Daily Los Angeles herald., 1879-05-07
NEW ADVERTISEMENTS.
NEW ADVERTISEMENTS.
-----------------------
a CARD.
THE DIRECTORS OF
Tire Aib ernIa Savings and
Loan Society
ITO IT'S.
DEP0SITORS 4 BORROWERS.

We have carefully con ,idersd what
would be the effect of the adoption OF the
proposed new Constitution upon your
interests and upon the trust confided 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.
sponsibillty to state to you the conclus-
Ions we have reached. In thus address,
ag We s haye bI no Rn or
tai stock. All ITS earnings, in excess of
necessary expenses, are divided equally
among all Its depOsitOrs, without any pref
erence or distinction whatever. I he aver
age amount to the credit OF each deposit-
or Is only saven hundred and eighty-two
A.l00 1882 IA 1901 dollars, and the earn
tngs OF its sixty-seven thousand three
hundred and seventeen l87,3l7l deposit.
ors since the Bank was esta bllshed
amount to twelve millions eight hundred
and seventy-twO Thousand i've hundred
and forty-two 03.l00 1872. .672 .5l2 63-i00l dol
lars. Our depositors, collectively. own
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-
or as borrowers or dePositors, encourage
have some force in determining your ac-
tion. We are bound by the obligations OF
ra .e-bound by every tie-to sympathize
with you, and we deplore the unjust and
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
WOra6. and q nnnhdant m a IN
can be of anything in the future that the
adoption Of the new Constitution will
only agRravate the evils OF which you
now complain.
In part it is so confused, Inconsistent
and absurd that 1t must lead to prO.ract-
ed controversy and litigation. Its scheme
OF taxation Is arbitrary, unjust and Inn
practicable. 1t proposes to tax II depos-
itors on their pass books: l2] 10 tax the
bank on Its mortgages; f3l to tax the coin
secured by the mortgages; and ri 1t au-
thorizes the taxation of dividends. 1t
provides for taxing all contracts and 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
power which must lead to Infinite strife,
contention, bribery and corruption.
1t is our deliberate judgment that the
new Constitution would tend TO make
money scarce and dear; to fetter indus
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 60 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
nAOnl9 than tn 9TH r1nQa
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 ID. SW EENY,
@. d. O'SULLIVAN,
NJ. j. O'CONNOR,
GUSTAVE TOUCHARD,
ROBERT j. TOBIN,
JOHN SULLIVAN,
PETER DONAHUE,
y. McARAN.
San Francisco, April 20, 1870. lw