The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1874-01-09

fnl corporation, unless there shall be legislation i
to facilitate
Inasmuch as it must ever be the aim of the
cf railroad corporation to make the
net earnings sufficient to pay the interest on
the bonded Indebtedness and stock of the road,
the law should guard against the serious evils
which have resulted in some States from what
is popularity known as watering. stock, by
absolutely prohibiting the issue of any stock,
except for consideration of money, labor or
property equal TO the par value of such stock;
or of any bonds or other evidence OF indebted
ness except for such consideration equal to,
perhaps, so per cent. of their value. So much
danger is incident to the growing practice of
railroad corporations, in purchasing aud ho.d-
ing real and personal property for other .pur-
poses than those necessary to carry on the busl-
ness for which they are Incorporated, that It
may be well to consider whether all such iran
sactonS should not be more clearly forblddan
by law.
These and other considerations bearing upon
this important subject should receive your care
full attention.
SPECIAL LEGISLATION.
In whatever direction you may feel called
upon TO exercise your authority as lawmakers
too much care capnot be exercised TO avoid pri-
vate and special legislation as far as possible
As general principle laws should be general
in their character and uniform in their opera
tions; for it is the business of government to
protect the rights OF all rather than the inter-
ests of few. Too often special and private
legislation is only device to secure exceptional
privileges at the expense of the people 1t is
the parent of that growing lobby system which
is always injurious to the public interests; and
when supported by powerful corporations or
interests. becomes a source of decentralization
and positive danger.
SAVINGS BANKS.
In view of the late financial complications,
the annual report of the Bank Examiner,
which will be laid before you at an early day,
will be read with unusual interest. Savings
Banks have become so generally distributed,
and their financial operations have grown to
such magnitude, that they afford very cor
rect indication of the material prosperity of
the people. For this reason it is gratifying to
know that on the third of November the amount
of deposits in the fifty-six Savings Banks of
Maine, was 500 $50. 523 sian increase of 49,
402 190S1, since the previous annual examine
ton; and the number of depositors was 81 1893
an increase of 10,07S. The Examiner, who
seems to have conducted his investigations with
great fidelity and thorougness, finds these banks,
for the most part, conducted with the greatest
care, and with an earnest desire to conform
both to the spirit of the law, and of the we'll
settled principle that Savings Institutions
should regard safety first and profit secondary.
In this view can but commend the Examin
er for the important step which he has taken
in including in his detailed report of the condi-
ton of the several banks full statement of
the nature of the resources of each. Such
public statement as this is due to every depoS-
itor, and will exercise most beneficial influ-
ence-in deterring the guardians of these insti-
buttons from investing in doubtful securities
which promise large returns. The fact that
among the securities of these banks, are re-
ported more than three millions of dollars in
Western Railroad bonds and stocks, and more
than four millions IN State, county and NUM-
cipal bonds-mainly the latter-out of the linn
its of New England leads the Examiner to
recommend legislation designed to discourage
il not prohibit such investments Any proper
legislation that will tend TO retain the large ac-
cumulations of the savings of the people,
within our own borders, will not only conduce
to the safety of the banks, but also materially
promote the development of the State.
The recommendations of the Examiner rel
ative to providing an adequate penalty for vio-
lations of the Savings Bank law, and also for
legislation to discourage the use of these inst-
tutions for large temporary investments are
worthy of your serious attention. When it is
remembered that the deposits in the Savings
Banks of Maine, have already reached five aud
half millions more than the aggregate CAPT.
tai and deposits of the National Banks in this
State, the importance of the subject will be
properly estimated
THE PRESENT AND FUTURE OF MAINE.
