Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1875-01-08
Our SAVINGS BANKS.

OUR SAVINGS BANKS.
The annual report of the Bank Examiner shows
that on the second day OF November, the fifty
eight institutions for savings in this State, had de-
posits aggregating the large sum of S3l ,O5l Jos
an increase of 81 ,49j 439 over the deposits at the
same date the previous year. This gratifying in
cres Sc of deposits, Notwithstanding the financial
depression which has prevailed during the year ;
the marked improvement in the character OF the
securities held; and the satisfactory condition in
| which all our Savings Banks have been found by
the Examiner calculated to increase the public
confidence in institutions whose deposits are two
and half times large As the deposits and crcu-
lstion of all The national banks IA the State. 1t l.
to be regretted however, that the trustees OF our
| savings institutions have thought 1t necessary or
advi. able to invest out of the state eleven and
| half million dollars, more than one-third OF the
deposits of the people of Maine-capitai which Is
needed at home for the development Of the abun-
dant resources OF the State 1t is claimed, however,
| that so long the law forhids savings Banks TO
loan alone, it is impossible for them to find
| opportunities at home for the investment OF all
| their deposits. The Examiner presents some i'm
portant facts beaIlng on this point, which VIII
| claim your consderatc attention. The act Of the
last Legislature, relating to Savings Banks. has
been found defective in some particulars, and Will
require amendment 1t i, believed, however. that
the State tax of one per cent. intended to
| be imposed ON the deposits of savings insti-
buttons by tue existing law, will be consld-
cred a finality, a. undoubtediy Is the
|
without causing depos T. to be Withdrawn and the
revenue to the State TO fall off, and at the same
time is the minimum tax to which popular opinion
would be likely to permanently assent.
BUSINESS AND INDUSTRIAL INTERESTS.
| Notwithstanding the shadow OF the eat imam
| cial d astcr which more THAI q twelvcmon'h since
ralscd the industries and business of the country,
ha, rested this State during the entire year just
closed yet there is reason to believe that our ma
teral interest, have suffered less than those of a
deposit, in our Savings Banks is index, it would
set m if the savings of labor and the profits OF
industry have not been 50 injuriously affected as
| might have been expected. The harvest OF 1874
has been for the most part abundant in this State,
and even above the average of the past five years,
although hardly up to that of 1873. Our agricul-
tural interests, whose ovcrshadowing importance
demands just and favorable consideration in the
distribution Of the burdens and benefits of govern
ment, have mainly been affected by the deprecia-
ton in the prices OF farm products, tor winch,
however, there has been compensation in the
general reduct on of prices OF merchandise.
While ship building in Maine has largely
| increased in tonnage the past year, yet
our numbering, commercial, manufacture
ing and other industrial interests have been
| more or less depressed, in common with similar
Industries in all par Of the country, and indeed
in much OF the civilized world. 1t is believed,
however, that the worst is past and that early in
the year business will begin to revive on a health
atty for indulging in decade Of unparalleled ev-
travagance and speculation, growing out of the
gigaLtc expenditures imposed and the :eveii,h
bushes habit engendered by the war TO preserve
the national existence, and aggravated by an ex
cessive and depiec ated currency to which the ne
cessties Of the crisis OBLIGED u- 10 resort . h"
financial panic fifteen months since, expos the de-
usive character OF prosl erily III assured by
money standard and resting largely on credit, and
convinced whole people tina, they were living
too fast.
the past year, therefore, has been pc
Rod of contraction in EXPENDITURES aud payment
of debts, resulting naturally in decreased de-
mand for merchandise of all kinds and conse
quent depression of business. The operation has
been painful but inevitable one ana it can bat
result in ultimate good. To be sure the primary
causes of the financial difficulties which
encountering, are deeper than any questions
of legislation. They cannot be remedied sim
ply by acts of Congress, but rather by the slow
and painful operation Of business and social
laws. And yet so far as a deprecated cur
rency has aggravated, and in the absence of
any steps looking TO a change Of policy must con-
tnue to aggravate these CAUSES the obvious remedy
lies in an ultimate restoration of the currency 10
the basis recognized by the civilized world.
CONCLUSION.
Gentlemen of the Legislature to you, who have
been selected by your several constituencies, and
who Immediately represent the people of Maine,
is committed the care OF the varied interests OF
this state so far As they may be affected by egis-
lation. / doubt not that these interests will re-
ceivc at your hands that consderae attention
which their importance demands. And in what
culated to promote the welfare Of our beloved
state, it viii afford me pleasure to earnestly
operate. NELSON DlSGI.EY, JR.
January Z, 1875.