The Portland daily press., 1870-02-14

mentality of this foreign aid, the aosurdity of
the proposed taxation would be clearly appar-
eut.
Moreover. this tax is uncalled for. No one
appears to advocate or ask for it save the Ex-
aminer, while 23OO of the most respectable
merchants and largest insured IN the state
protest against it.
panies cannot afford to do losing business and
then he taxed for it without retalating. Self
nrotection demands thus much. No inteli-
gent business man would act otherwise. Hence
f ia inexpedient, because the interests of the
naonle and the State are not to be promoted
thereby. 1t is inconsistent, because-unlike
most States where taxation is enforced-we are
in a position absolutely requiring us to invite
net repel insurance capital.
If the insurance field here is so profitable.
why do not our own capitalists occupy it and
Why not reinstate those companies organized
under our laws, which have been, but to-day
are not? Who We're enriched by their profits?
Not the stockholders, to say the least The bust
ness has not been. profitable and no statistics
can DE adduced to prove the contrary.
Now when our own citizens have So largely
invested their capital as not only to absorb the
bulk OF insurance in the State but also to share
in the business of other States, as the capital
lists of those States, which enforce taxation,
have done; when fire. insurance companies or
gained, protected and managed under the laws
Of Maine have proved success, then, and not
before will comfy and consistency sanction
even reciprocal taxation"
MIR. Paine's bill has some good features which
cannot be objected to- Several of its provis-
ions, however, are uncalled for and obnoxious
They place in the hands of the Examiner ex-
treme and exclusive powers, which would in
many instances embarsss the transaction of le-
Ultimate business, while they would not pro-
important respects. He cuts off the publica-
ton of the annual statements of the several
companies, which now affords a revenue to the
newspapers of the State of from SIS 900 to $780,
900, and denOunces such publication perni-
| ciouS practice.
For the reasons here presented Mr.. Paiue's
| bill is opposed, and that known as the "Port-
| land Biz is urged as one carefully prepared
| by practical insurance men, aided by eminent
| legal counsel, and suited to the demands of a
well conducted insurance department. If it is
| defective, no one objects to its being amended.
| A compromise between the two bills has been
proposed but was not favorably received by
| the Examiner.
Win these statements the case is submitted
to the committee, in the belief that it will re-
ceive that careful consideration demanded by
| the great interests involved.
A COMPROMISE PROPOSED.
J After Mr.. Loring had concluded his speech
Senator Metcalf, of Lincoln county, made this
proposition, viz: that the Examiner and the
gentlemen representing the insurance inter-
ests were mutually agreed upon some points
and might be able by further conference to
agree on other matters. He would suggest
that committee representing the one side
should meet the Examiner, and that they to-
gether should compromise as far as possible
on all their present disagreements leaving un-
settled matters for the committee to adjust
aud if they could conform TO the spirit of his
remarks he thought that such bill could be
agreed upon and pass the Legislature as would
receive the sanction and judgment of the
Stat Messrs. John w. Munger and Prem
tiss Loring were appointed a committee Oh
the part of the Insurance agencies.
THE DIVISION OF wEsTBRooK.
There will be two reports from the commit
tee on the division of towns in the Westbrook
case White, Weston, Kimball and Peavey
will report in favor of the petitioners, while
the majority, Messrs. Webb, Gray, WATSON
Thompson and Smith, will report leave to
withdraw. The result in the House is doubt
| full
STATE VALUATION.
The Valuation Commissioners have finish
~ .De s@uation Of seven counties. Cumber-
l~no 'ounty MY be reached this week
There will be much -scnss;or nc 70 tho y,,,,
alton of wild lands whic. haro 1,i,bo,to hoo,
very much underestimate, as the following
incident will show. Not lou, since the nro.
prletor of tract of wild land o,me into the
State Ireasurer's office to pay hs+ax which
amounted to one dollar and ten ents A
gentleman standing near asked the uronrie.
tor how much he would take for his land. of
fering him $4,000. This he refused, and was
not even moved by the offer of a check 10,
$4,000 on the spot!
GENERAL LAW FOR THE FORMATION OF
CORPORATIONS.
The following is copy of the important
bill reported on Thursday from the commit
tee on legal reform by Mr.. Baker:
SECTION1. Three or more persons NAV as
soclate themselves together, by written articles
OF agreement, for the purpose of carrying on
any manufacturing, mechanical, mining or
quarrying business; their first meeting shall
be called by one or more of the signers of said
articles by giving notice thereof, stating the
time, place and purposes of the meeting to
some ne~spapur rrinted In Il The countV at least
for fourteen days prior to the time appointed
therefor. At such meeting theu may organ
re lato CORPORATION, adopt corporate name,
denne the purposes of the corporation fix the
amount OF the capital stock, which shall NOT
be less than two thousand dollars, nor more
than two hundred thousand, divide it into
shares. and elect president, not less than
three directors, secretary, treasurer and
any other necessary officers, and adopt a code
of bylaws.
SECT. 2. Before commencing business, Tire
president, treasurer and majority of the Ci-
reetors shall prepare a certificate setting forth
the name and purposes of the corporation, he
paid in, the par value of the shares, the names
and residences of the owners, the name Of the
county where located, and the num-
Der and names of the directors and
after it has been examined by the Atto--
ney General, and by him certified to be prop
erly drawn and signed, and comfortable to the
constitution and laws, it shall be recorded in
Inc registry OF deeds in the county where the
business is to be done, in book kept for that
purpose; and copy thereof certified by such
register shall be filed in the Secretary of
States Office; and he shall enter the date of fl
ing thereon, and on the original certificate to
be kept by the corporation. and shall record
said copy in a book kept that purpose. And
said corporation shall pay the Attorney Cen
eral and Secretary of State five dollars each
Tor their services in advance
SECT. g. From the time of filing snch GER
tihcate in the Secretary of States office, the
signers of said articles, and their successors
and assigns, shall be corporation the same
as il incorporated by special act, with all the
rights and powers, and subject to all the du-
ties, obligations and liabilities, provided by
chapters forty-six and forty-eight of the revis-
ed statutes.
PERSONAL.
Gov. Chamberlain will go to Annapolis on
The Monarch, and will proceed thence to
on business connected with the
claim of Maine against the general govern
nent.
THE AUGUSTA HOUSE.
The Augusta House, under the manage |
nent of Major Baker has become one of the |
most popular houses east of Boston.
CUMBERLAND.
News by the --latest Mails.
The Ministry of Newfoundland has resigned |
md Charles Fox Bennett has been called upon |
TOW,