Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1895-02-28
leadership of those great savings banks in

leadership of those great savings banks in
Portland.
have no word to say against savings
banks. | know them to be powerful in.
strumentalitics for good believe that
in this case they have unwittingly al.
lowed themselves to be put in a false
position. In the first place, their
circumstances We're all dated and
signed, and nearly all filed here while
! there was pending a proposition some
what different from the one we have
before us today; and that was, that mu.
inequalities might be allowed to invest in
water works without limit and without
consent of the Legislature. SO that those
remonstrances are not directed to the
proposition we have now. The present
form of the amendment was announced
at the hearing weeks ago; and there has
been no remOnstrance against it; and
there is no argument against it. What
does it provide for: Simply this that
town or city may when authorized ex-
pressly by the Legislature, and not other
wise-only when they shall come here to
the State House and so represent their
case as To make it seem advisable to the
Legislature to grant them the power
may incur Indebtedness for the buying,
| building or extension of water systems
but not in the whole to exceed with all
their other debts the limit of 10 per cent.
Now, can anything be more safely
guarded than this proposition? Is there
any danger of towns running away with
themselves and their credit, when they
arc obliged to come down here and sub
NIT their position and claims to a vote Of
both branches of the Legislature before
they can issue a bond in excess of the 3
per cent limit: Why, Mr. President, the
great commercial state of New York has
this very last year had its wiscst and most
conservative men at work framing con-
stitution for the state, and they have
dealt with the question of debt limit
in this way; No county or city
shall be- allowed to become indebted
or any purpose or in any manner to an
amount which, including existing indebt-
cdness, shall exceed 10 per centum of the
assessed valuation III the real estate in
such county or city subject to taxation as
it appeared by the assessment rolls Of said
county or city at the last assessment
Nor shall this section be construed to pre-
vent the issue of bonds to provide for the
supply of water, " putting precisely the e1'
ception into their constitution which we
wish to have in ours.
Now, then If town is limited to 10
yer cent, and the last 10 per cent. is in
vested in the watei plant, which takes care
of itself, and more than that, how can we
say that the credit of the town is impaired
So that when the savings banks with such
unanimity and regularity come up one
after another, answering the nod OF the
parent ones in Portland and file their pro
tests, all dictated by the same man and
sent out from one Office, the question In
voluntarily arises in our minds, who Is
behind. Is 1t the savings banks after
all, or it is some power underneath ana
beyond the savings bank, which is using
them as mask. And if there Is some
power which has been making the saw
ings banks catspaw to pull their chest
nuts out of the fire with, who Is itg |
will use here an old expression, and one
that has been used in this very connec-
ton. "The voice is the voice of jacob; but
the hands are the hands of Esau; and II
is not Jacob, the supplanter, but Jacob,
the cr-planter.
The savings banks, or rather the power
which is speaking through the lips of the
savings banks, says that to permit towns
to buy water works or build them, and in
cur an Indebtedness exceeding D per
cent should be stopped. If it be so, II
they are right, if the language of the re-
monstrance is true, it is certainly en-
titled to grave consideration. But is IL
true? What aic these savings banks In
vesting in today? And how will their IN
vestments compare with the investments
which will bc possible for them If towns
shall own their own water systems
Why. these two very savings banks I'D
Portland the ones originating these re-
sent out by their attorney
who was the only one who appeared De-
fore the committee to renonstratc against
[Continucd on page 3.