Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1893-03-04

hanks xoes back 10 the sislS-iEs-rs except
what il n ssitreai for LIE s1e.;aiise werk and
mxasgetns nj. The trast companies do not
do bas:Bess IN shat WAY They are Tor
proEt. waen thsx NIX for year deposits
they 10 net say to son that son shall naye
all the profit. OF that asoass. They give
yon !, or or !. per cent AMI any increase
sbsve ssst rhss keep for themselves. 4
trust COMPANY IN business corporation;
savings hank . . benevolent institution
submit il We do nss tax the deposits m the
trsast cosn,s,ny ., beast rs nigh as We tax the
d pss:is Ia savings bank. tisas
we are DISCRIMINATING against saw
ings banks which are institutions
that we should 2eossct. ask you 10 vete
this amendment down. AMI shen shall ask
you further To iay This matter eser Gnni
Hext week ami Hnlii other amend
nscnss are added xhich will make the bill
u,ore perfect ttah i is today.
Mr.. perers of Hnalton Any economic
gu s,ioa Of this kin Inuss necessarily be
seTat hAt dry, seinewhs intricate and
SONG xbst difficult to be understood With
on, careful study by the average member
al beast Il Is 50 10 nie. | afa quite confident
that tile best interests of the STATE VIII not
be sab-arsel By p,s-ipg the orig nat bilt
| am very ceGiidea nj, ia iced, that the
amendment which has been styled here the
Holman amendment whieh il virtually &
substitute for the or ginal bill, is very
bad measure, ineqdiiabie and unjust
AMI wreag upon the tax payers Of shis
State. ain Dot going into AM lengthy
discussion as 10 tsre philanthropy oi the live
men who manage trust conpani s and the
unen who are the reverse tnat manage
ings banks Gentlemen understand and
know that savings banks are limited as Ia
their investments They are not permitted
TO loan upon commercial PAPER in this State
as they are in Massachusetts. Take of
that limitation ami they viii have larger
field. Gentlemen know that national banks
are not permitted to invest in real estate
securities Trust companies have TIE
whole fell. They ave not limited as the
others are. And / believe that the men
who operate any Of the banks, whether
national or trust companies, operate
them for gain AMI that they are aciuated by
very much the same motives, to make
something for themselves. ! believe also
that as "A rule the men who own stock in
trust companies or in national banks are
amply able to pay a fair tax upon that
stock without seriously burdening them
selves-tliat it is not so much of a hardship
for those men to pay a fair tax upon that
stock as it is for the aveIage farmer to pay
fair tax upon his personal property and
upon his farm.
If can read this bill Alright it permits
every man who owns stock in one of these
trust companies to escape taxation by
paying less THAI one-half that every
man who owns a farm has got TO pay
As that money must be made up some
where, whenever you deduct from one class
of property. whenever You allow that to
escape taxation, you must necessarily levy
1t upon another class of property. think
that proposition is plain. This Holman
amendment provides that the tax upon the
stock of these trust companies, which is
between one million dollars and eleven hun
bred thousand dollars today, and with the
thirteen new companies which this Legisla-
ture has chartered, will be some two millions
in IA few days. that the tas upon that stock
shall be 81 of one per cent. The average
taxation in the towns and cities where these
trust companies are, exceeds two per cent
and today every single mite OF
stock, every share OF stock, has
"a he ratnrnp1 notipa nj
- En- ,ha .;,;as ,na ,,u,s vh.r.. Tho mart,
nyas AMI i, IA t,xaJ fror, TWO nov r,,;
and nn,rar1s n, it, valne The t;rst tom
in tlis h;,l nron,sos % tax that stook tbrea.
fonrths nf ,n. nor cont ,,hiIe your nron.
srt,, and ,,;na tba s,nI.t of oyer,. nav :, to
ow,s slaro !, ,a,;o,.l b,nt is 70 ho
ta1ad two nor cant ami un,y.rls and how
are ,bey yn;,g tn p,nka i nm Thev ,cll
~ ,ha. ~. III ~ h,.,r ., ,,n ,r,,
fr,,, Tho S,,,a t-a,s,,ry e,o,.l, n p,,to mn
hat the town you'll have cn1 nat aycoad
inc t,re nor cont AMI that th..v will cole,
II from ana trnst con,,apv in ono ri.c. and
,urr !, nr.r 10 ano,hnr. and i, h,s baar
,,r,,,,saI he snrnabnJy ,b.t tb;s two NO,
c'.n, sha,l h.,yo fnr,har ur,;,a,;tr
,ha, ,hay iii ,at sona -h,cl, 10 a,,
80 90 H., L,ii.ns IS .n,
sto,.t, i, a,, ,on,na,, mo-, tbar ,ha,, 49,,
fror, IN. ,.,,,,nanr mon the stock and ,,nor
,ha ,ianS,.;,s I a., ,ha, ,ba trs, ,r,,, -
,;n, !. 10 ,.l,na, ,ha t,,.,;an af Ms St,,l
owned hy MON wha can veil nav fnr i, frn,
> ,ar o,,,, ~ ,,r,r,ris fa- ,,,,,r;c;,aI ,,,r
-. -, 49,. f..,,,+t, IS ~ ~,
IL II should De a'g"eu 10 you that lhree
io"rths oi per eeho' Is more IMAM we cai
ge' III any o,her way +" Is ""' more nope
.,iah we s'iai' eet ~hen we are aoie 10 ger a.
.he properly OF uis stare ana nave IL neai
,'' i'ir SNARE Vi 'ie puoiic "hruehs. ut
n'i'A examiner s ,''uI s"o" wa
,"eie aie "a nteies"
o,a mug uePosis a"i i" INA. oe'wee,
,'oo'V,'' anu 'iV,poo vi eal p, s'o W.,
a ~, u" nave III i'h"" huhi'eis % '''"'''',
ihes propose iaA ., ''iee, -, VI
PER ce GEM upon tha'' ma. WI, amount a 10
F-Y'","- t"N ''A "'t '"iS "''''''"'p "a
caPi'ai ssocS alone At per cent. Is Sioo'
NOR. 'iiah nus i,o,'i'i a'ie'in,ent eoiitc's
y" '''s s'oI ~, ann '''ie '''n'o'' 'vo'''oo u,
ueposns. iha' Is n'a''er oi n,".''e''iat'c'i
.onpu'a.ioh' am! 'na' Is '''e , niii 10 RENEE
70 va ',',' 20
""'V'. u,,' "vuii up." W., "epo'',
am ''"NA' O." US ''',"' " GU y" ."' va
Per cent thah tue pc, cent tf'at inc
mar voIna tc tho several MUNICIPALITIES j.,
tho S,ate If N,;ne
There is sometb;ng moro Following he.
hind ibis hin, ia ano,her hin yon viii zoo
nv the terms of This amendment that tho
taY re n h., Tho s,u,e - tho t,v,tio, ,f The
savings b,pks TIere con,es anotber hi,
which a;scrim;,atso in favor of home in.
vastmants and which saws that tho ,,r u,,on
home investments shall be ope-half of | ne
cent Then down COOS this t,x from, thrao.
fourtbs IN o,e.h,If IF QUO ,,..r ,,.,t r,,on all
of ,b;s c,,;,aI s,,cL anil ,,,is a -nn 600 ~
denosit. Tho ann total collected uuder
tbis amendment i. over s-oo0 loss ,han j.
now beinu maid unon the eani,.l stock /
desire To MAKE no attach npon trust cor.
panies hut I trust that after this anen,lmen,