Daily Kennebec journal., 1893-02-25

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shall pass this winter shall he 80 detrimental
as to prevent the proposed eompanies from
doing business unarr Their charters ~ ap-
pears by the savings hank commissioners
report
The trus, companies now in existence
have capital stock of St.o00,ooO and
little more. having deposits OF $4,000 600
ami resources amounting TO 81 .S66, ,SSt.
Daring the past year the increase in de-
posits has been Stss.e'iS,is. and the in-
crease in resources SsS6,Si1.4S.
At the present time there is no general
law for the government of trust and bank
ing companies, each company being amen
able to the special provisions of its charter.
and no two companies being just alike ia
all respects.
Now, think that the deposits in the trust
companies should pay some tax TO the STATE,
hut il this h,ll, as reported by the committee
on taxation, is passed and becomes law,
80 cents on every dollar that trust COM
panN can lcgi,imaicly earn is going for
taxes. Nnw, hen The charter of the Farm
ingiou Trust COMPANY was enacted u pro-
vision WIS pat into it tha, the deposits
should hc taxed the sainc as savings BANKS,
AIi the ,ha,,crs granted since then contain
a rruNi~ioh that nothing shall he taxed but
their stock Eour years ago the president
rt tho Fatn,iuglrn Trust Company was a
,ulh"r OF this l.ryi,lamrc, aui this mat
Ter ot the lHiu>llcc Of those charters was
talked over. aad II was thouSht that some
general ia" wouh h framed to 10 away
with tlHS injustice. Nothing was done.
however.
! wish 10 show to tlr urmhcrs of III,
Nruate what the lropir's Trust Company
haNe done. an tl,c results ot their abors,
mi tH,N can see for tn, mS,,ivcs il they are
llNtpg fair show with the rest. They
Gt,2 paii in taxes to TIA, State unon de-
pn.its Sli54t- They have piid this sum
t,s the rrNNggr of doing business. They
arc the only COMPANY that has paid any
thtnE To the state, The, have one of the
NuCsl business hlnrks In Franklin county.
lhvN have piit thc town IN taxes Sl92l.
THE stockholders ~ ihI institution have
pad >ll $50 90 in taxes, estimating il at
D.; ! per ccut on the dollar Their net
urruinss have hcru ~H0 uun ur ihercabouts,
aui they have surplus account that is very
small amounting tn S,nn ar thcrcubouts
Their deposit, arr atemt .s,uN mM This
company has bcyu managed as w,lt as the
ohh',rs ot It know how to du It, The
Stockholders have received unN S2p. lSA
since thc bank commenced hn-,arss, AMI
there has been paid in taxes clAs1 more
than has been paid to the stockholders.
There Is not another corporation IN the
state tlni has horne the burden ut taxation
e. such nu extent or in such u proportion
rs thyN have been hearing il alnl are stil
bearing it AMI silt the committee on tax
alton ask rs 10 continuo this and place the
Other companies ON the sumc basis. This,
it seems Ia uS, is little hnri. We are
~ 1, h.t
We say tu thcm that W. think We ought to
pay some taN on the deposits. And what
Is our proposition; We do practically u
savings bank business, and We think we
ought to be put an the same tass as saw
ings banks. We sat to these parties, "put
us on the sainc hasls pnt us IN the same
position a. savings banks are in this State"
We ran Iu business of u kind
that the national banks cannot do.
These trust companies are new institutions.
new corporations, new blood, SO to express
1t, in the state, and they are helping materi-
ally to develop the State , considerable
amount OF the capital stock of these rompa-
MES is held by parties out of the State, and
this Senate does not want tn drive ont this
capital wmchI~ invested IN the State in these
trus, compmirH. The Pennington Trust
Co, has stock IA tnrir company held now by
money where he H. but hn invests some
of il right her, ~ thr old State of Maine in
order to help IN The development, of his
native State.
The proposition that sc MAXI la this
committee is IhiS The trust companies
say, why should thcs br dtscriminatcd
against Why shall th"t not h. taxed us
savings banks; Put thrIr ~tock in with
the deposits nnd then tax them upon their
stock and interest bearing deposits Then
let the trcasurcrs Of thr different Compan-
les MAXI return by the sti day of April
of each year of the amount Of capital stock
held by the parties owning stock In tl"ir
banks. Then let the treasurer of the State
credit to the different towns the full ninouhl
the towns would have received under the
existing law by municipal taxation 10 an
amount not exceeding two per cent, of the
rDpital stock.
You will notice that there ar. nearly
S1 900 900 of money represented by the cap
ita stock aud deposits in ti,,sr trust com
Ianicp. II you will adopt this basis | will
show to you that the municipalities will
l,sc nothing practically an it will add to
tiie resources of the State of Maine SO
600 and perhaps nearer sl5,oo0. How
do arrive at that result? In this
way The capital stock of these trust
companies is II little more il,y, one million,
the deposits and resources ntke nearly five
millions. Now, IL is bc,on question that
nt least three million dollars OF that money
is ntcres,-bcarinR deposit, and there is the
one million Of capital stock, making at
lcas, four million dollars. They have got
to pay 81 of per cent on tbat amount In
taxes, or, IN other words, $50 600. The
amount 10 be rcbatcd by ihe State treasurer
wli be- about S2o, 900, leaving gain to the
State Of so 900. ! say that that is fair
estimate, and think that the State will
gain nearer sis 900 than SO no0o the first
year ani the municipal ties will lose prac-
iically nolhnr.
The provisions Of this amendment are
/ concise and clear, and move the adoption
ut the amendment, ana il.pc That this SEN
ate wil adopt it,
oa motion of Mr. Ha,oof Penohscot the
further ronsi lefstion If this matter was
postponed ill Tueslay next as unfinished
hgainrse.
On motion of Mr. MaIlet Of Gambler
laul
orlerod, iha, when tids Senate adjourn.
it tjoUrn until tomorrow morning at $40
O'Clock.
GA motion Of the same senator the SEN
st. then adjourned.