Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-01-09


institutions from investing in doubtful securi.
ties which promise large returns. The fact
that among the securities of these banks, are
reported more than three millions of dollars
in Western Railroad bonds and stocks, and
more than four millions in State, county and
municipal bonds--mainly the latter-out OF
the limits of New England, leads the Exam
iner to recommend legislation designed to
discourage if not prohibit such investments.
Any proper legislation that will tend to re-
tain the large accumulations 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 re- lamentations If tho Examiner rel
alive to providing ga adc iuate penalty 10,
violations of the Savings Bank law, and also
for legislation to discourage the use CT these
institutions for large temporary investments,
are worthy of your serious attention. When
it is remembered that the deposits in the Saw
ings Banks of Maine, have already reached
five and half millions more than the aggre-
gate capital and deposits of the National
Banks in this State, the Importance of the
subject will be properly estimated.
TIE PRESENT AND Future OF MAINE.
You will rejoice with me over so unmistak-
able indications that Maine has entered upon
a career of marked prosperity. Although
temporarily checked by the recent financial
panic, yet there is reason to believe that the
progress of our material development will be
uneXampled during the next decade. Alum
dant evidence of this prosperity, is afforded
by the admirable and wonderfully complete
report of the State Satistician, which will be
laid before you in printed form at an early
day, and cannot fail to show the Importance
and value of an undertaking, which has been
so successfully accomplished with SO small
means, in so short time. Such an annual
survey of the wealth and industries of the
State, will serve not only to bring prominent
ly before the capitalists of other States, the
extent and variety of our resources, but also
to give our own people 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 drawbacks of climate
and soil, it is capable of demonstration that
the farmers in those sections of our State
where manufacturing and industrial opera
tons have developed home markets, are as
prosperous as those of States which have
more genial climate aud a more fertile soil,
but are further removed from the consumer.
The State Industrial Commissioner estimates
that the hay crop of Maine for 1873, was about
two million tons, 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 rapidly increasing,
was over two millions of dollars; and of all
productions of the farm, including live stock
nearly fifty-seven millions of dollars. Yet
the territory in Maine thus far reached by the
tiler of the soil, is much smaller than that
which is still wilderness. Not to speak of
the great body of unsettled productive land
lying between the Androscoggin and Penob-
scot, there still remain unimproved, nearly
three millions of acres in the Aroostook re-
gion, which 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 population Of
a million persons. The fact that immigra-
| ton from this State to the great west, has
| practically ceased, and that the tide has to
| some extent turned eastward, Enthusiastically
| indicates that even as an agricultural State,
| Maine has a promising future. Whatever
| policy will give needed encouragement to
| those rural pursuits which engross the ener-
| gies of majority of our citizens, should be
| pursued,-no simply because it will promote
| the interests of SO many citizens, but also
and especially because thereby will be laid
the most enduring foundations for the material
and moral prosperity of the whole State.
| IL is 10 SUCH IL Oh our
resources as will create home markets, that
those engaged in agricultural pursuits must
look for permanent promotion of their in
| terests. In these resources Maine &C.
| cupies pre-eminent position Within a
| few years, indeed, our manufacturing, COM
| mercial, mechanical and mining industries
| have wonderfully expanded. The value of the
| cotton manufactures of the State, for the past
year, was nearly twelve and half millions of
dollars; of the manufactures of wool, seven
millions; boots and shoes-an Industry that
| has developed with remarkable rapdity-
| nearly nine millions leather, four millions :;
paper three millions; flour and grist-mill
products, two and a quarter millions; iron,
cast and forged, two and halfmilions: ma
| chinery, two and half millions; edge tools,
| nearly three fourths of million; oil cloths,
| million and half; bricks, halfa million !;
fertilizers, nearly eighty thousand; menhaden
and kerosene oils, half a million; fisheries,
more than three-fourths of million; and
canned products of the soil and sea, a million
| and three .fourths. The value of the ice cut
from our rivers, was over half million
| dollars: of the granite Guarried from our
| rock bound shores and hills, four and a half
millions; of the lime burned from the abund-
| ant materials at hand, one million eight hum