Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1893-03-01
,epee. rhsps the an,en'lmsns viii have

a passage.
Mr.. Peaks of Piseataquis asked fe'
questions relative to some OF the statement
made by the preeediag speakers, and quote
some figures from the bank examiners rs
port, which he said he should be glad I
have explained.
Mr.. Grindle of Hancock; There is on
festure of this amendment that | desire I
discuss, and that is tia, the anien,isne,l
will make the taxation uniform, which, 9
course, is an advantage. The pa...- !,
simply this take a town where the salas
ton of property is high, that makes tn
rate of taxation low aud vice versa Now
as the statute stands a, the present time
Is easily seen tiist il is very much fer tn
advantage of a steckholtler who resides il
u ton n where the valuation is high and th
rate of taxation low. This amenimen, vii
make the rate of taxation ON this trust com
pany stock uniform.
Mr.. Peaks of Piscatsquis pointed on
some of the inequalities caused by the pro
posed amendment If applied to the busines
of some of the trus, companies now in ex
istence, and said tina, this inequality wa
the very reason why he shoul,pvote aeains
the amendment.
Mr., Deeriag of York; There are only
few points that should like to explain.
is the duty of the Legislature in granting
special charters and fixing the rates of tax
alton not to discriminate in favor of one in
dustry to the ,letriment of another. In re
gard TO this bill would say that thc com
mittee on taxation two wears ago wcrse'
hard and faithfully for six weeks on the ta'
question, and this was one of the matter
brought before them at that time. Il Wa
presented to the House. and if the lIaus,
had understood it | have no doubt it woah
have been passed. This bill was eonsiiere,
fairly by the committee. and the proposition
iii the amendment was put before them, bu
in their Judgment they did not see fit I,
10 make this amendment because the,
thought they could see discrimination in it
This amendment is nothing more or less
than bill reducing the taxation on the cap
ital stock of trust companies.
wish to give you few figures of til,
Auburn Trust Co. Their capital stock il
Sl3i 900; their demand deposits s66So
and their time deposits SG2S2 Now, ac
cortiing to our bill that stock is taxed a
rates wherever owned. Taking
the average municipal tax rate that woult
yield S2G20. If the amendment is passed tho
State will tax Sli3, ,s63 at the rate of 3-4 OF
per cent. which will give Sl07s. In thi,
case the State would be the loser by Sl5t2
which must be paid from the money
obtained by the tax on other banks. If al
the other companies were doing the same
class of business as the Auburn Trust Co.
there would not be enough money to pa,
the deficit on the capital stock.
The Peoples Trust Co, of Farmipgtou
with capital stock of Si00 600 has a sur
plus of $4,000, it has sll92 of unpaid divi.
lends, and Its profits are Sl2,75l. This
banks has paid 81 of per cent. on its capi-
ial and interest-bearing deposits for seven
years it has paid to its depositors 4 per cent
and it has paid its stockholders per cent.
and in addition to that it has Sl2,73l pro-
fits and $4,000 surplus. That is good
business. do not think he coull find
many firms in York county that could pay
1 per cent. on its capital and fixed charges.
| think it is plain on the face of it that
this amendment simply reduces the taxa
ton on the capital stock and hardly think
it possible that this Legislature will en-
dorsc it.
Now, find that the capital invested in
these trust companies is 81 ,0G9 900. TAX
ing this with the interest-bearing deposits
together, the amount would be 81 ,4iG 600.
The State tax of three-fourths of one per
cent. upon this sum would be $50 ,049, and
the amount to be returned by the State to
the towns would be S2l 800. This would
leave the State S9l05. Now | Claim that
the State the State ought TO have the differ.
enee between the solo5 AMI the S30,0i3,
which would be S2l 800.
believe that this amendment is in the
interests of the few. and believe that leg
islation for the few AS against the interests
of the many to be a bad principle and bad
politics.
Mr.. Holman of Franklin ! will dcttir
this Senate but u few moments while en-
deavor to answer some Of the questions
which have been asked. To begin with
may state that some of the trust companics
have come to me within the last day or two
and have told me that even under thi-
they would be too heavily
taxed. wish to state that this matter war
tried out at the commencement of this ses
Wv " y" ""
,'anhi"E' ana /'n'i' Iuhehiehi ~ e'ioN
Rumford Falls Trus, Co.
49, '',s 'ue I;; u.", " ' ~ a. & ,;,i ~. NV,
through and became law, 80 cents of every
dollar of the earnings of every trust com
Iihny would 90 10 pay taxes. The senator
i'oI" oH'"t'i asNs u I'M 70 a'"e 1, ~ rus
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