Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1878-10-11

+ discussion of the subject OF trials by jur
: and referees in the first message of my pr,
!, decessor. If fparties were compelled to bea
q larger share OF the expenses OF jury trial:
! it ght diminish the amount of petty In.
gation, and lead to more references unde
the statute, and do no violence to the caus
of justice. Possibly, if no satisfactor
remedy is found. it may be advisable to ar
point a commissioner. who shall investigat
the whole subject OF court expenses and re
port at the next session, recommending
such changes OF the statute or constitution
as the case demands.
ASSESSMENT TAXES.
every member of society hath righ
to be protected in the enjoyment of life
liberty and property, and therefore is boun,
to contribute his proportion toward the ex
pense Of that protection" To secure thi
result of equality of taxation to the utmos
possible extent, is the plain demand of tbi
clause OF the constitution which l hav
quoted.
To rehearse the evils of our present sys
tenn. or rather. what is worse, of our ad
ministration of it, would bo to repeat wha
my predecessors have often said, and wha
every citizen has seen and felt. Not tn,
least among these evils is the corrupting in
|
understand the subject fully, and the re
spOnsibility for failure to apply remedy
must rest with you. Several measures hav,
been proposed to secure a just and equa
assessment At the last session a bill
passed the House. blouse bill No. 27l,) re.
curing each taxpayer to swear to his list
The laws of Massachusetts and Connection
have similar provision. The reduction
of State expenses and the direct payment oil
any special taxes to the State will so far
but only to limited extent, remove the OBJ
ject for undervsluation as between iifferen,
towns, but would have no effect to relieve
the inequalities among the taxpayers of the
same town.
| The law prescribed that the assessment OF
the road bed of railroads shall not exceed
| So 200 per mile. | am informed, that in at
least one case the Equslizing Board raised
the valuation Of u town. where the Listers
had set the road-bed at the limit of 1000,
and that tho railway company will contest
the validity of the list on this ground. II
there is a defect in the statute, it should be
remedied
SAVINGS BANKS.
These institutions are assuming impor-
tant proportions in our State. holding now
over eight millions of deposits. The amount
have been so well managed, that during the
last lew years of financial trouble, while
some of the neighboring States have suffer-
ed severely from the reckless and dishonest
mana cement OF these institutions, our
savings banks have all stood firm, and none
of them have suffered serious loss. This re-
suit, however, is due more to the honesty
and skill OF their direction, than to our
legislation. They are all acting under spe-
cial charters. differing considerably in their
provisions. They are not to any extent
restricted as to where they may make loans.
All of them loan part of their funds on mort
gage. Some of them have made these loans
on real estate at the West. These, 50 far as
can learn. have been carefully made and
haye yielded larger interest than could
have been realized from other sources. The
fundamental idea OF a savings bank is abso-
lutte safety. though at soma sacrifice of in
terest and divdends. 1t seems to me un-
wise and unsafe to lose sight of this in our
legislation. We cannot always depend
upon having honest and capable men in
charge; and even such men, unless re-
stricted by law, will be more liable to mis-
takes. We know what widespread dis
aster the failure or even suspension of a
savings bank would cause in this vicinity
and among class who have earned their
money by years of hard labor and close
economy and would all the more keenIy
feel Its loss.
| recommend u general law placing all
savings banks under the same general pro-
visions and restrictions. and repeating 50
much of their special charters as conflicts
Herewith, but requiring no change of in
vestmenrs already made. Then in granting
future charters little would be necessary ex-
cept to name the bank, its corporators and
location. referring to the general law for
its rights and duties This policy of gen
eral organic lsx is being adopted by other
States, and would refer you among Others
To the new law of Massachusetts, passed at
the session of 1876, also to the law OF New
York Of 1875, both of which embrace some
wise provisions. which the costly experience
Of those States had shown to be necessary.
Such legislation would insure uniformity
and the greatest measure of safety, for il
the general law were found to be detective.
it would be corrected; but few look for
defects in a special charter unless to take
advantage OF them.
Some charters have no restrictions upon
investments, except that "the deposits
shall be used and improved to the best ad-
vantage"
| will not express an opinion as to wheth-
er general law should allow loans on
Western mortgages but if they are per-
mitted, the banks should be required to re-
port the amount OF such loans separately
from home loans on mortgages, SO that de-
pOsItors could know precisely the nature OF
their investments OF course, in case OF q
panic or run upon bank, money could not
be realized upon these remote mortgages as
readily as upon home loans, nor would any
showing in regard to them pacfy impor
tunate depositors like an exhibit OF securi-
ties in their own neighborhood, which they
would know, or could readily learn all
about.
Any laws you may see fit to enact in re-
gard to savings banks should be carefully
considered. and with view to promote and
extend their usefulness, and to strengthen
the public confidence, to which they are
now 80 we'll entitled by their homes. and ju-
dlcious management.
The Inspector of Finance seems to have
made thorough examination of these in
situations. lie reports that in few in
stances directors of national banks are
trustees of savings banks, in violation o:
section 81 chapter Sc, General Statutes, and
that some banks have exceeded the law in
the character and location Of some of their
investments, or in loaning to their officers
1t is not probable that any Of these viola
tions have been with wrong intent, and no
loss, so far as known, has resulted from
them, but they ought not to be allowed to
continue. and | have requested the lnspec-
ter, it they are still in violation, to report
the facts in each case.
The Inspector recommends direct tax of
not more than one half of one per cent on
deposits, in lieu Of all other taxation. This
is in accordance with the system commonly,
if not universally, adopted in other States.
lt is a matter Tor your careful consldera
tion. and | commend the remarks of the In
spector on the evils OF the present system to
your attention.
SPECIAL LEGISLATION.
1t may. at first view, seem unimportant in
our State to object to this class of legisla
tion, but it is only by stern exclusion of
every minor evil that we can attain to the
symmetrical whole Of well regulated
State. IL is our plain duty and no injus-
tlce to our Constituents, where the objects
they seek can be obtained under the gen.
eral law, to require them to use it. The
mere habit of listening to the appeals OF
private interests IL perniclous one IN legls
lstiOn. Where the immediate case carries
no direct harm with 1t. 1t may still be an en-
tering wedge, or precedent for what will
prove q positive wrong. We have gen.
eral railroad law. If this is not ample for
the promotion OF every legitimate enter
prise, let US make it 50. We have a general
enabling act allowing towns to aid in the
building Of railroads. II this is to remain
the settled policy of the State, is 1t not the
part of wisdom and prudence to fix upon
the limit to which this aid may bo granted,
and then adhere to 1t? We have also gen
eral laws Tor the organization of CORPORA
tons, changing names, and the like, to
which those asking private acts for these
purposes can be referred. and il tho general
law Is inadequate. its provisions can be ex-
tended. We have already made progress in
this matter. Compare the Session laws of
1872, 1874. and 1875. The latter yearbook
has only 207 pages of private acts against
4Sl in the former, or less than ono halt At
the Session of 1874 over fifty bills OF this
character were rejected. which if passed. ~
had been the previous custom. would have
made the volume a, large az that o! 1872 |
the mere east IN the Strata ,f priptiny th,l