The Portland daily press., 1876-01-28
FIFTY-FIFTH LEGISLATURE,
SENATE.
Especial to the Press.1

Rev. MT. crane OF dalloWell, officiated as
chaplain.
House papers were passed in concurrence.
The House resolve to move the seat of Gov
eminent to Portland was tabled on motion of
Senator Stevens.
The Committee on Federal Relations report
ed a resolve appropriating $4,000 for the State
Centennial Commission. Ordered printed.
The Committee on State Lands reported leave
to withdraw on petition Of George w. Haleck
and John Regan for deeds of land.
The Committee on Legal Affairs reported
legislation on resolve to amend chapter 81 of
the Revised Statutes; also on proposition to fix
a further limitation for recovery of land sold
for taxes; same on order directing them to in
qure into the expediency of amending section
2 chapter 113, Revised Statutes, relating to poor
debtors
The Committee on Legal Affairs reported
ought to pass on bill an act to amend chapter
So section 1, Revised Statutes relating to libra
ries, charitable societies and cemeteries.
The Committee on State Lands reported re-
solve in favor of Samuel G. Greenlow of Chap.
man Plantation; also resolve in favor of
Aroostook county for an appropriation.
The same committee reported leave to with
draw on petition of G. P. Smith ct ais.
On motion of Mr. Stevens of Penobscot, it
was ordered that the Committee on Judiciary
be directed to inquire into the expediency of
amending the laws in relation to trusteeing the
wages of school teachers. Adjourned.
HOUSE.
House papers were disposed of in concur
renee.
Petitions Presented and Refereed
from the citizens of Webster against petition to an
of Greene against the petition to set off part OF
Webster and Greene and the same to the city
OF Lewston bill to amend chap. 60 r. S. relating to
divorce.
Orders Passed-Order presented by Mr.. Baker Of
Newcastle, directing the Land Committee to inquire
into the expedsncy of reporting bill authorizing
| the sale of the unsold lands of the state.
| Resolves in favor of the representations of
the Penobscot and Passamaqu oddly Indians
were passed under the suspension of the rules
Reports of Conanaittees-By the Committee on
| State Safe Lands and Roads; resolves direct
! ing the Land Agent to deed lots of land to Jas.
McConville, Jr., B. B. Byron, G. S. Daniels
and James M. Story; also appropriating $500
| for bridge in Crystal Pl. resolve appropriate
ing $500 for a road in No. 1, r. 1, and No 5, r.
| 2, Oxford county; "Leave to withdraw" on pc.
| titi0n of heirs of Samuel Emery for deed of
land by the Committee on Legal Affairs, bill
granting additional powers to the Piscataquis
Fire Insurance Co.; bill amending Sec 81,
chap. 80, R. S., relating to witnesses and evil
dence; bill amending sec. 8 chap. 70, r. S., re-
lating to the time in which assignees shall file
an inventory in the probate court; bill for the
protection o. fish in Adams Pond, Bridgton
| the same committee reported legislation mex
| pedient on an order relating to sec. 40, chap.
lib, r. S., and referred to the next Legislature;
petition of G. L. Cunning Of Brownville for au.
| thority to dispose of a bur ial ground.
| By the Committee on Claims-the Granger
| turnpike claim was referred to the Governor
| and Council.
| By the Committee on Manufactures, that
legislation is nexpedient ON bills to incorporate
| the Merrill Slate Co.; on petition for dairyng
| association at Deunysville; on bill to incorpor
ate the Gorham Grange Hall and Building As
| ISOLATION; for q bill to incorporate the Calais
| Red Granite Co.-all coming within the general
law.
By the Committee on Change of Names-To
| change the name of the town of Dalton to Ash
land.
The bills with the above reports were read
and assigned or ordered printed.
Passed to be Enacted-Acts to INCORPORATE the Hi
bernan Society of Biddeford to Incorporate the Odd
Fellows Mutual Relief Association of Maine to au-
thorize Mark Marshall to build wharfin St. George
to protect trout in Sunday Pond No 2 aud No. 5 r
4; TO preserve pckerel in ponds in Sangervie and
Parkinan; to incorporate the Bridgton Telegraph
Co. additional to an act to incorporate the Penob-
Driving md
Dingley Islands to the town of Casco additional to
act to incorporate the Monmouth Mutual Fire In
to incorporate the Piper Reservoir Co.. to authorize
the town of Lyndon to loan its credit.
The business of the morning hour was not
completed, Mr.. Talbot requesting that the re-
solves appropriating money should be laid aside
for discussion.
The order Of Mr.. Keegan for the resembling
Of the order of yesterday relative to the mill
tax also went over.
Mr.. Porter moved to take from the table the
| report of the Finance Committee on the Pike
bill in order that Mr.. Pike might speak there.
on as he will ba absent the rest of the week.
The motion was carried and the report was
taken up and Mr.. Pike addressed the House for
nearly two hours. The following is an abstract
of that gentleman's remarks:
Mr.. Pike began by saying that he IS not re-
spolsible for the various reports as to his pur-
pose as set forth in Maine. He disavowed any
purpose to arraign the administration of Gen.
| Grant, and does not propose to give the dis
| cussion partisan bias.
| The history of the passage of the present
| law is somewhat curious. He was here to fill
| out term. The first day an interest bill was
| passed He thought it of no account and only
| voted against it. He told the gentleman who
| had the measure in charge that it did not re-
| peal the usury law. A new bill was introduced,
but it was sent to committee, and was sur
repttiously enacted the last day. 1t was a
| greatscharge to make but it was true. Such
things will pass the last days, 30 that all should
| be vigllant. What were the laws so repealed?
| Simply that the state placed limit at six per
cent, and that the state would aid the creditor
in obtaining from the debtor. Beyond that
limit and higher rates it was only forfeiture Of
the excess. Yet this mild law had a marked
effect and salutary one. No man suffered by
the law; why was it repealed? 1t was said in
the discussion at that time that the rate of in
! terest was not high enough. We want capital.
We can't get it without higher rates. That
was the argument. What have been the effects
of six years? Let US see. Let us take the
savings banks. When the law was. repealed
we had ten millions in the savings banks. 1t
was deposit of people of limited means for
safety-for rainy day. These banks had
been the growth of many years. The first
savings bank IN the state failed. Then these
banks did legitimate business. Before the
recent interest law, the banks paid from to 5
per cent. interest. What was the effect of the
law? The first year after the law the average
dividends were seven per cent, and the de-
posits rose from ten to sixteen millions Specu-
lators and men of means deposited and there
was rush for large dividends. In six years
these deposits have grown from ten to thirty-two
millions These have not been years of pros
perity, aud the result is that one-third of the
deposits scraped up in the state have gone out
for high interest OF these bonds purchased
$1,2OO,000 cannot pay interest, and there is
more than one bank that cannot pay its de-
positors. Has this been good thing for the
business of the state?
Second-The money collected in the banks of
our state is nearly % per cent of our state
valuation. This is of great Importance. This
law has had the effect to raise the rate of in
terest in this state; and Mr.. Pike appealed to
every lawyer drawing legal documents, if not,
since the law, the rate of interest has been
seven instead of six per cent. So the mortgage
debt as well as the bank debt of the state has
been raised. This is very important The
man who pays it is the needy party, SO that
this law has imposed an onerous burden upon
the poor men of the state.
Mr.. Pike alluded to an article in an Aroostook
nanar oallinu for tho rapaol of this hill cop;nrr