Daily Los Angeles herald., 1879-05-02
NEW ADVERTISEMENTS.
NEW ADVEKTISEMEN
a CARD.
THE DIRECTORS OF
The Hlbernla Savings and
Loan Society
ITO ITS......
DEPOSITORS & 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 confided to
alton of the question by men of tried
ability and integrity, and we are now
constrained by a 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
objects in view. This Bank has no capi-
tai stock. All Its earnings, in excess OF
necessary expenses. are divided equally
erence or distinction whatever. The aver
age amount to the credit of each deposit
or IL only seven hundred and eighty-two
l4.l00 1872 Ia 1901 dollars. and the earn
ings OF its sixty-seven thousand three
hundred and seventeen lG7 ,3l7l deposit
ors since the Bank was esta blished
amount to twelve millions eight hundred
| and seventy-two Thousand f1ve hundred
and forty-two 63 100 ($l2 S72 ,542 63-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
money. within twenty years. from two
per cent. per mouth 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 Is here stated may
have some force In determining your ac-
ton. We are bound by the obligations OF
ra ,e-bound by every ,ie-to sy mpathize e
with you, and we deplore the unjust and
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
will make lines harder. Your condition
is not SO bad that 1t may not be made
worse, and we are as con nfident as men
can be of anything In the future that the
ad ption of the new Constitution will
only aggravate the evils of which you
now C m plain.
In part IT is so confused, inconsist stent
and absurd that 1t must lead to prot ract-
ed controversy and litigation. ats scheme
of taxation Is arbitrary, unjust and Inn
practicable. 1t proposes to tax III depos-
ltors on their pass books; (2l TO tax the
bank on its mortgages; f3l to tax the coin
secured by the mortgages; and (4l IL au-
thOrizes the taxation of dividends. 1t
provides for taxing all contracts and OBJ
property. and 1t Civ S the Legislature
power to increase or DIM nish the rate of
taxation upon any particular property
power to nuke one kind OF property pay
nearly all taxes required by the State-a
power which must lea0 to Infinite strife,
contention, bribery and corruption.
II is our deliberate judgment that the
new Constitution would tend to make
money scarce and dear; to fet ter indus
Try; TO discourage enterprises; to prevent
the establishment or con tinuance OF tac-
tories and workshops; to diminish the
value of property, and to hinder the con
struction OF buildings and other i'm prove-
ments which go to develop the state and
give employment to workingmen; that
1t Is revolutionary and destructive in its
spirit and purpose, anu tends to create
discord and hatred between classes, 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