Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1876-02-16
s. $50, coo $l.5Ss, $500

Comparing the retlrns made last October, the
above shows an increase in about sixty days OF
ninety-eight thovsand dollars.
These banks have been paying from ten to
twelve per cent. dividends for series Of years
and they can hardly interpose themselves here to
obstruct the proposed legislation on the ground
that they cannot afford it. ! commend 10 them
the letter of Mr. Egery, which ] have already
quoted. He is Bank director who looks as well
TO the interests Of his to those of the
banks he represents.
And now let us turn from this fiourshing state
Of things, to examine the other question under
discussion-can the people Of Maine afford to pay
these high rates.
The State valuation is always made with great
care and entire reliance can be placed upon it. In
1860 it was in round numbers Sl62 100000. In 1870
it was Sis, 0O0, 0D0-a difference of S51 900 600
Mr.. Walker, the careful superintendent of the CEN
sus of 1870 estimates that the general valuation OF
1870 Of the United States was swollen So per cent.
by the imitation of the currency. i do not think
it was so much as that in Maine. | estimate it at
10 per cent. and that would deduct 49,, $4,000
from the valuation of 1870. The difference be-
tween the debt of Maine in 1860 and 1870 should
be added to this amount and would swell it to at
least Si0,0000J0 leaving but Sl7 600 COO increase
between 1850 and 1870, about one per cent.
year. And it is a moderate statement 10 say that
this sum has been lost since 1870 at the present
valuation of property.
We have then this condition of things. We
have an active, vigorous population, beyond the
average OF the populations of the various States,
and we have about the same number as in 1860
and about the same property. In other words, we
have been diligently at work the last fifteen years
and have barely held our own
And can anybody specify any considerable bust
ness in the State that can afford TO pay more than
six per cent. interest Call the roll of business
enterprises, and bear the response. Shipping does
not pay expenses and depreciation. Lumbermen
are thankful II they can pay their debts, and don't
ask profits however small. Railroads have never
paid dividends and ere now struggling with the
interest on their bonds. Manufacturing is hold
ing on 10 hope. Farming never could pay extra in
terest, and now less than ever, and aiding is
mournfully looking over bad debts, and stocks con-
stantly lessening In value. And these are the
people we are 10 legslate for Could such law
as have proposed be submitted to q popular vote
would there be any doubt of the RESULT
That we are passing through period of great
depression is undoubtedly true. What proportion
of our voyage across the sea of financial troubles
We have already achieved, will not undertake to
say. Those WHO keep the longitude and latitude
of affairs reckon we are half way over. Perhaps
1t Is quite certain have not yet reached
the great depression Of 1919, when wheat in Ken
lucky went to twenty cents a bushel, and -four in
Pittsburg to one dollar barrel and rents in Phil
adelphia to ne-ihitd Nor have we vet expert
enced the disasters Of lS39-40 when in the explo-
zion Of the land speculation of $50 banks, 3i3
failed, and the country was carried for Gen. Iar
rison on the cry CT "hard times" II took about
five years at each of these times for business to
right itself, aud dating our present troubles from
September 1873, we have now had about two years
and half of business trouble. The situation of
the country, however, is 50 different that we can
not measure our difficulties by months with any
confidence in the conclusions.
How all this has come about is hardly germane
10 the present discussion. Some of the causes
were inevitable The war, however glorious and
necessary, was destructive Of values and so large
a destruction must make itself felt for long
time. The immense increase Of railroads, many
OF them unnecessary, was another destruction of
values part OF II 10 be restored in the future and
part not. The management OF the Southern
States has been serious drawback TO the general
prosperity. hi. has hitherto been par.izap
matter, bat now in this centennial year. we have
all ascertsined that II is not a successful way to
manage a partnership, to abuse the weaker mem
beers. Corruption in Office has had it, full SWAY.
and the monstrous Developments have destroyed
confidence. We have never before been cursed
with such delnge Of rascality RAINING through
all positions Of life, high and low, and it is to be
fervehtly hoped We may be spared in the future
such extraordinary ealamities.
And partly as a result Of all this we have our
grinding taxation. In 1870 we paid 10 Maine over
i've millions OF dollsrs Of taxes, which was about