The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1876-02-05

Usury is no sir in itself. The gentleman
cites the bible to show that in the olden time,
amongst the Jews, usurers were denounced in
the same breath with thieves, murderers and
lido ators. But he forgot to tell you that a usu-
Ter then was a man who took any interest. even
the six per cent. that the gentleman will allow
us, or indeed one per cent, II he took it from
one of his own nation. But he could let his
money to such usury as that; his ten talents
should bring him ten talents more if he let it to
strangers.
There can be no fixed value for the use of
money. 1t constantly fluctuates. 1t ia affect
ed By the demand and supply, and in each spe.
cial case by the value of its use to the borrower
the comparative value to the lender as between
the rate offered and some other investment,
and the hazard of repayment which is meas
ured to certain extent by the sufficiency of
the security offered. The poorer the security
the higher must necessarily be the rate Sup
pose money TO be plenty in the market and you
have city scrip or government bonds to offer as
security and desire to obtain loan. [ want
the same thing, but have only unmproved real
estate of about the nominal value of the loan.
or an individual name, not gilt edged' Can
any law, ought any law to make the price the
same to us? But suppose money to be scarce,
would there not be still another value? Can
we then apply any general rule?
In one of our Banks, a personal examination
of several OF the largest accounts discloses the
fact that these represent the actual savings of
day laborers One map, a day laborer work
ing cleaning castings, deposited in 1866 sum
less than 500, being his accumulated earnings
at that time. From that time onward, he de-
posted his small earnings from time to time,
generally in parcels of $50 or 800, at a time,
until now his account with its accumulated in
terest amounts to $4,000, and as he is too old to
work, the interest affords him ample to live
upon and the surplus is constantly adding to
the principal. Another,a railroad section man,
in wifi has oil
accumulated from his little savings year by
year. Still another, railroad switchman, who
has seldom deposited over 500 at time, now
has an account representing over $4,000.
l might add many like instances, but these
illustrate sufficiently the working of our saw
ings bank system, and in general, 1 think you
will find it true that the largest depostors, out.
side of trust funds, are poor men, who have
no other safe plan of keeping their hard earned
savings.
:, The deposits in the Portland Savings,
Bank in 1864, six years before the repeal of the
usury law. were $769,193 In 1870, at the time
of the repeal they were $3,156, 500, and now
in 1S76,six years afterwards, they are S4,
351 1892; so that the increase of de-
positors for the six years prior to
its repeal was So, 1857 1876 and for the six years
subsequent have been 81, 1876, 1923, thus proving
that the effect of its repeal has not been to in
crease the deposits uEduly.
The Maine Savings Bank had its books
burned in the great fire of 1866, and am una
BILE to give the figures for years prior to that
date, but in 1866, their deposits were $780, 324;
in 1870, $2216,5S9; in 1875, $3.50, 1892; so that
their increase for four years prior to 1870 were
81, 916, 265, and for five years subsequent, thew
have been only 81 1925
The deposits for the last year in all the saw
ings banks in Maine have not amounted to as
much as the interest paid by the banks, and
this proves that the depositings of the savings
of the people has been checked in some way,
The aggregate deposits in 1874 were $50, ISL, :
51336, while in 1875. they were $32, 169, 800 Sc,
an increase of 81, 3S1, S77.2O.
1t will be seen that the interest alone at 6
per cent on the deposits of 1874 would be
81, S47 250.78, being an increase of $465, 1873 30
over the additional amount of deposits reported
in 1875 over 1874, and proving that the banks
are actually losing instead Of gaining in the
aggregate OF their business, and here rem EN-.
Der that the majority of the depositors in these
with no intent OF drawing out the semi-annual
dividends unless compelled by necessity.
Mr.. Pike gave Mr.. Porter five minutes of his
time to show from the recordsithat the present
law was surreptitiously got through the House.
To show this he produced the blank reports of
the Committee on Bills on third reading. This
relates only to the bill explanatory of the bill
passed earlier.
Mr.. Pike then took the floor to close. He
noticed the argument of Mr.. Haynes and
amused the House by his mimickipg sarcasm
of the widows who had 1924, 1000 in the savings
banks, devoting himself to Gen. Anderson.
He then plunged into the business depression
and the gloomy outlook generally, and was
proceeding when the hour for taking the vote
was declared. He claimed more time but the
House refused and the question was then
taken on the acceptance of the Finance Com
mitties report that the Pike bill Sought not to
pass" and resulted 10 yeas, "a; nays, IS, as
follows;
Yeas-Messrs. Aldrich, Allen of Wellington, An
derson Baker, Ballard, Bean, Blanchard of Fal-
mouth, Blanchard Of Yarmouth, Brown of Oldtown
Burpee Carleton, Chase OF Standish Chase of Bridg
ton, Cleaves Clifford, Colby, Conner. Davis of Port
land. Dupning, button. Dwinal, Eastman, Farrar Of
Turner, Fellows, Fogler, Fowler, Frank, Gay Gree.
Hussey, Jordan, Heating. Linnell, Littleield
Lord Of Lebanon, Locke, Martin of Camden. Mar
tin of Sebago, Maxwell, Morrill, Nealley, Nelson
Lincoln, Rogers, Rolf, Sargent, Sawyer, Seward
Shepherd, skillin, Smiley, Smith, Story, Slower
Strickland; True, Trnssell, Wade, Wagg, Warren
White OF Bucksport, White of Orono, Wiggin, Yates
rs.
Nays-Messrs. Allsp of Dennysville Bass, Blais-
Dennison, Drisko. Farrar of Buckfield, Goldthwalt
Goodrich, Goodwin, Grant, Haley, Hopkins, Hopkin-
son, Hutchins, Keegan, Kimbail, Leavitt. Lord Of
Pendleton, Pike, Porter, Reed of Boothbay Robert
son. Robinson of Mt. Vernon, Rowe, Salley, Sher-
man. Stone of Biddeford, Talbot, Thomson, Tilden
Moodsum, Wyman, Young Of Hiram, Young Of
Trenton-45.
Passed to be Endcted-Act prohibiting the taking
of fish in Newbegin pond, Newfeld; prohibiting the
taking of trout in Rangely stream; to incorporate
Orchard Beach Railway Co.; to amend and renew
charter of the Sebago Lake Steamboat Co.. act per-
uniting defendants to give bonds in trustee process
es to permit C. NJ Davis ct ais. to clear the channel
at head of Damariscotta lake and navigate same
act authorizing receivers of American Bank, Hallow-
ell to pay dividends lost certificates act author
izing insurance companies to divide their directors
into classes.