Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1891-02-11
COMMITTEES HEARINGS.

E. T. BaYnham. president of the SAGE
Biddeford BAnk, said TIA. par value and
not surplus shuuli be taxed. The surpius
in the savings bank shown b. the bark ex-
sminer's -aport Is = myth The banks
themselves have never sesn il and can OBJ
tain no interest in il. A surplus is only .
rating. No savings bark can have sur
pin, ii the issg doisr Of its debts sre paid.
The surplus shown in toe report is merely
the bank examise,'s estimate OF what the
bank would have left if It's business was
wound up.
Joha A. Morrill, pres, lie Of the Auburn
bank, sxid tina. now as formerly most OF
the deposits in savings banks we're in small
sums. This property is in sigh; and the
state gets larger tax from It than if it
were driven from the banks acd ran the
slight risk Of being taxed by the assessors.
There are bu. three banks in the state pay
ing FIVE Per cent and they are able to 10 SO
only through fortunate iavestme hts in the
past.
Hon. Geo. C. Weston of South Berwick
REGARDED the proposed increase of tax IS a
direct attack upon rawlings banks. Iswould
are been impossible tina. the tax CON-
mission in the brief period assigned for
their work, should rot have fallen into
tR'or. Surplus must be measured by its
ratio 10 liabil ties, aud measured thus the
a7i in this State nave declined in strength
since 1884. The examiners report shows
fictitious vslustions upon securities held BY
savings banks. The fact that foreign in
yestnents pay larger per cent than domes-
tic is not the only reason why they are
made by savings banks. The banks do not
wish to put sill their eggs in one basket.
Banks are today too much limited in their
inysstments. The laws of finance may be
studied but never altered, controlled or
regulated. 1t is folly to levy in taxes
money which the State does not ne ed.
In 1870 the State debt bore per
cent interest. Today it is re-
6uced to one-fourth the amount
il 1870 ard bears but 3 per cent.
The constitution of Maine provides that
all taxes upon real and personal estate be
apportioned and assessed equally according
to the value thereof. This applies as well
to tax on franchises as on property, and
any proposition to establish one rate of tax
on foreign and another on domestic invest
ments would be unconstitutional. The banks
can not increase their so called surplus.
Their investments At high rates are fast
msturing and they are forced to take bonds
at tue present low rates. OF the seventeen
classes of investments allowed savings
banks, practically only three are open TO
them. Disresarding injustice Spd the need
lessness Of this proposlicn. tits manifest!y
impoiitic. This measure peculiarly Affects
the people $4,000 of whom are depos!tors.
Joseph G. Deering. President of the
Ssco Savings Bank, said that no officers of
lis bank except the cashier had ever re-
ceiyed salaries and that they could afford
TO pay no more. The depositors were en-
titled TO their per cent. less than almost
any other Investment in the State will pay.
Col. A. b. Nesley of Lewiston, j. w.
Chase of Augusta, S. ID. Thusston. treas
u.er of the Bangor Savings Bank, Judge J.
A Waterman Of Gorhsm, B. +. Sturgis,
vice-president of the Mechanics Savings
Bank of Auburn and others were present.
+. 4. Noyes, treasurer of the Portland
Savings Bank, alluded to the facs that the
savings banks with one-,ixth of the valua-
ton of the State pay One-third of the tax.
II. c. Hurleigh, Esq, Of Vassalbor0,
argued that savings banks were fast be-
coming q receptacle for the money Of cap
itslists, and asked that savings banks
should be taxel equally with in-
dividusl investments. Capitalists deposit
in several different banks in their own
names and in the pames of others. 1t was
the custom for many banks to disregard the
law prohibiting the payment of interest on
deposits exceeding $1,000.
John II. Kimball of Bath addressed the
committee, ard Mr.. Burnhsm of Saco
denied the last statement.
Ciose OF Camden Hearing.
j. II. Montgomery occupied an hour and
five minutes in delivering the closing ar
sumeDt for the petitioners in the Camden
fight last evening The committee sat in
Representatives hall and large crowd WAS
present. Mr.. Montgomery claimed that
the town .hould be divided on the ground
that division was necessary to the happiness
and well baing of each section. but in ad-
di'ion to ths Camden came to the Legislat-
ure with several substantial grievances.
These grievances Mr.. Montgomery enumer-
ated at length He claimed that there was
natural line of division between the two
lisges rs marked as that between France
and Spain. This closes the Camden hear
lag. The committee, it is thought, will be
divided in their report to the Housc.
Committee on Judiciary.
Before the judiciary committee, DR.. d.
w. Fellows of Portland, DR.. Z. j. Roberts
Of Augusta, DR.. L. $. Chilcott of Bangor,
Prof. Thos. FilIebrown of Harvard Dental
School, DIR. f p. Sawyer of Skewhegan,
ard A NJ. Goddard, Esq, of Augusta,
spoke in favor of the dental registration
bill. and DR.. A: X. Gilmore of Bath OPP
posed it. The arguments in its favor were
that it would protect the people from un-
scrupulous qnscks aud that similar law
was 10 force IN nearly all the other states
aad in many foreign countries. DIR. Gil
more replied that its passage opened
the DO Or - gradustes Of quack colleges;
that it was unca,led for by the people
whcm it was alleg ei would be benefited by
its enactment. and that it would entail
useless expense on the State.
COMMITTEES on Towcs.
The committee on towns considered the
advissbilty of sraigh.ering the line be-
tween Brighton and Athens, giving some
200 scres to the former town. w. j. Foss,
j. Tomiiusop, Martin Jones, Daniel Jones
aud w. Letter of Brighton and David De-
soll of ktngsbury ri. appeared in favor Of
the measure and Fred Green Of Athens
and j. +. iIouan Of Skowhegan against it.
TIE petition for the new to ~n of Rogue,
to be formed from parts of the towns Of
Jonesboro and Jonesport was opposed by
l.. C. Cornish, Esq who appeared for the
town of Jonespnrt. Hon. II. NJ. Heath sp-
Feared for the petitioners
Before the committee on legal affairs
B. F. Hilton and Anthony Bracket of
S;asks appeared iE favor of an act to
legalize the doing, OF thas town al the an
nual mee'ilg in 1890. Hon II. William
son and w, B. Fletcher appeared against
i
L. is probable that the pension committee
will not consider appropriation for tina, de-
psstment till after the meeting of the
Grand Army in Portland, Feb. Is.
Committee on Wsys and Bridges.
Il. 9. Baker sni Representative Libby of
Bingham and County Commissioner Web.
Der of Pittsfeld, asked an appropriation of
$1,000 for bridge over Austin stream ia
Bingham, and al appropriation Of $500 for
WAYS and bridges IN No. l, Range 2, plan
tstion in Somerset county.
+. W. Whitehouse, Esq appeared in
behalf of an amendment to section IL, 1
chapter IS, Revised Statutes, giving a right
OF appeal to county commissioners when
the county officers refuse to restore or
slraighten the lost b oundsries of ways.
The Hancock county delegation voted
that bill to increase the salary of the
adge of probate to $500 ought TO pass.
Before the Railroad Commissioners
The hearing Of testimony regarding the