Daily Los Angeles herald., 1879-05-04
NEW ADVERTISEMENTS.
"A CARD.
THE DIRECTORS OF
The HIbernIa Savings and
Loan Society
ITO ITs......
DEP0SIT0RS &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 connded to
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-
Ing you We have no private or personal
objects in view. This Rank 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 depoAit-
or Is only seven hundred and eighty-two
i4.lO0 1872 IA 1901 dollars. and the earn
hundred and seventeen l67,sl7] deposit
ors since the Bank was esta blished
amount to twelve millions eight hundred
and seventy-two Thousand i've hundred
lars. Our depositors, collectively, own
large capital, but Individually they are
not capita lists or monopoltsts. They are
respectable working people, by the use of
aided IN reducing the rate of interest on
money. within twenty years, from two
per cent. per month 10 seven per cent.
per annum. Borrowers at this Bank are
chiefly OF the same class.
Our relations with you hitherto, wheth-
er as borrowers or deposrtors, encourage
us to hope that what 10 here stated may
have some force in Determining your Ae-
tion. We are bound by the obligations Of
ra .e-bound by every .iie-to sympathlse
with you, and we deplore the unjust and
unfortunate competition with which you
have to contend. We know that times
are. are hard. but we also know that an m
will make times harder. Your condition
is not so bad that 1t may not be made
worse, and we are ~ confident - men
can be Of anything In the future that the
adoption Of the new Constitution will
only aggravate the evils OF which you
now Ccm plain.
In part It is SO confused, Inconsistent
and absurd that 1t must lead to protraot-
ed controversy and litigation. Ats scheme
of taxation is arbitrary, unjust and Inn
practicable. II proposes to tax III depoa-
itors on their pass books; (21 to tax the
bank on its mortgages; f3l to tax the coin
" as sns sa9stcn nnS at
provides for taxing all contracts and OBJ
legations OF every description as 10 much
property. and 1t gives the Legislature
power to increase or diminish the rate of
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.
new Constitution would tend 70 make
money scarce and dear; to fetter indus.
try; to discourage enterprise; to prevent
the establishment or con tinuance Of tao
tories and workshops; to dimiuish the
value of property, and to hinder the con.
structI0n of buildings and other improve
ments which go to develop the State and
1t is revolutionary and destructive in its
spirit and purpose, anu tends to create
discord and hatred between classes, and
that IL would do moro 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. SWEENY,
G. D. O'SULLIVAN,
M. ]. O'CONNOR,
GUSTAVE TOUCHARD,
ROBERT J. TOBIN,
JOHN SULLIVAN,
PETER DUNAHUT,
p. McARAN.
San Francisco, April 20, 1879. 1w