Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1893-03-17

in Maine; :. per cent of them have amounts
ON their books of $50 ard less, and over |
half Of them, over Is per cent OF them.
have deposits of Sa0u and less, II is the
small earnings of this class in the com |
munisy that Ne are asked to ensisngcr for
the sake OF giving an artificial value. hs |
means Of legislation, to the goods which i
tn. sc gentleman have to sell.
A good Msine bond will float itself. II
needs no fictitious value by act of this Leg
islsture. and the buyers of securities in this
State. who arc rs eager IS any Other to as
sist Maine industries By taking home bonds
of substantial worth, are the savings banks.
There is oae other very important thing
to be taken into consideration in the matter
of this proposed discriminating tax. There
is ALREADY finsnrisl reaction. Westward
the Maine dollar has taken its way. now
eastw ard it is returning, what there Is left
of IT, 1t is natural and healthy. Ii was
bound TO come. Ii needs no initiation by
Legislative enactment. Such an imitation
| AS is embraced in this bin is not only I'M
wise and unsoana but absolutely dangerous
to the very existence of the Maine move
| ment that has hcen apparent to every finan-
cier in this State for nearly two years. We
| wan, No exploded Maine bauhles.
4 Il HCSe tAsH SWIM ~ tut W pN h4tC sst1s
aud ansuraiountable objections TO the prin-
p! eiple Of discrimination contained in the
| bill. IL is unsounl in theory, dangerous in
practice, it savors very strongly of class
legislation. it will have a tendency to
mske unnatural financial reaction
that is now natural, it will at least put
temptation before the officials of insti,u-
tiuns hose first duty, above all others, is
| to hold in trust, and hold in trust safely the
funds intrus,ed TO their care.
| And now word IN the matter of sdCh-
tionsl burden upon the savings institutions.
wonder if il has occurred 10 the gentlemen
of this House that during the past year the
savings banks of this State paid tax of
S.,6S 63s Sc and this tax the State treasurer
will tell YOU was collected at less expense
and more easily than any other that is paid
the State And furthermore, this tax has
constantly increased. During the year 1891
| il amounted to S3t1 500, Al, an increase in
one year of over s2l 900 This in addition
| 20 the increase of tax provided for in the
| bill reported by the minority of this COM
mittee v ill amount to S31 600.
| Mr.. Emerson then went on to show by
the letters which he read that the rate of
taxation on savings bank deposits in Yer
mont was seyen-tenths of ! per cent, in
| New Hampshire | per cent. with exemp-
tons in Massachusetts one-half of / per
cent. with exemptions; in Connecticut one
| fourth of ! per cent. on deposits in excess
of $50 zoo. 90: in Rhode Island one-fourth
of per cent In New York there is no
tax whatever upon the deposits of savings
banks.
Thus il will be seen, said he in routinu-
ing that the tax of three-fourths Ut / per
cent. here in Maine is above the average.
| But in the Eastern States and already in
some of the other states there is move
ment not to increase it but to reduce it.
| The subject of taxation is as yet unsolved
| All the assembled wisdom of the Legisla-
tive bodies, both national and State, since
the foundation of this government, has not
been able to work out this difficult
problem. 1t is yet matter of experiment
/ have heard it said by reputable
men, men of good judgment, men
of sound sense, that this Legislature
is crazy en- this subject of taxation, and
believe it. Now in the language of the
gentleman from Monson. which he used
more frequently at the beginning of this
session than now. think It is time to draw
the line.
Let us not include in these dangerous ex-
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