The Portland daily press., 1893-03-17
BANK BILL PASSES.
Continued from First Pages

Continued from First Pages
Lane presented an amendment to give
the people of Biddeford chance to vote
on the matter.
MI. Morrill, of Portland argued that
this was not special legislation. If all
the cities of the state needed such a
measure he would favor applying it to
them. If three cities needed it, he would
apply the bill to them. Now, if only one
needed it, why should it not be applied
to that one city? In that event, was it
special legislation. Mr.. Morrill, spoke
of the corruption in Biddeford and TAX
ing up the assertion that the legislature
had no right to interfere, maintained
that charters granted by the representa-
tives of the people were subject to
change by the peoples representatives
at any time.
Mr.Sprague of Monson, referring to the
remarks Of Mr.. Higgins said that he
objected to being branded as a Democrat
He regarded it as an insult He thought
that this action might put the Republi-
can party in hole. When the successor
of Gov. Cleaves was nominated. he
wanted that nomination to be more than
an empty honor. But he wasn't sure
what the nomination would be worth if
this bill was to become campaign docu-
ment to be used against the Republican
party.
MI. Higgins said he accepted the gen.
tleman's apology.
Mr.. Lanes amendment was then de-
feated 81 to 81. Then Mr.. Parker Of
Danforth, offered an amendment to re-
quire the two members of the board APP
pointed by the Governor to be taken one
from each of the two leading political
parties. Mr.. Bird claimed that this was
the understanding of the matter given
by Mr.. Higgins yesterday and that it
was this understanding which led to the
passage of the bill.
Mr.. Higgins stated that he said he be-
lieved the bill would result in the APP
pointment Of non-partisan board.
Then Mr.. Brown of Waterville, moved
that the bill and amendments be tabled
for printing. Mr.. Woodbury. of Deer
ing, wanted the bill recommitted but
Mr.. Brown did not withdraw his motion,
which was lost 45 to SO. The question
came on Mr.. Parker's amendment which
was adopted, 81 to 50. The bill as
amended was then passed to be en-
crossed, Mr. Parker Withdrawing his mo-
ton to indefinitely postpone.
Savings Bank BIZ Passes.
The boomers are jubilant tonigat be-
| cause the bill imposing discriminating
tax on savings banks passed the House
this afternoon by majority Of over two
to one. Debate was begun this forenoon
and Mr.. Lane Of Augusta was speaking
when fainting spell seized him and the
House adjourned. In the afternoon Mr..
Lane felt better and resumed his re-
marks. He spoke In opposition to both
bills, but his objection was chiefly to the
discriminating feature Of the bill report.
ed by the majority. Mr.. Emerson of
Portland, followed Mr.. Lane, speaking
| against the discriminating bill. Among
other things Mr.. Emerson said: "The
savings banks here in Maine today are
| investing in Maine securities when there
are good Maine securities for them to
take.
''Some years here in Maine there will
| be an OVERLOOKING market of home secur-
| tiles; other years there will be small
market or none at all, and then the saw
| ings banks must 60 elsewhere, pay the
price and this increased tax. And you
know, sir, and KNOW, that the avings
| institutions Of this state cannot do that
at the present rate of interest which
sound securities are bringing, at the
| same time pay running EXPENSES and a
per cent dividend to the depositors.
And further, when you take into con-
sideration that within the short space Of
| ments of Maine savings banks will ma
ture. and In that time an these millions
| must be reinvested, you will see that the
danger is doubly increased, and that this
proposition SO far as it relates to the bus
| mess of savings banks in this state is a
very serious matter.
The gentlemen who are pushing this
| measure boldly come here asking for
legislation that will help them dispose
| Of their goods, and when, gentlemen Of
| the House, you tell me chat this ig right,
you at the same time tell me 1t h right
to pass bill to help my friend from
Rockland sell his granite, or my friend
from Houlton sen his timber. And mind,
when you pass the legislation that is
asked for here, you not only favor the
few at the expense of many, but you i'm
pose burden on institutions that hold
as sacred trust the small earnings of
the poor people, about whom we have
heard 80 much in arguments that have
been made on almost every question
before this legislature.
The small depositors preaominate
here in Maine. Seventy-seven per cent.
Of them have amounts on their books of
$500 and less, and over half of them,
over 30 per cent. of them, have deposits
of $500 and less 1t is the small earn
ings of this class in the community that
we are asked to endanger for the sake of
giving an artificial value, by means of
legislation to the goods which these
gentlemen have to sell. I may DO wrong
In my deductions. If I am, there are
able financial men in this house to COR
rect me, but I can see this question in
no otlser light Mr.. Emerson followed in
this line of argument at great length.
Hon. Llewellyn Powers made strong
plea for the majority report. While 50
much is being said about bringing CAPT.
tai into the state, the benefits Of Keeping
our own capital at home should not be
overlooked. Mr.. Woodbury. Of Deering
spoke for the majority report. He con-
sidered the only question was whether
there should be law that would tend to
incline the banks to making home invest
HJzA III - YN-z-s-~