Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1895-03-01

pause hesitate before you Strihe WAS eio
dit down.
IF we are going to make this change
why confine 1t to water WORKS. Inc
senator knows as well as that there are
snhst;tntes for water Wood and coal are
as imnorrant as water. Why confine this
amendment to water works? just as sure
:. We take these bars down there will be
a call To LET them down also for these
other things that have been mentioned.
They are Just az important as water.
J-ndoubtedly the savings banks are IN
terested in this matter The gentleman
from Androscoggin has spoken OF wafer
planters. Probably the waterworks cor
are interested in this master.
They are undoubtedly here in the lobpy
of this State House. They are always
here. The other side is here Have any
of YOU seen any failure on the part OF any
one interested in legislation to De mere:
The tendency of the times is wrong. l
do not believe, Mr.. President, in putting
all these things in the hands of the mum
cipalities. What is it, sir, that has built
mn this country? Individual enterprise.
And I do not want to see individual enter
nrise 90 to the wall and all these matters
into the hands of municipalities. These
water corporations are entitled to their
profits. They are entitled to fair return
for their capital But, sir, l do not re-
tract one word from what ! said the other
day. and which the senator from Andres
coggin quoted, l reiterate that corpora
TONS are coming here daily seeking all
power and trying to avoid all responsible
ity Who has the power to look after
these corporations: The power is here If
these corporations exceed their rights.
We are the ones to deal with them If they
exceed their corporate powers. But they
are entitled to a fair showing, and they
should be treated justly. l am not a
populist. I know that there are men in
this body now who have populistic ideas,
but / am not one of them. | believe in
individual enterprise, and in corporate
enterprise
But / must be brief. l only say to you
again that this is experimental leglsla-
ton, that the people of this State have not
called for it and that it is simply for the
benefit of Il single locality. The Leglsla-
ture cannot afford to break down the bar
riers and make any movement toward
destroying our credit or changing our con
stitution until the people us whole dc
sire it,
Mr.. Nickerson of Lincoln: l intend to
vote against the passage of this resolve
and inasmuch as the senator from An
has named my town as one OF
the towns that desired this amendment
feel that little explanation is neces-
from me to show my position on the mat
ter
1t is true that Boothbay Harbor has
partly completed water works within the
last 12 months, and has exceeded her
debt limit, and has come to this l-eglsi;'
ture and asked for an act to enable her To
overcome all her difficulties. This act
will set her right, and she has now no
need for this proposed amendment
When came here and heard of this
| took considerable trouble to
inquire of the towns in my county as 10
how theykfelt about it, aud find that -
large majority of the business people in
my county are opposed to it. Now, not
outstanding the fact that the town OF
Boothbay may feel as if she needs this
l believe that it is my uty
to listen to the requirements of the II or
Is other towns in my county rather than
to my own town alone, even If she needed
this change l believe that we have over
come all our difficulties by the act passed
for us this winter, and have now no neeu
of this proposed amendment
Mr. Engel of Penobscot: l have lis
tened to great deal of eloqucnce on this
subject, and now | would like to state my
position from business point of view.
Since 1878 many of our towns have con
tracted debts. They have gone into the
money markets of the world and have
asked for the loan of money. On what
basis did they do it? They said, the only
we can give you is that our Dor
rowings must not exceed 5 per cent. of
our valuation. Now they come here and
ask that this limit be extended to 10 per
cent is to deprive these people who have
lent their money of part of their security.
They lent the money in good faith on u
basis of the loan being within per
cent of the towns valuation, and now we
want to increase it to 10 per cent. | think
that is bad policy. 1t is not honorable. We
should hold to our moral obligation to
those who have lent us the money on the
5 per cent. basis We are bound to
protect them. say it is dishonorable
So far for the principle of it.
Now, what effect Will 1t have IN the
future? Again, by the operation Of this
very amendment. we have to go to the
money markets of the world for money.
gain, they ask us, what is your security:
Again we reply that there is the 8 per
cent. limit They ask, did you not
change that? Only for water works, we
say But how are they to know that two
years from now it will not be only for
electric lights, or for any of these other
objects that have been spoken about.
What will be the result? The result will
be that a good municipality that
can now get money for from
to 8 per cent. from conserva
tive lenders, will have to go to the
spectators and pay from to per
cent. for it, precisely as they do in Western
towns. l say that for all the interests of
the State of Maine let us appropriate this
money and give it to these towns to buy
their water works with, give it to them
and then we would te millions of
dollars better off than if we passed this
If the proposition before us has neither
the equity the principle nor the policy.
why should we insult the people Of the
State of Maine hy asE inc thnr- to vote on