The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-02-02

the measure, and said if the depositors
in the banks or the people wanted this
legislation they would have made them
selves heard. In view of this great ar
ray of eminent legal talent, in favor OF
this bill, he believed there was some
body with an axe to grind behind this
measure.
Byron d. verrill.
Byron D. Verrill, Esq, then spoke
against the bill, representing particularly
the Maine Savings Bank of Portland. He
touched briefly upon the question of the
constitutionality of the measure, saying
that he had confidence in Mr.. Heath's
opinion, if that took into consideration
all conditions existing. In New Jersey
lately similar law had been upheld.
In considering this question it was we'll
to remember that there were men some
times whose personal interests might
blind them to what was best for the pub
lie interest. One point of difficulty for
banks to meet was that State of Maine
bonds which gentlemen said they should
buy were too dear. They could not pur-
chase the bonds and pay dividends.
These bonds and similar securities were
sold in Massachusetts and New York
where the banks could afford to pay more
for them. If the state of Maine could
take its three per cent bonds to New
York and sell them at a premium and
Maine bank could get safe investment
which pays per cent wasn't that good
business? H.,
MI. Verril1 referred to the competition
of loan and building associations with
savings banks. His friend Mr.. Richards,
was running a savings bank department.
in the Portland National Bank, next door
to the Portland Savings Bank. How
easy it. was for Mr.. Richards to keep
up the rate of interest in his bank free
from taxation. What was there to him
der the Portland Savings Bank combin-
ing with national bank if this bill
passed? 1t might not be a proper thing
to do, but it was possible.
Concerning the Aroostook Road.
Mr.. Verrill believed it inappropriate
for Maine banks to invest in any unfin-
ished line. Moreover, he was told that
Mr.. Crane, the manager, sal d the. bonds
were not sold, but were negotiated to
New York bankers and money thus OBJ
tanned to go ON with the road. Mr.. Yer
rill believed thg re was danger that the
premium on Maine investments pro-
posed by the bill might warp the judg-
ment of bankmen. He believed they
should be left free to use their best judg-
ment. He was glad that money was
coming to Maine, but we did not want
the kind of borrowing which had brought
disaster to Western and Southern ven
lures.
Mr.. Verrill read from the report of
Bank Examiner Richards, published in
1883, passages commendatory of invest
ments in securities of recognized value
in great money centres. He did not IN
i i ~ i'm
to abuse Mr.. Richards. Certainly year
supporting some such bill as this. Re-
ferring to the extracts read by Mr.. Lit
tlefield from Mr.. Richards's report of
1885, Mr.. Verrill said that from Philip
drunk he appealed to Philip sober.
From Richards intoxicated with tinan-
cial visions he appealed to Richards in
his sober moments, and with his ripe ex-
perience as bank examiner. Mr.. Verrill
in conclusion said the banks desired
simply to be let alone.
Judge symonds Made
the closing argument. He supported the
bill, claiming that it was strictly and
clearly constitutional, and that the power
of the legislature to tax and otherwise
govern the corporations it created was
undoubted. He read opinions of the SUI
preme court in support of this. Judge
Symonds argued that the bill would re-
suit in greatly benetitting Maine indus
tries and would ensure safety to the
banks. He asked why, if the Port
land savings bank could find Maine
investments for one-half its assets the
Maine savings bank could not do so to.
He claimed that savings banks from To-
cal enterprises for local benefit had be-
come great institutions, sending from
the state large sums which should re-
main here.
The hearing was in all eight or nine
hours long and was about the most in
trresting that has occurred here for a
long time.