Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1877-02-02
LEGISLATIVE PROCEEDINGS.
Concluded from first page. !

shiro) where the tax was the same as that in
Maine. The present tax of one per cent. was OPP
pressive and a burden. 1t was u mistaken idea
that if the tax is reduced We shall lose a large
shall be benefited. When we look at the objects
of savings banks it seemed to him a hardship to
fix rate of taxation that the banks cannot bear.
In order to pay five per cent. TO dep0sitors the
banks must realize six and three quarters per
cent, which is impossible in the present state
of the mar ket for them to realize. If the tax is
too high, deposits will be Withdrawn.
He moved to amend by substituting three quar-
tiers OF one per cent for one per cent. in 10.
lie commented upon sec. SO, relating to the in
solvency Of banks, and requiring such fact to be
set forth by five depositors. lie considered this
provision Objectionable, aud he moved to amend
by striking out these Objectionable features.
lie also moved to strike ont sec. 43 providing
that all acts parts of acts incons sient with this
act are hereby repealed.
Mr.. N1NToN spoke of the position of the bill
He thought the first thing for the Senate to do
ia to examine seridtim the House amendments
that had been adopted.
The President (Mr. PHILLIPS in the chair, ruled
that the House amendments must be first acted
upon.
House amendment "a" amending sec. 10, relat-
ing to investments was taken up.
Mr.. BAILEY said reduce the banks to four per
cent. and II would contne them to New England
securities. lie thought this section had an impor-
tant bearing on the tax.
Mr.. VINToN suggested that pending the discus
sion OF amenement al, the Senate proceed to
the consideration Of amendment III" FIXING the
tax. Agreed to.
Amendment Oh proposing tax on depos its
OF one per cent. per annum was taken up.
Mr.. WHEELwRIGHT moved to non concur with
the House, and amend by fixing the tax at one
bali Of one per cent. as reported in the original
bill.
Mr. SHEPHERD opposed and gave reasons why
the shOuli he rpfupei The nulv
ment that lac could see in favor of reduction was
on the ground of charity. According to the Bank
Examiner sreport twothirds of depositors have
deposits OF JOO or more, or $4,000 900 out of
S2I,UO,OOO lie could not call these depositors
poor men. lie contended that the proposed tax
of one per cent. was less than that assessed on
other corporations. lie spoke further.
Mr. LENNON favored the reduction Ct the tax
to one half OF one per cent.
PENDING the conclusion of the Senator's re-
marks the Senate adjourned.
READ AND ASSIGNED.
An act to further amend sec. % of chap IS of
the revised statutes relating to ways; resolve in
favor OF Swedish Settlers resolve 10 favor of the
Maine State College OF Agriculture and the Me-
ehanic Acts; an act to amend sec. 3, chap of the
revised statutes relating to election returns.
Resolve in relation to the binding Of the
acts and resolves OF this State; an act relating TO
the police force of the city of Bath; esove relat-
ing to the colors of the 9Th Maine Regiment /.
an act to amend sec. 40, chap. 50 OF the re-
vlsed statutes, relating to Pleasant rver an act to
authorize the town Of Woolwich to elect a repre-
sentative IN the Peoples Ferry Co.; resolve au .
th0rzing The land agent to convey to John Estes
lot OF land resolve 10 favor OF +. w. Stimson !;
resolve IN favor of David Dudley; resolve in ia
yor OF Jesse Sutherland; resolve in favor of Olof
ljungren and Magnus Jeppson resolve in favor of
Chas. q Perry resolve 10 favor of John NJ. Brown ;
resolve IN favor Of Albion w. Stratton; resolve in
favor Of Benjamin Alexander; resolve in favor of
the town OF Baleyyille; resolve in favor of NJ. l..
stuart; resolve in favor S. W. Stratton; resolve
IN favor Of Isaac Varney.
PASSED TO BE ENGRossED.
An act 10 amend sec. fchap rs of the public
laws Of 1876, relating to the erection of fish wers
ahu "haiyes IN tide waters; an act amendatory to
chsptei ~ OF tie public laws OF 1875, relating to
the better protection Of life and property; an act
relative TO proceedings in court; an act to amend
The charter of the Northern Waldo Agricultural
society an act authorizing views by jurie. in all