Daily Los Angeles herald., 1879-05-02
NEW ADVERTISEMENTS.
a CARD.
THE DIRECTORS OF
The HIbernIa Savings and
Loan Society
ITO ITS......
DEPOSlT0RS 4 BORROWERS.

We have carefully considered what
would be the effect OF the adoption of the
proposed new Constitution upon your
interests and upon the trust confded to
us. We have been aided in our examin-
alton of the question by mon Of tried
ability and integrity, and we are now
constrained by sense of duty and re-
sponsibtlity to state to you the conclus-
Ions we have reached. In thus address,
objects in view. This Bank has no capi-
tai stock. All its earnings, in excess of
necessary expenses. are divided equally
among all its depositors, without any pref
age amount to the credit of each deposit
or Is only seven hundred and eighty-two
l4.100 1882 IA 1901 dollars. and the earn
ings OF its sfxty-seven thousand three
hundred and seventeen l67,3l7l deposit.
ors since the Bank was esta blished
amount to twelve millions eight hundred
and seventy-twO Thousand i've hundred
and forty-two 63.l00 [$l2, 81, ,512 8S-l00l dol
large capital, but individually they are
not capitalists or monopolists. They are
respectable working people, by the use of
whose money this Bank has largely
aided in reducing the rate OF interest on
per cent. per month to seven per cent.
per annum. Borrowers at this Bank are
chiefly Of the same class.
Our relations with you hitherto, wheth.
us to hope that what IL here stated may
have some force in determining your ac-
tion. We are bound by the obligations OF
ra .e-bound BY every tie-to sympathixe
unfortunate competition with which you
have TO contend. We know that times
are hard. but we also know that An un-
wise decision Of the pending question
VIII make times harder. Your condition
Is not SO bad that it may not be made
worse, and we are as confident as men
can be OF anything in the future that the
adoption Of the new Constitution will
only aggravate the evils OF which you
In part it is SO confused, inconsistent
and absurd that It must lead to protract.
ed controversy and litigation. Its scheme
OF taxation is arbitrary, unjust and Inn
itors on their pass books; (2l to tax the
bank on Its mortgages: f8l to tax the coin
secured by the mortgages; and (4l 1t au-
thorizes the taxation Of dividends. 1t
ess1y as 80 snH OBJ
property. and 1t gives the Legislature
power to Increase or diminish the rate of
taxation upon any particular property
power to make one kind Of property. pay
nearly all taxes required by the State-a
power which must lead to infinite strife,
contention, bribery and corruption.
It's our deiiberate judgment that the
new Constitution would tend TO make
AAohoy ocoACo 6AA aC6Iy W AobtoT lnuQbs
try; to discourage enterprise; to prevent
the establishment or continuance of ,ac-
tories and workshops; to diminish the
value OF property, and to hinder the con-
struction Of buildings and other i'm prove
ments which 60 to develop the State and
give employment to workingmen; that
1t Is revolutionary and destructive In its
spirit and purpose, and tends to create
discord and hatred between Glasses, and
that 1t would do more harm to working
people than to any other class.
We, therefore, earnestly and respect
fully advise you that you would promote
the welfare of the, State and your own
interests by voting against the adoption
Of the New Constitution.
MYLES D. SW EENY,
@. d. O'SULLIVAN,
M. j. O'CONNOR,
GUSTAYE TOUCHARD,
ROBERT ]. TOBIN,
JOHN SULLIVAN,
PETER DONAHUT,
P. McARAN.
San Francisco, April 20, 1879. 1w