You will rejoice with me over so unmistaka-
BILE indications that Maine has entered upon a
career of marked PROSPERITY. ALTHOUGH tenn
lCs
yet there is reason to believe that the progress
of our material development will be unexam-
Pied during the next decade. Abundant evil
dence OF this prosperity, is afforded by the ad-
mlrabe and wonderfully complete report of the
State Statistician, which will be laid be-
fore you in printed forms at an early day, and
cannot fail to show the importance and value
OF an undertaking, which has been SO success
fully accomplished with so small means in so
short time. Such an annual sdrvey of the
and ind trsa cnf5 lan
not only TO bring prominently before the capt.
allsts OF other States, the extent and variety of
our resources. but also to give our own people a
stronger faith than ever in the future of Maine.
We have been ready, perhaps too ready, to
concede that Maine is not good agricultural
State. Yet, with all the drawbacksof climate
and soil, it is capable of demonstration that
the farmers in those sections of our State where
manufacturing and industrial operations have
developed home markets, are as prosperous as
those OF States. which have more genial eli
mate and more fertile soil, but are further re.
moved from the consumer. The State Indus
trial Commissioner estimates that the hay crop
OF Maine for 1873, was about two million tous,
worth twenty-five millions of dollars-several
times the value of the wheat crop of any State
of the fertile West, with an equal population.
The value of our dairy products, which are rap
idly increasing. over two millions of dol
lars; and of all productions of the farms, in
Guiding live stock, nearly tifty-seven millions
of dollars. Yet the territory in Maine thus far
reached by the tiler of the soil, is much small
er than that which is still wilderness Not
to speak OF the great body of unsettled produc
tive land lying between the Androscoggin and
Penobscot, there still remain unimproved, near
ly three millions of acres in the AroOstoox re-
gon, w hich surpaSSes in size the territory of
Massachusetts, has soil equal in depth and
fertility to that of any portion of the Union,
and is capable of supporting a population of
million persons. The fact that immigration
frnu tbiS Stata tn ha has
cally ceased, and that the tide has to some ex-
tent turned eastward, Enthusiastically indicates
that even as an agricultural State, Maine has
promising future. Whatever policy will give
needed encouragement to those. rural pursuits
which e-groEs the energies of majority of
our citizens, should be pursued.--not simply
because it will promote the interests of so
many citizens, but also and especially because
thereby will be laid the most enduring founda-
tons for the material and moral prosperity Of
the whole State,
1t is to such development of our natural re-
sources as will create home markets, that those
engaged in agricultural pursuits must look for
a permanent promotion of their interests. In
these resources , Maine occupies Ia pre-eminent
position. Within few years, indeed our man
commercial, mechanical and min
ing industries have wonderfully expanded The
value OF the cotton manufactures of the State,
for the past year, was nearly twelve and a half
millions of dollars; of the manufactures of
wool, seven millions; boots and shoes-an indus
try that has developed with remarkable rapid
nine millions; leather, four mllionSs
paper, three millions; flour and grist-mill
products, two and quarter millions: iron, cast
and forged, two and half millions; machine
ry; two and half milions edge tools, nearly
three-fourths Of million; oil cloths. a million
and half; bricks, half million; fertilizers,
nearly eighty thousand; menhaden and Ike O.
sene oils, half million; fisheries more than
three-fourths of million; and canned products
of the soil and sea- million and three -fourtbs
The value OF the ice cut from our rivers, was
over half million dollars; of the granite quar-
riep from our rock-bound shores and hills, four
and half millions; of the lime burned from
the abundant materials at hand, one million
eight hundred thousand dollars; and of the
lumber cut from the immense forests, which.
with proper care, may be handed down to fu-
ture generations, nearly ten millions Of dol
lars.
But II possible, more encouraging still, not
only on account of the immediate value of the
industry itself, but because of its great ipflu-
ence on national prosperity, is the revival of
smp-buld:n2 along our coast and rivers as evil
denced by returns showing that during the mast
year there have been built in Maine 276 vessels
with tonnage of 1887 tons, valued at nearly
five and half millions of dollars-more than
double the tonnage of 1872, and larger even
than any one of the prosperous years of this
industry before the rebellion. And what is
more hopeful yet, the indications are that if
Congress shall continue, and if possible extend
the wise policy adopted to promote the devel-
opment OF American commerce, and the conse-