Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1893-02-02

Z IA is;2 i'UfkLffts f4&FssSss fbDsaitfltks ne
sail. .ssrees charge On the bank esfieers If
this Stass. u ma.fer-snee Somebody
/ ssnod heitinsi that esiitostal. He sasl THAI
a certain gsnsiesp~a for several years ex-
! arui.,eJ the ACCOUNTS vi the savings banks
and mads his reports TO the tsovernar- aisi
| approved si,ase securities VI sefi this esli-
forisl calls second class. Who Is X that
ssansfs bei.ini Mr.. Heath, who s,ars not
work fsers and draft this ~ yiags bank ball
| for nothing WHO Is tins man. Just
Tor starting poiaI he wouti call him
Mr.. Fred E. Richards lie then paid
/ lis respects to ex-B Bank Examiner Bisbee
Regarding his bank the Macbias Savings
bank. be sail il had been in practical opera
ton for the past - years Never passed a
dividend and paid tHo extra Dividends. As
10 the class of people patronizing the saw
ings bank. he said he lid not know of
single business man in Maehias that had
money of any account in that bank. There
were few wealthy people who hs.i money
/ in the bank. But tis. bank did not want
their money. The savings banks are an
educator Of thought among the people. He
then read the editorial IN the Portland Tx
press and dwelt at length on the grave
charge" that the savings banks invested
I t4ERttN III sttbiul-stdrs tDlbs. nc tul-
torial stated that many OF the banks were
oyealoadeti. III
lis there any nan here who can rise and
mean
II see no one getting up to answer my
question.
is this editorial honest. is il egnitable, is
ii anything but to smoke these banks out in
4
looking for larger gain to their own pockets:
The loan and trust companies in Maine are
doing like business With the savings banks
in this State with the exception of issuing
bills and yet they bear no tax. They
should be treated the same as the savings
banks.
Ex-Attorney General Littlefield, who
said he represented the progressive,
energetic business men of his section who
favor the bill, spoke at considerable length
and forcefnlly for the proposed measure.
When we find deposited in the Maine saw
ings over So, COG, 600 to lend, and people
in the State who desire to borrow $780,
.t0o0,o0o and both go out of
the State to accomplish their object
something was wrong, he thought.
He thought the bill discriminating in favor
VI uOIut luttcltutItS was IOr tIfS s1lttN OF
the depOsitors in the savings banks in the
State of Maine. Whoever these depositors
might be the State of Maine was bound to
protect them. He minated that in some
cases the depositors in savings banks today
need more protection than they are getting.
He referred 70 the law in this State prior
to 1871 controlling our savings banks
They could go anywhere with their funds
III IL.
trustees of these banks any less faithful
than in 1893, but what resulted. He cited
the different amendments that had been
adopted since for the protection of the de-
positors in savings banks from the undesir-
able and insecure Western investments.
He referred TO the failure of five savings
banks for over 81 5000 900. Their Sc
curities were largely outside the State
The big Lewiston institution for savings
had its investments largely outside the State.
The bank that went down with the largest
assets and paying IS cents on : 90 lost all
its money in that panic on investments out
side the State.
In 1877 u other banks had To scale dow II
their assets and ii will be found that their
money was cost on securities outside the
State of Maine
tuhtNIuitB tttt Ndto anu 'NiutfOTt IN
stitution with which Mr. Burnlam was con-
nected, be sad that in 1875 ii was obliged
TO pass some dividends in MANY of their in
vestments outside the State Under Mr..
Durham, that thorough bank man, that
bank hal ~l39 900 held outside the State
in stock that passed its interest.
+. This bank has in all invested in Maine
only S555,oo against ~l,700 600 outside
the State of Maine.
! He thought in view of what the banks
passed through in 1851 they would do
well to draw home some of those invest
ments outside of the State. During that
crisis their home investments were not
shaken in the least.
The only security that this great Angus
tn savings institution lost upon in 1876 was
one outside the State. lie iwelt at length
on the immense disproportion" of the. in
vestments outside the State so these invest
ments in Maine. The time has come when
some moderate measure should be applied
to correct this tendency.
f. +. Undertake in the course
of his remarks. claimed that the hill would
help the smaller banks. Regarding deposit
tors, he said many were made by people of
ample means who, to escape high rates of
taSdtfOh1 lnNtsl TWO UT tIlFtt
thousand in several banks throughout the
county. and not only do that but invest in
the names of the wives and children. Such
investors deserve no exemption from taxa
ton. lie figured that the gross Income of
the Augusta Savings bank in 1891 must
have been S32G,o00, This would paw the
> l2 per cent. gross and leave S35 900
over.
Iharp a furf NH nf. his hill f,rat
increased the tax of savings banks some
st0.0oO. Furthermore it was Just tax.
Tue increase of taxation is the only
ground that can consistently come here
and oppose this bill
1t is a rule that our savings banks won't
generally trouble themselves with small
loans. They viii tell the former who
wants to borrow that they haven't the
money but they may have $500 t, put
into Il Western railroad.
Hon. A. A. Burleigh and ] p. Bass
spoke in favor of the bill.
The same great interest was manifested Mt
the evening hearing. Hon. -. ID. Baker
made u strong speech for the bill lie ar
gued that it is not proposed to place an i'm
proper tax on foreign Investments but to
offer a premium on Maine Investments so
| they would have Il more equal footing, in
respect to interest, with Western invest
ments. He dwelt upon the resources of
the State that needed capital, the classes of
! securities that cofld be obtained and
he made Il comparison between these secur-
ities and those in other states. President
| Hunt of the Bath Savings bank opposed the
bill and so dill Byron ID. Nerrill, Esq. of
/ Portland, lie argued that the Western
securities, equally as good as the Maine
securities. paid a bigger rate Of interest,
and that this bill would decrease the diyi-
bends to the depositors in the banks.
| Judge Symonds said there was no doubt
about the eonstitutionality of the proposed
law and coutended that il was wise meas
ure
! That hearing on September for open
| time on deer was continued Wednesday
| afternoon. Unusual interest was mani
| Tested in the hearing on Tuesday after
noon. and it wsa leng and hotly conte stcd
/ Ex-Governor Davis. Hon. Llewellyn Pow
/ ers, Senator Shaw, Hon W. T. Haiues and
Hon. II. N. Heath were among those OPP
| posing il on account. as they claimed. of
the liability to fires, the slaughter of game
when does and kids could easily he found.
when the people of the State arc too busy
to hunt. because the present law affords
ample attraction to outside sporssmcn, et,.
+. Wooaard. Esq. +. +. TiInerlake, ESQ.,.
Geo. H. Bisbee, ESD. and lock
Darling. the famous gsile. wanted
open time on deer IN Septenl-
Der or from the i5sh of September because