The Portland daily press., 1893-02-02
Especial to the Press.1

Others Speak.
| Especial to the Press.1
| AUGUSTA, February 1.-The hearing
| on the bill proposing new system of
| taxation for savings banks was contin-
ued this afternoon, Hon. j. P. Bass of
Bangor, being the first speaker. Mr..
Bass said he believed that some radical
| legislation was needed to regulate the
savings banks of the state. Of course
as we looked karound we saw great
many benevolent looking gentlemen who
without pay gave their time to making
investments for, other people. This was
praiseworthy, but Mr.. Bass believed that
the time had come when people should
do for themselves what they could do
better, perhaps, than these gentlemen
did for them. So long as rich men used
the savings banks to the extent that they
! row did, he believed that the time had
come to take a step in the direction
which he believed was the right one, as
now he believed the taxes certainly low
enough. He believed that it was right to
make discrimination in favor of home
investments. Personally he should like
per cent with one-half of one per cent on
home investments. But he was willing
| to see the experiment tried at the rates
| proposed, three-fourths sof one per cent,
| with one-half of one per cent for Maine
| investments. Mr.. Bass then argued at
some length that under the existing laws
| the exemption from local taxation of de-
posits, the large investments made by
| the banks in United States bonds, etc.,
| the banks were amply able to stand an
| increased rate. He did not regard the
proposed tax, as it had been called,
fine upon the banks for making outside
| investments.
Mr.. Albert A. Burleigh of Houlton
hadn't expected to speak, but thought
that he favored rate of one per cent on
investments outside the state and one
half of one per cent inside. He believed
there were plenty of opportunities for
good investments in Maine. He had
been connected with the building of the
new Aroostook road. They had negoti-
ated $3, 900, 900 of bonds and of this tnly
one fifteenth part had been taken by
Maine capital. The money had come
from Massachusetts, and New York. The
| people of Aroostook did not think THIS
was right. M
Byron D. We rill, ESQ.,. of Portland -
Will Mr.. Burleigh permit me to ask ii
these bonds sold outside the state were
taken by savings banks?
Mr. Burleigh.-No sir; they were all
taken by bankers.
Mr.. Verrill.-I supposed so.
Continuing. Mr.. Burleigh spoke of the
wonderfulwater powers and the great OPP
portunities for investment along the line
of the proposed road He believed that
a discriminating tax on savings banks
might lead t beneficial investments in
this region.
Senator Winslow was the next speaker.
He had not heard the discussion, he
said, and was not familiar with the de-
tails of the measure under discussion.
He saw no reason why property invested
in savings banks should not pay the
same rate of taxation as other property.
People who had money in savings
banks, as he had observed them
in ! the rural districts were as
a rule people with homes and
farms and little something over. He
believed that they were as rule better
able to pay taxes than others who had
no money in the banks. He favored the
discrimination in favor of Maine invest
ments proposed by the bill and that the
state had been backward in this respect
while western states were diligently
working for their own advantage.
Mr.. Houston of the Belfast savings
bank opposed the bill. He said it was
we'll to remember that if the money in
savings banks was turned out today only
about one-tenth of it would probably
reach the tax books. Mr.. Houston re-
ferred to the double taxation which re-
suited when mortgage was taxed after
one tax had been levied on the property
mortgaged. He asked the committee to
take this matter into consideration in
dealing with this question OF savings
bank taxation.
Mr.. Drisko's Plain Speech.
Editor Drisko of the Machias Union,
who is trustee of the savings bank at
that place, opposed the bill in bright
speech, and one which served to intro
duce the name Of Hon. Fred 4. Richards
to the discussion. Mr.. Drisko said he
had been held up as criminal by an
editorial in the Portland Express of last
Friday. Copies of the paper containing
that editorial had been scattered upon
the desks of the members. It was sar-
castle and pungent article, virtually ac-
cusing the bank trustees of malfeasance
in office. Mr. Drisko had visited Port
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