Daily Los Angeles herald., 1879-04-30

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
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 q 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
among all its 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 IA 1907 dollars. and the earn
ings OF its sixty-seven thousand three
ors since the Bank was esta blished
amount to twelve millions eight hundred
and seventy-twO Thousand five hundred
and forty-two 63.l00 [sl2,872, ,542 63-l0Ol dol.
lars. Our depositors, collectively, own q
large capital, but individually they are
respectable working people, by the use o!
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
chiefly of the same class.
Our re lations with you hitherto, wheth-
er as borrowers or depositors, encourage
us to hope that what Is here stated may
have some force in determining your as-
tion. We are bound by the obligations OF
race-bound by every tie-to sympathize @
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 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
now complain.
In part it is so confused, inconsistent
and absurd that 1t must lead to protract-
ed controversy and litigation. It's scheme
of taxation is arbitrary, unjust and i'm.
practicable. 1t proposes to tax [ II depOs-
itors on their pass books; ri to tax the
bank on its mortgages; l3l to tax the coin
secured by the mortgages; and [4l It au-
thorizes the taxation of dividends. 1t
provides for taxing all contracts and OBJ
legations OF every description as so much
property, and it 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.
new Constitution would tend TO make
money scarce and dear; to fetter indus
try; to discourage enterprise; to prevent
the establishment or continuance of tao
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, and tends to create
discord and hatred between classes, and
that it would do more harm to workin g
people than to any other class.
We, therefore, earnestly and respect
fully advise you that you would promo e
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,
NJ. j. O'CONNOR,
GUSTAVE TOUCHARD,
ROBERT ]. TOBIN,
JOHN SULLIVAN,
PETER DONAHUE,
p. McARAN.
San Francisco, April 20, 1870. lw