Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1893-01-16
I,eme development.


Zine portion of Governor Cteayes' inaug-
ursi aslssress deserving OF special attention
is thar wherain he points out the fxct that
Maine is a goo State 10 remain in and in
vest the surplus profits n, home where they
worM be safe, To support this view he
eoul! if necessary. produce cloud of wit
nezses from .Mab.tns. Kansas, Dakota and
the far Pacific, If happily ssch witnesses
lad enough lett to pay rseir fare home.
The Governor could read ly shoe that out
side capitalists are the oBes who foresaw
the r,a.ssri 4 greatness OF Maine. and are
the very oues who are pushing the interests
in our comparatively naieveloped re-
sources, white too Frequently The home
capitalist. oyercautious as regards this
grand oil States future sitaholds bis
funds fror, local Investment. This Is the
rule and not the exception, and II should
be reversed.
The Inaugural address, of Gov. Cleaves is
an able ard comprehensive paper. IL
shows a clear and discriminating intelligence
IN, ard gives an impartial treatment Of the
many and complex interssts of the State,
and strikes the right chord. As he says,
the first duty of the State is to Itself; lis
best energies should be spent in its own de-
velopment; in this way only can 1t most
fully and completely discharge the duties
which il owes 10 the Union. In the address
attention is called to one matter which IS
deserving Of more than passing notice. OF
recent years tine increase Of wealth in the
State as indicated by the deposits in savings
banks, has been very rapid. During the
past year alone this increase has
amounted to more than $4,000, 900;
the aggregate deposits in these institutions
is now $50, 83S ,2G3 .6S, an increase in six
years of sl9, 1928. l92.2S. Six years ago
there were but two trust and banking com
panies in the State, capitalized at 5000 900,
and with deposits of less than half a mil
lion today we have - trust and banking
companies with capital aggregating over
one million dollars, and deposits over three
millions. During the same period the loan
and building associations have increased
from three, with an aggregate accumulated
capital of abont $50 200 to twenty-nine
with an accumulated capital of over one
million dollars. This is a remarkable re-
cord.
Now these institutions are chartered by,
and in large measure are under the pro-
lection of the State, and should naturally
have peculiar interest in tile prosperity of
the State Yet the address calls attention
to the fact that more than one-half of the
deposits in the savings banks (and the same
will undoubtedly hold true of the trust and
banking associations are invested in secur-
tiles without our borders. 1t lie certainly
the first duty of these institutions to pro-
vide for the safety of the funds entrusted
to their care : but it would be almost incred-
ible if such investments were not to be
found within our own State; at least
in much larger proportion than one
half: and so long as the State acts in a
measure as the guardian of the saw
ings accumulated in the banks of the State
it is in duty bound to provide so far as prac-
,icable that these funds should be used to
increase its own prosperity. In its tduciary
capacity and in the character of its laws, it
should in every reasonable way seek to en-
courage home investments. During the
past two or three years there has been a
wonderful development of the resources of
the State. and an immense amount Of cap
ital invested in enterprises of great and
permanent value. But the work of devel-
opment is as yet scarcely begun. The
impetus, however, has been given, AMI all
signs indicate that the State is entering upon
an era of exceptional industrial activity an,!
material prosperity.