The Union and journal. [volume] (Biddeford, Me.) 1858-1882, 1870-01-14


the much higher rates Of Interest otleree
by other securities which flood the mar
ket, we cannot but congratulate ourselves
upon the public confidence In our imam
cial soundness. .-
The liabilities, which, one way OF
another, grew out of the war, have laid
heavy burden on US. Were II not ioi
this. il will be perceived, our liabilities
would be trihing. But II must be borne
In mind that this debt does not represent
what Is wasted and lost. Ii Is a heritage
of honor and patent Of nobility; and II
that seems too unsubstantial consola'
ton tn those who dwell on the more strik'
Ing fact that our taxes continue high
they may be reminded that more thar
half this debt i for money that has been
scattered broadcast among our own cit''
zens. r..r.s.. q.
The report Of the Examiner Of Banks
and Insurance Companies will Suggest
matters Of unusual Importance. IL VII
be seen that our old hanks under the State
charter are nearly extinct. The policy o.
the Government Is hostile, and we shall
probably have TO abandon the system.
The recommendation OF n tax To be lnit
upon foreign Insurance Companies doing
business In the State, seems well sup
ported by argument. ." .rH-
Thosesvho are interested In the condi
ton Of our people, will not be content tc
estimate the prosperity of the State from
the operations % capitalists and the bal
ance OF trade. They will also look upon
the great masses and see II they can liy,
upon their daily labor; To what use they
put their earnings, and 10 what advantage
their small savings. There you can best
discover whether You are rightly solving
the problems ofpolitical economy, or re-
allzing 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 Ia which Is,
that they may not be able To afford suita-
BILE security against robbery. Thedepos-
is for the past year amount 10 Si.S39, 955
by about 10000 dtpositors. making M
average OF something oyor $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 more than million aud a quarter
larger than the aggregate capital OF all
banks of issue. State and National. and
nearly two and three-quarter millions
larger than the whole OF our bonded
public debt.
: IL Is urged By some that direct tax
should be laid on saving banks. IL Is q
sound principle that property should
share rs equally rs possible the public
burden; and II seems, at first sight, that
savings banks should no more be eScep-
al. "A, nf :
But Il will be seen upon reflection that
the spirit and intent OF deposits In savings
banks differ entirely from the object and
operation Of deposits In other banks. aud
IL Is q grave question whether this differ
cnce Is not of such 4 nature and results
ms to make the savings banks n positive
benefit to the State, which might even
entitle them to special grace. practically
amounting to a bounty. or premium, If
YOU please. These banks are the special
of the poor; treasures OF
pittances which could in no other way be
so well guarded and profitable. II not
kept here many OF them would not be
kept ut all. Besides the actual saving OF
earnings and the positive addition to
wealth thence accruing, 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 n braclng
up of his self respect ana whole moral
force. From that moment springs an
incentive 10 industry, frugallty, temper
ance, enterprise; tn all In fact, which con-
stitute good citizenship, and advances the
character and condition Of men. Any
thing, therefore, which tends to dlscour-
age deposits In savings banks should be
scrupulously avoided. ID there were any
way TO reach the large depositors by re.
Quiring the officers OF banks to make
returns to the assessors Of towns Tor
purpose OF taxation IL would certainly be
we'll. But first promising that large sums
are less likely than small ones To escape
taxation In the ordinary way, IL Is To be
said thar such depositors might still easily
eyade the law, and the burden would fall
back on these less able TO bear Il. ..'
Indeed the mere fact itself Of publishing
Savings Banks deposits would intimldate
and dishearten many whose very struggle
and merit ID Is TO keep this pittance nom
the willfnl and wastefl hands which
would mt the same time destroy IL ana
by the very confidential re-
lations Of these Banks many apoor woman
Is helped In her heroic struggles to bear
her unequal burden. Therefore II seems
10 me better even 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 motion, whether gold or currency.
Our material Is stagnant, our industry
ar IN
want of money, which Is power. What
makes the sinews of war makes also The
sinews of peace. Maine strikes me AS
quite different in her circumstances from
the other New England States, with their
denser population. developed arts and In.
their Capitalization of forces and
accumulation Of capital. She reminds
me more of the Western States In her con-
dition and doeds,-a virgin soil undeyel-
oped powers, vast forests, and vigorous
men. but no money. Like them she Is
irving Ia build railroads. invite immigra-
ton aud deyelope her resources. and per
hans Is not so much In love with high
tariff as some of her more cultivated
sisters. The elements and powers OF
nature, and the energy and enterprise oil
men I'm order To be turned To account for
the great uses of civilization, must wait
on capital. Unfortunately we cannot
hold our own: we can keep neither our
men nor our money mt home. Higher
rates of interest for the one, and quicker
and larger returns for the other win the
game. The result Is double drain
which keeps all our channels low. This
evil must be remeidied or Maine will have
TO wait n great while for her coronation.
what can be done II Is not easy To say
specifically. We must look to the Nation
al Government 10 strike of some OF our
letters and tighten some OF our burdens.
To me Il seems unwise to cramp our
energies with duties and taxes In trying
to do everything In one day. have no
great pride against letting somebody else
paw the cost OF the war. The great debt
of the country Is boon which we must
invite PROSPERITY to share, along with the
blessings which they will inherit with 1t,
We gave our strength our blood, our
tears /; let the delivered future bear part
Mt least in the ,lIank.oflering. II we can
,lo any thing that will make labor, skill,
- loo al