Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1895-02-28

law Is much more broad and literal than
.he present one. Under it may be de-
aucted from the gross indebtedness Of a
town, not only its water debt as at pres
enf nut also other available assets. / do
not know but even schoolhouses and CITY,
buildings may be deducted Certainly
anything that is convertible into money
can be. II then the municipal bonds of
other states whose debt does not exceed
D per cent. after deducting water debts
and all other kinds of available assets are
regarded as safe investments by the saw
ines banks Of this State much more then
will be the municipal bonds of this State
where we propose to deduct only the debt
incurred for water works
i | appeal to you, senators. that there
shall be no discrimination in favor Of the
bonds OF towns in Michigan, Iowa,
Nebraska and Kansas. and against the
bonds OF towns Of the State of Maine. Has
the credit of towns in this State been
weakened because they were the owners
oil water works, and thereby their debt
was increased beyond the 5 per cent
limit
Look at the city Of Lewiston whose en-
TIRE deDt including the water debt is over
10 per cent. ; whose entire debt exclusive
OF water debt is 6 per cent. whose entire
debt exclusive Of water debt and its rail
road stock is about per cent The city
OF Lewiston has gone into the markets of
the world this very year and hired money
for 3-S per cent. How much has Lewis
tons credit been weakened by the fact
that she was owing per cent. of her en-
tire valuation for water works
The city of Auburn, confessedly beyond
her debt limit by over $500, 600, is today
carrying large loans in the city of Boston
at per cent. on time. Can anyone say
that her credit has been impaired. Not
in the slightest degree. Why, it is true
that one Of the very savings banks which
has signed the remonstrance sent out by
the sister bank in Portland, one of the
very banks which signed such rcmon-
STRANGE and sent it here, two years ago
loaned the city of Auburn $50, 900 on its
note when its debt was in excess of the
) per cent. limit. Why Because by the
proceeds of that note the city Of Auburn
was to acquire the ownership of Il system
of water works which was self-sustain-
ing. Do you not think, senator's that
there is something behind these savings
banks; somebody who is wonderfully in
terested in the credit of the State and in
protecting the towns? / say to you that
the savings banks do not care, because
they are not menaced the credit of the
State is not menaced. The financial
credit of the State is sound and secure.
The real opposition to this constitu-
tional amendment comes not from saw
ings banks, but from water syndcates.
What is our duty? And | have no doubt
we shall faithfully perform it. What is
our duty about it? To vote for water
syndicates or to vote for the people: Let
us rise higher than mere personal in
terest; let us rise to the situation which
confronts us, ana by our votes say that
whenever any community desires to own
its water supply, and can persuade the
Legislature in succeeding years that il
| ought to be permitted to do so, that it
| shall have the chance.
On motion of Mr.. Hume of Washing
ton, the Sena5c ad journcd.