Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-02-04
For the Journal.
THE 81 WINGS BANK BILL AGAIN

uesuay lASt CLOSES Win tire bI2tement tnat III
is remarked that this Savings Bank bill bears
the finger marks of parties who wish to evade
the present tax" This part of that special
is we'll calculated, if not designed, to preju-
dice the Bank committe& and members of the
Legislature, as to the merits and purposes of
this bill, by insinuatisns of personal and I'M
worthy motives on the part of those who orig
mated and support it,
The friends Of this bill do not complain of
this amiable allusion to their presumed mo-
tives, as the Press has been, hitherto, some
what in the habit of giving currency to ground
less rumor. This gentle hit at motive, furnishes
its supporters with the opportunity of placing
before an intelligent and careful Legislature,
the facts appertaining to the conception and
preparation of this Savings Bank bill, and
what they think will be the benefcent re-
suits which will follow its enactment, if it
receives the approval Of the Legislature, and
they sincerely pray that it may.
To silence any further talk about finger
marks" of interested parties, 1t 10 proper to
say that the pending Savings Bank bill was
drawn by gentleman who had not then, nor
now, nor ever before, one cent deposited in
this class Of banks. No Ginger marks of
parties who wish to evade the present tax"
ever stained that bill. No eye, but eye
Out" ever saw one word of it until it was
placed in the hands of Judge Titcomb for
presentation and reference in the House of
Representatives. No.venal Ginger marks"
here. Months before this reformatory meas
ure was presented in the house, we had
been earnestly and carefully examining and
studying all the writings, authorities, ard
presidents which were available to Us,
for the purpose Of learning the origin,
purposes and the management of these i'm
portant and sacred institutions, conceived
in prayer, and nursed, nourished and pro-
tected by consecrated and charitable hearts
Let them be kept in their primeval simplicity
as hallowed memorial in honor to that God
ly man, Jeremy Bentham, who was honored
and loved wherever poverty prevailed, and
also in commemoration Of that ar-sighted
christian, widow Priscilla Wakefield, who
devised and established the first "Frugality
Bank for the laboring classes" and the first
'Bank for the deposit of small sums by chill
dren." In our examination of the character
and purposes of this class of banks, we were
quite as anxious to inform ourselves as to the
relations which they held to business men and
to the business interests Of the country, as
to their relations with the middle and
poorer classes, sailors, pensioners and labor.
ers. From the numerous facts which were
thus collected, and the information which ac-
mi Ntod than n anti saA sxa%
published In several newspapers in the State
and out of it, and approved by the officers and
depositors in some Of this class Of banks, and
heartily commended by letter and otherwise
BY many Of the leading business men in the
Kennebec valley and other parts of the State.
In that publication we only sought to show
their general characteristics and the relations
in which they stood to the middle and poorer
classes Of the community.
The section in the pending bill, which pro-
vides that "surplus earnings" shall be divided
among depositors semi annually instead of
once in four years, il 50 tranparently just
that it needs NO argument to sustain it.
The section limiting deposits in savings
banks 10 one of vital importance to the mid
die and INDECENT classes to protect their small
deposits from taxation, other than ..for school
purposes for the benefit of their children. +"
Charity consists in relieving the INDECENT.
1t 10, also, Of incalculable Importance to the
business men, and for carrying forward the
enterprises which are being projected all over
the Continent. Railroads are perambulatinp
a major portion of the country, and charters
for new roads are being granted constantly ;
manufacturing establishments, of every con-
eeivable description, are building and to be
built, In all parts Of our thrifty and enterpris.
ing State, and throughout the country; thus
opening new, (and larger Silly avenues for
laborers and mechanics, and all classes of
men and women.
These improvements are a. profitable to
the workingmen ~ they are to the projectors
and owners Of them, relatively.
What has the maximum deposit to do az an
agent in carrying forward these great enter
prises? Pertinent question. Let us answer.
In 1869, there was DO, 1886, O65 in the Saw
ings Banks in Maine. In 1871 the amount
had increased to 322, 1877 ,233.45. In 1872 it
10 reported to have been 27,OO0,0 Under
the present regulations, no part Of this vast
sum can, without great inconvenience, be
made available in the prosecution of the great
enterprises, which are in process of eonstruc-
ton and others that are contemplated, owing
to the kind of securities they require, which is
premium collateral, equal to the amount of
the loan, or q mortgage on real estate for
Twice the amount OF the loan.
In 1869, the total amount of deposits in the
Savings Banks Of six States, was 1885,, 900, 900.
II the deposit in the other Eve States in
creased in the same ratio 40 Maine, the total
deposit in Savings Banks, in six States, would
amount to 81 ,0OO, 900, 900 Of money, more than
five times - much ~ there is in the treasury
of the United States.
Let the legislature say whether deposits in
Savings Banks should be limited or not.
Has not the time come when this vast sum of
money should be elected from its silent and
dismal vaults, and made to do its part in un-
covering and developing the hidden riches and
resources of the State, and thus open new
avenues for the employment of mechanics,
laboring men and women, and thus aid both
the employer and the employed?
So long - this innumerable amount of
money remains in our Savings Banks, which
are absorbing the circulating medium at the
rate of ten millions year in our own State,
so long will banks, money lenders and misers
demand and receive their nine, twelve and
fifteen per cent. payable quarterly, no matter
how pressed the borrower.
Letthe Legislature emancipate this vast ac-