Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1895-09-24
A Statement by Mr.. Whitten.

In connection with the dispatch from
the president of the Granite State Provi |
dent Association recently published in.the |
Journal, the following statement by Mr.
Written, which appeared in yesterday 5
Portland Press, will not be without in
tercst to our readers
Il do not think the Governor intended
to reflect upon my official conduct. He
simply directed my successor to do what
l should have done and what he knew l
would have done had l been reappointed.
When l assumed my duties as State
bank examiner I found this association
already licensed and doing business in this
State The first year of my term of service
was a very busy one, and it was not until
December, 1894 that had an opportunity
to Investigate the Granite States affairs.
| then wrote Mr.. Lyford, chairman OF the
bank commissioners Of New Hampshire,
for information. Fe sent me a printed
statement of his last examination of the
company ana wrote me that the New
Hampshire commissioners were preparing
to make their annual examination for
1894, said it would be an arduOUs under
taking for me to make the examination
alone and suggested that | Join them
| went to Manchester and remained three
days, this being all the time the other
duties of my office would allow me to
spend Their methods were not such as to
meet my approval, and | therefore took
the matter up in my report for 1894, sufli-
GENTLY to place the people of Maine on
their guard in respect to the company, I'M
til such time as more critical eXamina-
ton could be made
when the Legislature assembled l
went to the members OF the banking com
mittee and laid the matter before them,
and as the result Of this consultation they
drew up bill requiring this company to
deposit with the State treasurer at Au-
gusta $4,000 and 10 per cent of all
moneys deposited in this company by
shareholders in this State
president Stewart of this company,
hearing of this bill, came to Augusta, to-
gether with many friends and agents of the
company in the State. They also employed
able counsel, to make more effective their
objections to the bill. Mr.. Stewart finally
said to the committee that he had invited
the bank examiners of Maine New Hamp-
shire, Vermont, Connecticut New York and
New Jersey, to come to Manchester and
make thorough examination of the
association By that examination the com
pany would stand or fall but Mr.. Stewart
had no doubt that it would stand.
THE banking committee considered
this proposition fair, and indicated that
they would accept it and direct the bank
examiner to join in this examination, So
the order was introduced and passed,
authorizing and directing me to proceed
Il was ready TO begin, April /, but of
course the commissioners had to select
time suited to the convenience of all, SO
the matter was delayed until June We
then met at Manchester ard with the aid
of expert accountants have been engaged
in the examination all summer, at such
times as we could devote to it,
1T had been arranged that on the 30th
of this month the commissioners from the
various states should meet in Boston to
decide upon joint report, if posi- BILE, aud
had not intended to make my separate
report to the Governor and Council till af
ter that meeting; but when 1 found that
| was going out of office and | saw that l
could not take part in the proceedings on
Sept. 80, or sign joint report felt it
make this report to the Governor and
Council as l had been directed by the
Legislature to do l had made the In
vtstigation and no one else could have the
same knowledge of the case that | had
acquired through my opportunities with
the other commissioners at Manchester.
After receiving the order Of the Legis-
lature to make the Investigation and re-
| port the results to the Governor and
Council, I considered that was debarrcd
from taking any definite action until such
Investigation and report had been made
II have felt also that with S40o 600 of
Maine money III this concern it was very
serious matter to shut them ont Of Maine
hastily and arbitrarily without full and
exhaustive examination in every detail
Il did not make any recommendations
in my report as to the necessary steps TO
be now taken. because l was going out of
office and it might have seemed like an
attempt to direct my success or. What the
Governor has directed Mr.. Timberlake to
do is the logical result of my report and
the STEP had planned to take Immediately
after making report of the examination to
the Governor and Council, providing it
met with their approval
LAS to the statement of President
| Stewart that ] did not allow him an op-
portunity to be heard at the same time
submitted my report, l Will say that
should have been willing to allow him
such an opportunity, but the unexpected
termination of my service as bank ex-
aminer left me powerless to comply with
his request.
Il wrote him, last Saturday, that was
compelled to make the report and gave
him my reasons therefor +"