Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1893-02-02
SAVINGS BANKS.
The Big Hearings on the Bill Changing The
Rate Of Taxation.

The hearing on tl,at savings bank bill
proposing TO tax their foreign investments
one per cent. and home investments half "a
per cent. began fu, siay evening and was
continued TO "Wednesday afternoon at 2
o'clock. Hon. II. NJ. ,.cath argued that
the bill was constitutional in reply 10 some
statements heard to the effect that il not.
ExBank Examiner Geo. ID. Bishre favored
the bill as he said he believed that II had
become u habit with Maine hunks to neg
lcct Maine Investments in favor of wrsi-
crn securities because ii was easier
for them To do so. He said it was
difficult to obtain money from the Maine
banks on real estate in the State 1t was
not poor people alone who were depositors
in the Maine savings banks and cited the
fact that there were il3 dcpositors in the
Augusta savings bank with 5000 or more
each, aggrcgaiing million dollars. State
Assessor Hall c. Burleigh. spoke in favor
Of the bill and 80 did lion. q. y. Clason Of
GarJincr, because he thought it woud
prove of great advantage to the STATE
in developing enterprises here that
would be- Just rs safe and bpt-
ter for all concerned than those out
side the Stale. Treasurer E,,P. Burnbam
Of the Saco Biidefor Savings Institution
made a speech in opposition. lie claimed
that the savings banks must have "A certain
amount of securities listed in the money
markets of New York or Boston 80 that in
case of trouble or panic they would have
something 10 sell to mcrt the demands
always Immediately made when the people
, feared trouble.
| In all these troubles he la known he
never asked n MORTGAGE 10 come up and pay.
| To have such securities j. safeguard for
the people IN our state and an ads aHiage
to them. IL is not a dis, rimination agt MT
Maine that we have thesc s-curiies that
are listed in the money mutcts of the
county securities that we can disp ,se Of
readily. We have been buying these Sc
cariti in good firth and in compliance To
| the Law Of tie State.
| Why be oblixc TO submit TO an exposs
| facto law What equity is there in il,
! j. 4 Morrill, of the Auburn Savings
| Bank replied 10 some of Mr.. Bl.bpe's re-
marks tending to show that the banks were
not willing to loan money on good farm
mortgages in the State. ne said The banks
/ were Wiling to make home investments
when they were equally good and convenient.
! IL was as reasonable to tax the hope Of
| church members saivat tn ~ to tax the es-
| innate OF u tanks worth.
/ Lcnlall Titcomb E-q.. q trustee in the
| Augusta Savings Bank opposed the bill. lie
| 4abl he heari no elaim in,rIc here that this
| bill would be benefit to the savings banks or
their depositors but thai il j, for the purpose.
~ forcing the depositor- To invest 10 home
/ Investments in preference 10 those ont of
the State. Maine already with but one ex,
/ repriOn imposes she iieavi-.t tax of any New
| England state. The state of New York
doesn't tax her savings backs. lie thought
this Law would be a great injustice. II
passed ii should apply only ,p investments
| hereafter made.
&. The good city bonds are already held and
II a bank should wish to sc' t'rm ii would
have TO pay premium FOR them.
/ The greater the diacrruce b..treen tire
interest that the people of Maine imy and
titc rate they receive the better. Tii,. banks
| will not pay the tax bat the .iepostor. OF
/ The SIS ,OO0,G0O tina; the Augusts Saving.
/ BANK had invested outside lI,e s,afc 1t bal
hos, Lut $500 of capital
Judge Humphrey OF E,ngor sai.i tbcre
vas no real proprieiy in tsxIbg the fran
chi-c of a savings bank.
Whatever you may call il tl.is propos i
tax is upon property itself.
The bearing on the bill imposing Il ,li.-
ctiminsting tax on savings bank. was cnn-
tiqued before the committee "Wednesday
afternoon. Senator WinsIow fayorei pc
bill. iIn thought there was no reason wi v
ii man eitt money inycseed firm pr"t-
,.rty slouhi paw tax rate of 4 per 7nt
an the man with property in the sayin =
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