To afford suitable security gainst
4 f,t Al Il pn
amouu. TO $40, ,s39. 80 10y bout 10000
depositors, making an average of some
thing over $3.50 each. An interesting
comparison Is shown by the fact that the
amount thus laid in store from honest and
hard-earncd gains is already more than n
million and a quarter larger than the ag
cregate capital OF our banks of issue
State and National. and nearly two and
thrcc-quartcr millions larger than the
whole of our bonded public debt.
II is urged by some that direct taN
should be laid on saving bank. 1t isa SOUND
principle that property should share 4,
equally rs possible the public burden ;and
i, seems, at first sight, that saving bank
should no more be exceptions 10 the ruI,
than any other banks But it will be
seen upon reflection, that the spirit ana
intent Of deposits in savings banks differ
entirely from the object and operation o!
deposits in other banks, and it is gray {
question whether this difference is moi
of such nature and result rs to make
the savings banks 4 positive benefit to the
State, which might even entitle them tc
special grace, practically amounting to :
bounty, or premium, it youplease. These
banks are the special repositories OF The
poor, treasures OF pittances which conlt
in no other way be so well guarded ant
made profitable. II not kept here many
of them would not be kept nj all. Beside:
the actual saving of earnings and the
positive addition to wealth thence accru
ing, its, II an object worthy of you
thoughtful care, e,-thosc are Incidental ant
even more valuable advantages. The
moment he has money in the bank, the
humblest feels a braclng up Of his self
respect and whole moral force. From
that moment springs an incentive Il
industry, frugality, temperance, enter
prise; to all, in tact, which constitute
good citizenship, and advances th
character and condition of men. Any
thing, therefore. which tends to discour
age deposits in savings banks should b
scrupulously avoided. If there were IN.
way TO reach The large depositors by re
curing the officers OF banks to make re
turns 70 the assessor Of towns for tn
purpose OF taxation, il would certainly b
well. But first promising that large sum
are less likely than small ones to escap
taxation in the ordinary way, it is TO b
said that such depositors might still easil
evade the law, and the burden would laI
back on those less able to bear it.
Indeed the mere fact itself of publish
ing savings banks deposits would intim>
date and dishearteH many whose yer
struggle and merit it is to keep thi
pittance from the willful and wasteiu
hands which would at the same tim
destroy it and themselves. BY the yer
4 4 L. s ,hnc< l., n, 4, "A, a,