Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1895-02-04
See that you get DANA'S.

towns. including the State, county an |
school district debts as existing in 1880
And not quite 4 mills ON the dollar to
pay the 81, 4C5, S72 ~ being all the NUM-
cipal securities of Maine in thu savings
banks of the State.
On Nov. 25th, 1898, the total amount Of
resources in the savings banks of the
State was $50, 701 437 06. Total amount
of municipal securities of Maine that
were in the savings banks when examined
in 1898 by the bank examiner was 81 ,094,-
0S6. "a. Total amount on Nov. 25, 1898,
81, 003, 690.24. Showing falling off by
payment etc, after being examined,
800, 1896. 30.
From this showing why need water
companies, bank men, depositors, or stock
and bond holders in water corporations
be anxious about the municipal credit of
our cities and towns. even if their in-
debtedness was three times SIS, 900, 900. 90.
The water works of cities and villages
that are constructed or purchased by them
are paid for by the water takers and at
less rates than water corporations charge
and the nom user has not a cent to pay
1t is evident that the water corpora
tions of the State are attempting to pre-
vent the municipal ownership of water
works in this State and to sell their bonds
and stocks so far as they can, not only to
individual investors, but to our savings
banks and are attempting to defeat the
enlargement of the debt limit asked for
through the agency of these institutions.
The water corporations, no doubt, see
that if this amendment is adopted that 1t
will open the way for cities and towns to
purchase or construct their water works,
III. xs.I~ h..
more likely to be purchased by the banks
than their corporation bonds, hence the
desire to defeat the proposed amendment.
Everybody knows that u municipal bond
of our cities is safer investment for
banks than any corporation bond, even
water corporation bond Then again
these corporations want the fat dividends
that these water corporations produce.
hence they want to monopolize and con-
troll the cities and towns i'm this regard in
the State Can the State afford this, If it
wants to see the income from assets of
our cities and towns increase and thereby
be financially strengthened? There are
cities and towns in this State that are
saving thousands of dollars a year by
their water works, and giving water
takers lower rate for the water con
sumed by them and relieving them from
an indirect tax to these companies. Not
only this, they are paying for the cities
works. The debt limit under this resolve
is carefully guarded, and shuts the door
against all wild cat schemes in or out OF
the State There are many towns and
cities in the State that need the relief
asked for by this amendment (and 1t is u
growing need) which cannot become law
until after the people can ratify it by u
majority vote in Sept 1896. Towns and
cities that are carrying their temporary
loans for money to purchase, or construct
and extend their water works system can
now do so, at low rate of interest: but
how longy not beyond the present business
depression of the country, when interest
rates will advance with the increased ac-
tivity of all the country's business indus
tries. In view of this situation 1t Is
claimed all opportunities should be
afforded by the laws and constitution OF
the State to enable the cities and towns
to issue bonds to meet their water loans
when they can do SO at low rate OF in
terest Can there be any disadvantage to
the municipalities of the State or the
banks of the State or bank depositOrs or
anybody else, to so change the constitution
that this can be dones Have we any COM
bination Of individuals, or corporations
who desire to prevent the development Of
the wealth and strength of our towns and
cities in this regards We think VIC have
fully answered and shown that the re-
Of the banks are not well
and we believe that upon due
and examination that they
will come to the Same conclusion. And
we trust you will report the resolve as
framed, and that both branches OF the
will give it passage, and
that the people Of the State may have tho
to give in their votes on the
proposed amendment.