The Carbon advocate. [volume] (Lehighton, Pa.) 1872-1924, 1874-01-17

same as those of 1874, hut the pxpend
tlres will bP greater, owing to the AL.
diti"nal outlay Unnecessary for schools,
L. giSlature and Judiciary, under the
new Constitution. which will ihpn he
in full force. Notwithstanding this
enormous decrense In receipts and in
crease In expenditures, 1t IL hoped and
believed that, Ivy the most riud econo-
my IN every branch Of the government,
and inohpr0t" appropriations, the r. ve-
nueS IN The future will bp sufficient to
meet Ill the demands on the ! reasuTy,
ann leave n balance to reduce the in
dephdnrss of the State. as required by
TIE Constitution. | am in accord with
those who believe as the debt decreases
there should be q ccrrrspon ding relief
afforded 10 those interests that bear the
burden of taxation; butat this juncture
would regard any further reduction of
the revenues as unwise. III our list OF
taxes, however, may be found some
that are not strictly "uniform upon the
same class of subjects" and very un-
fair in their operation, aud ] think.
therefore. a revision of our tax laws is
now desirable, If not necessary.
STATE BANKS, SAVINGS FUNDS, TRUST
COMPANIES.
! still adhere to the principles laid
down in the Mifilinburg and Woods
Run vetoes Of last session. Recent
events have demonstrated Il e recrSsity
Of fixing proper limitations to the pow
ers cOnirrredO on these mOneyed cOrpo-
rations, and have afforded practical
illustration of the wisdom of rigidly
combining them tn objects that are re-
cogniZrd hy the people as distinctiyely
belonging to such institutions. When
a bank of discount Is permitted TO be-
come alsO a savings fund, a trust COM
pany, an insurance company, to buy
and sell real estates, and to have the
rights and privileges of building ass0-
citation, it is difficult to determine what
are its legitimate functions, or what Sc
curity community has for the safety
Of its deposits, have always enter
tained serious doubts as to the prOpriety
of banks of discount paying interest
on deposits, and am now convinced that
this perniciOus practice should be pro-
hibited. Money will always flow tO
banks paying interest on deposits, and
tie large surplus thus aggregated Sc
duced by attractive offers Is sent to the
great money centres. where it gives
more impulse to speculation, while the
sections from which 1t Is drawn suffer
in all their enterprises from the higher
rates they are compelled TO pay for the
money remaining at homr.
Within a few years many State banks
have been chaiterrd, with the capti-
vating names of savings banks. de-.
signed to attract deposits. These banks
aud savings funds ale entirely distinct
in organization and purpose, and should
never be associated in their manage
ment. The one Is bank OF discount,
intended TO supply the wants Of busi.
ness. The other is simply a repository
for peoples money, limited to small
amounts to each IN lividual, the aggre-
gate of the amounts thus received to
be invested in mortgages on unincum-
bered property worth double the amount
Of the mortgage. and in secure uDlc
stocks, in safe proportions. A bank Is
| conducted with tile avOwed obi ct of
benefit to its Stockholders; a savings
fund Is presumed to he mana gcd en-
tirely In the interest OF depoSitOrs
among the iaboring classes, or those Of
liuiited means and business qualitica
/ lions, AMI the essential requisites Of
which ore such prudence and safety in
the disposition OF the funds as will best
enhance their value for the benefit OF
these classes of drpo,itnrs. Men in
charge of savings funds should have
no personal ends to serve; should b..
above temptations and should have
their highest reward in the good ac-
complished' by inducing a saving habit,
which, once fixed, leads to prosperity
Allow me to suggest, therefore, that all
State banks, savings ;unLs and trust
companies be made subject to the ex.
animation of committee appointed 10y
proper authority; that these institu
tiOns be required to publish quarterly
statements, under oath, of the amount
of their assets and liabilities, and the
names OF their officers; that by gen.
tral law their Stockholders be mad,
personally liable for double the amount
of stock held by them; AM that they
be compel led to have constantly in theil
Ndulto u Choh lScVlNC VI tCu per CtuI. VI
their net liabilities.
THE EXEMPTION LAW.
The act of 1S49 exempting certain
amount Of the property of debtor
from levy and sale ON execution or dis
tress for rent, was intended for the wist
and humane purpose OF protecting Ia
family from sudden and absolute wa,
This benevolent design Is, hOwev. !
often defeated, and the law practically
nnllifed, by the harrassed debtor waiv.
ing the benefits OF the act Il
net the eXactions of his credl
tors. DO not sound public policy an,
humanity demand supplement to III,
law that will forbid debtor having
/ family waiying his benefit of the ex
emptiOn, so that household may no
be sborn, in an instant, of all tn
necessaries of life by reason of III
weakness, recklessness or misfortun
Of its head, or to satisfy the greed Of
grasping creditor? ...
PennsyIVaUia LegIElalura.