Daily Los Angeles herald., 1879-04-29
NEW TODAY.

We have carefully considered what
proposed new Constitution upon your
interests and upon the trust conflded to
US. We have been aided in our eXamin-
alton of the question by men OF tried
ability and integrity, and we are now
constrained by sense of duty and re-
sponsibility to state to you the conclus-
ions we have reached. In thus address,
Ing you we have no private or personal
tai stock. All It's earnings, in excess of
necessary expenses, are divided equally
among all It's depositors, without any pref
erence or distinction whatever. The aver
age amount TO the credit of each deposit
or is only seven hundred and eighty-two
l4.l00 1882 ii 1907 dollars. and the earn
ings OF its sixty-seven thousand three
hundred and seventeen l67,S7l deposit.
amount to twelve millions eight hundred
and seventy-two thousand five hundred
and forty-iwo SO 100 [si2 S72 ,542 63-l00l dol
lars. Our depositors, collectively, own a
| 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
money, within twenty years, from two
| per cent. per month to seven per cent.
| per annum. Borrowers at this Bank are
cniefly OF the same class.
Our relations with you hitherto, wheth-
/ CT us UOTTOWtIs Ut utpOSltOTS,
US to hope that what is here stated may
| have some force in determining your ac-
| ton. We are bound by the obligations OF
| ra e-bound by every tie-to sympathize Q
with you, and we deplore the unjust and
| unfor, unate com petition 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
| will make times harder. Your condition
is not SO bad that 1t 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
now complain.
In part 1t is so confused, inconsistent
| and absurd that 1t must lead to protract-
ed controversy and litigation. Its scheme
of taxation is arbitrary, unjust and i'm
practicable. 1t proposes to tax I II depos-
bank on its mortgages; T3l to tax the coin
| secured by the mortgages; and [4l 10 au-
| thorizes the taxation of dividends 1t
provides for taxing all contracts and OBJ
| legations OF every description as SO much
| property, and 1T givrs 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 is our deliberate Judgment that the
| new Constitution would tend 10 make
| SCdTCo anu W ltIleT
| try; TO discourage enterprise; to prevent
| the establishment or continuance of tac-
| tories and workshops; to diminish the
| value of property, and to hinder the con-
struction of buildings and other improve
/ ments which go to develop the State and
| give employment to workingmen; that
1t is revolutionary and destructive in its
spirit and purpose, ana tends to create
| discord and hatred between classes, and
| that 1t would do more harm to working
! pe0Dle than to other class.
We, therefore, earnestly and respect.
| full ~ 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,
| G. d. O'SULLIVAN,
| NJ. j. O'CONNOR,
| GUSTAVE TOUCHARD,
| ROBERT j. TOBIN,
JOHN SULLIVAN,
PETER DONAHUG,
| p. McARAN.
San francisco, April 20, 1879. 1w