Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1872-02-14

make such An examination a. this. The Sen.
ator warned us of the danger which might
arise from the meddling of those who were
ignorant of this business, who were not ca
pable of examining the subject as a whole.
/ am aware that know but little about banks
or any other subject. If Senators knew how
bitterly feel this in my own daily experience,
they would not think it necessary to remind
me of it, and suppose have something of
the egotism and confidence, which is SO often
associated with ignorance. For, notwith-
standing the assertion of the Senator, am
confident that a man of moderate business
capacity could make an examination sufficient
ly accurate to determine whether bank was
solvent or not. regarded the appointment
of the Senator as Bank Examiner as an ex-
cellent one, and hoped and expected, that he
would be re-apponted; but if these are his
views in regard to the duties of that Office, if
he believes bank examination to be impracti-
cable and impossible, most earnestly hope
he will not be re-appointed; but that we shall
have some one who does believe in examna-
tons, and who will make them. But am
happy to say that there is one thing in which
we do agree. He says the present compensa-
ton of the Bank Examiner is all it should be.
think SO to, and further than this, think
the compensation is four dollars per day and
expenses, more than it should be. The whole
matter as it now exists, is a farce. At 81. 90
per day and expenses paid the Examiner visits
bank. They have a pleasant chat about
banks in general, the evils of legislation and
the necessity of having as little done as posi-
BILE, or to use their own words, ''to be let
Alone" and this pleasant interview closes.
But what has been accomplished? If rotten
ness does not already exist this looseness will
breed rottenness. All that the Market Bank
wanted was to be let alone. This was all Boss
Tweed and his associates wanted. This is a
great interest, one of more consequence than
the private wishes of the Senator from Som
erset and myself. 1t is the interest of those
who are not able to help themselves. What
is now transpiring in New York should be n
warning to u.s. will read to you an extract
from last weeks financial article in one of the
ablest papers in New York.
1.-THE Market Savings Bank. The recent
failure of this bank is due to gross and out
rageous swindle, for which the guilty party OF
parties ought to be indicted and punished
The January statement, as presented to the
Bank Superintendent, showed assets to the
amount of 81, l20, 935.l5, against liabilities OF
81 ,08l 1913 due to depositors, leaving a
) surplus of $50, 1892. Mr.. Dennis, the re-
ceiver of its assets, in his recent statement,
shows the bank to be insolvent by $367, $780,
IS. Mr.. Worth, subsequently appointed as
| IeCeNeT, tulHkS tHdt the DaDk Will not ne
able to pay more than thirty-fve or thirty
seven cents on the dollar. This case, with
others of recent date, calls loudly for an i'm
mediate and thorough revision of the savings
bank system in the State of New York. What
has happened with the Bowling Green Saw
ings Bank, the Guardian Savings Institution,
and the Market Savings Bank may happen
with any other savings bank in the State.
The law now gives the depositors no protec-
ton, except that which arises from the dis
erection and integrity of the managers; and
this security facts prove to be insufficient.
The time has come when legislatures ought
to interpose their power, and in every State
place savings banks under such regulations
of law, equally applicable to them all, as will
guarantee the safety of the depositors. Moth
ing short of this will or should restore public
confidence in these institutions"
This describes the case exactly, and this is
the precise point which the minority report
endeavors to cover. And yet our Bank Ex-
aminer says these provisions are mischievous,
uncalled for, impracticable and impossible.
You will see that there is a very wide differ
ence in the views entertained by the Senator
and myself. The Senate must decide be-
tween US.
Mr.. PHILBRICK of Somerset, did not feel
like going over the discussion again. Last
Friday it had been discussed in detail and he
thought that it was well understood. The
committee had fully considered the matter,
and it was their opinion that there should be
as little legislation as possible touching taxa
ton and dividends. The Savings banks had
departed from their original design, and it
was his opinion that they should return again
to the point from which they had departed
This was the view the committee had which
made the majority report.
| no eat hn tan
by yeas and nays, which resulted as follows:
YEAs:-Messrs, Humphrey, Morris, spaulding of
Knox-3.
NArs.-Messrs. Cole, Davis, Dingley, Dunning
May, Nickels, O'Brion, Pennell, rhilbrick, Smith
The motion to substitute the minority for
the majority report was thereupon lost, and
the majority report was accepted.
The bill was read once and assigned for to-
morrow.
The resolve relating to Oak Grove Semi
nary was taken from the table, the question
being on its passage to be engrossed.
| Mr.. KINKS was opposed to the passage of
the resolve. Instead of promoting the inter.
est of our common schools such resolves
tended to their injury. He was opposed to
the State granting aid to sectarian literary
institutions.
Mr.. Morris had been assured that the de-
nomination of Quakers did not ask for an
appropriation. The school was private en-
terprise.
Mr.. MAY Of Kennebec, thought the Sena-
tor was mistaken. The trustees of the insti-
tuition had informed him that they wanted aid.
1t was deserving the appropriation asked for.
Mr.. HARRINGTON thought the Senator from
Cumberland had been msinformed, and gave
reasons why the appropriation was wanted
The denomination had good claims for aid and
for our sympathies.
Mr.. MORRIS said his authority was good |
He had been told that Mr.J ID. Lang and |
MIR. Hussey did not ask any aid. The former
had given 81 900 to the institution.
Mr.. FOSTER favored the resolve.
Mr.. MAY stated that personal quarrel be- |
tweed Mr.. Lang and the trustees had taken
place.
On motion of Mr.. PENSELL of Cumber-
land, the yeas and nays were ordered, which
resulted in the resolve passing to be engrossed
by the following vote
YEAs.-Messrs. Cole, Dunning, Harrington, Eos. |
ter OF Penobscot Hayford, Hobbs Hum hr0y, Irish |
May, Nckels OBrion, Pennell, Philbrick, Smith-li
NAYs.-Messrs. Chase, Davis, Dingley, Fletcher, |
lIadlock, Kinks, Morris, spanldng Of Knox-s.