Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1877-01-24

savings banks could even declare 5 per cent. If
compelled to limit their securities to New Eng
land.
The amendment was adopted.
. Mr.. BEssE moved to amend by striking out the
word may IRON the 2ith line OF sectoa sc, and
inserting in lieu thereof the word shall. Also By
striking from the 25th and 10Th lines of the same
section, the words but to the extent only of
such reduction" The gentleman advocated his
amendment.
On motion Of Mr.. WADswoRTH of Manchester
the question was divided and the amendment was
then adopted.
Mr.. LOCKE moved to amend sec. 10 by inserting
alter the words per cent, in the second line
the words 'of the average amount of deposits for
the six months previous to declaring u DIVIDEND"
Mr.. PILsBrRr OF Lewiston said the amend
ment offered bad been agreed upon in committee,
but had been inadvertently omitted.
The amendment was adopted.
! Mr.. ROGERS moved to amend see. . /, after the
word "tu,tees, in the Ali line. the words, mot
more ;han three OF each shall be trustees IN
National back, nor more than one OF wnom shall
he Il director in the same National bank"
AdOlted.
Mr.. PILsBURY then moved to amend sec. u by
adding alter the word estate" in The 9 b line,
the words ''or other assets" Also TO amend sec
AZ by meeting in the l6th lue, after
the word "made, the words "of transactions
heretofore had" Also by striking out the words
'of Transactions heretofore had after the word
"act, in the l9sh line. lie explained that II was
mere trausposliion, and WAS simply 10 remedy
an error. lie also moved to amend by adding tue
words but the securities shall DC valid Ia favor
Of the bank" after the 80 line.
The amendme ut was adopted.
On motion of Mr.. MORRISON sec. l6 was
amended by striking out thewoid contract IN the
4 n h0e ami inserting the lieu thereof the word
debt"
Mr.. WADswoRTn Of Manchester, moved to
H.. -, .,.r.. al. L
the words "one-half OF one per cent" and insert
ing in lieu thereof the words "three -iourths of
one per cent" 1t seemed that members were leg
islatIpg under circumstances that ght change in
shore period Of time lie a, much oppos-
ed rs any one TO tiukeing the laws, but he
thought that in ieducng the tax savings banks
one-hali, was doing an injustice to property not
Invested 1t Is giving 1t u freedom from taxation
that it has no right 10 claim. If the deposits in
savings banks were wholly tLose of poor widows
aud orphans, there nj ht be some reason for the
exemption; bat such is not ;he case. Tney are
not the deposits of the poor, ITCHY speaking but
the deposits OF persons IN comfortable cmcum-
stances and who ought TO pay tax.
MIR. PIKE suggested that the gentleman make
his amendment one per cent which he according
ly did.
Mr.. PIKE ADVOCATED the amendment The
dcpositor in the savings bank paws in taxes only
one per cent. while his neghbor pays IL per
cent. which Is the average tax in the state near
as he could learn. lie had heard reason why
the large in the savings banks nearly Il
part OF the valuation of the State, should thus es
cape taxation. II there was n reason for il he was
not aware of it, and would like to hear it, lie
noticed that the Governor 10 lis message dssents
from the one half per cent and 1t should be
at least ga per cent. He glad to that the
commissioners h ad looked 10 the salty Of savings
banks. 1t was their duty TO do 30. But it was also
the duty of the legislature to do the other thing,
and that was to provide for the general public.
Mr. PILsBuRY OF Lewiston said the matter Of
the reduction OF the state tax to one-half of one
per cent. had been carefully considered by the
commissioners and the committee banks AMI
banking, aud it seemed to them to be not only for
the interests of the publ but for the interests Of
the depositoIs. The element of safety is the great
question. lie conended that it was a mistake to
suppose that Il c deposltors in savings banks
rich. A large amount of the deposits are sim
ply those of small dcpositors, men of small means
Elghty-ive thousand of the ninety-fve thousand
in round numbers 10 the state are small deposit
ors, averaging about Sl30 to each. He had no
sympathy with those who put their money in saw
ings banks TO e'cape taxation. They could take
care of themselves. lie argued that q state tax
of one half of one per cent was enough, and
hoped the amendment would not be adopted.
Mr. CLEAvEs of Portland said that he noticed
in article 9 of the amendments to the Constitu-
ton that sec provides that AN taxes upon real
estate and personal estate asst ssed by authority of
this state shall be apportloned aud assessed equal
ly, according to the just value thereof" 1t &C.
Cured to him, and he asked if the commissioners
considered the point, whether or not the legisla-
ture, under the Constitution of the State. has au-
thority to assess so small an amount as three
fourths or one half per cent. whether it must not
be entirely exempt or bear the full burdens with
other property.
Mr. BOWERS replied that the real estate of
banks is assessed by the towns in which they are
located the same as any other propel ty and would
be unoer the bill. 1t is we'll known that property
In the State is assessed on a valuation of about 50
per cent. a fair average OF taxation throughout
the State he believed TO be about per cent. The
of deposits made to the Secretary of State
are at their full value. Therefore, if depositors
in savings banks were taxed per cent on the
full value, it is the same the tax of 2 per cent.
on property assessed at one-half its value. lie
called attention 10 the fact that large amount of
investments of savings banks are in stocks of
corporations which are taxed, and which, when
held by individuals are not liable to taxation.
When held by banks they are counted as u part
of the assets. return is made of them and they are
again taxed. SO that class OF property is taxed
twice.
lie contended that an assessment of one per
cent. on full valuation of savings bank proper
ty an meut of two per cent. on a halt valu-
alton was taxing both alike. For his part he was
willing that the depo>itors of small means should
escape with "a little les tax than other property.
He hoped the bill would pass without an amend.
meut
Mr.. PIKE took occasion to saw that he saw bv
the Journal that he had been utering some very
y
intended to take the position that the House had
any right to go out and do business without a quo
rum. He did not believe they had. If he had said
SO he wished 10 take 1t back.
In regard to the matter before the House, he
considered the point taken by the gentleman
from Portland (Mr. Cesves) well taken. The
Courts have decided that It is not legal for towns
to exempt manufacturing interests from taxation.
And the amended constitution says that taxes on
real and personal estate shall be equal.
How can it be equal if the large
property IN savings banks is served in this way 2
But the state and every body was willing to &C
qucsce so long as the one per cent. made it about
equal to other taxation. He presumed the
state would be willing to acquiesce without
seeking any redress from the court. But il there
be any great discrepancy between the two. the
legislature does injustice that the courts, it
seemed TO him, would rectfy.
On motion of Mr. WADswoRTu of Manchester
the bill WAS laid on the table pending the adoption
OF the amendment.
On motion OF Mr.. WADswoRTH the House
Adjourned.
PETITIONS, BILLS, &C., PRESENTED AND RE-
| FERAED.
by Mr.. HUME-Pctton of the inhabitants o
Eastport for repeal of the Calais Court bill. Ref