Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-03-24

Hio Jill CsttIlt up oIi IT'S SeCOHu ICauihS,
and on motion by Mr.. Merrill of Somer-
set was laid on the table pending pas
sage to be engrOssed.
An, act to amend chapter 113 of the Re-
Eised Statutes and chapter 1871 Of the
public Laws of 1887, amended by
chapter 1913 of the Public Laws of 1885,
relating to appointment of disclosure
commissioners.
This bill came up on its second reading.
mr.. C,ason Of Kennebec offered Senate
Amendment A. Amend bv striking out
the words two in lines II and IS of Sec
ton ton l. and inserting in place thereof the
Strike out the word commissioners in
line II OF section l, and insert in place
thereof the word commissioner
Strike out the word July in section
May" insert IN place Thereon the wofa
On motion by Mr.. Reynolds of Cum
berland. it was laid on the table pending
adoption of amendments.
TAXATION OF SAVINGS BANKS
Bill an act to amend chapter 25S, of the
Public Laws of 1899 as amended by
ehapter 100, of the Public Laws of 1895.
fheia,ting to the taxation of savings
banks, tabled pending passage to be en-
crossed. came up by special assignment
Mr.. Walls of Knox, said:
the savings banks are the repositories
81 class of people who are not gener-
ally interested in any kind of business,
mostly laborers. who by means Of these
benefits endeavor to accumulate Il little
tana me banks at present INT are unable
half what they paid 10 years ago. In
oruer to exist, the savings banks must
be able to pay dividend 10 the deposit
s"rs so that they can afford to put their
funds into the institution. And when the
income from that source is not enough,
the, number of depositors will decrease
and the institution is liable to be com
PEELED to stop business, When the banks
are In such condition as they are now
Is 1t not the duty of the State to relieve
n nf hh faxy
not money-making institutions. When
We tax the savings banks. We take it out
Of the depositors. There is a sympa-
thetic SIDE to this question. There are
the widows and orphans and those that
nave their little mites in these institu-
TONS If we compel the savings banks
70 go out of business, of course it will
be great calamity.
Mr.: Stearns of Aroostook said:
rms BIN seems to me exceedingly i'll
timed and ill-advised. in view of the fact
tfrat there is a depleted treasury and all
other classes except bank depositors are
ieeling the burdens Of taxation. If the
posting of their wealth. they can afford
to bear their share of the public burden
II, on the other hand. it be the widow
with her mite ana the orphan. they can
AFFORD to be taxed. for the reason that
they have the services gratis of the best
hnanciers, in the investment of their
money | hope the bill will not be passed
ana that the rate of taxation will remain
as at present.
Mr.. Reynolds of Cumberland said:
mo- propose p9 It to call attention to a few fig
am not in sympathy with the tocsin
that it is ill-timed and ill-advised for us
now TO make a reduction of il tax. No
be .righted. In taking up the bank ex-
aminer's report We find that in 1896 there
was th a tax Of approximately s1,50o,0Oo for
direct dire sa Sx o Wa M?9e m 52 PAY ak Of that he
The tax on savings banks was 1881 Jos:
the tax on railroad companies $152 500:
me shs o taN on insurance companies and fees,
S45,ooo. In considering these figures the
Dahk examiner came to the conclusion
mat there ought to be a reduction of the
1 1acS on the savings banks. Starting with
1850, there, We're IA savings banks in the
state, with an average for each deposit
tor of $15S.OS. In 1896 there were So banks.
wi an average for each depostor of
anout one-fourth the population of the
state Three per cent. of this number
nave an amount in excess of $1,000; 49,
wv OF these depositors have an amount
less than $4,000 and an average of $685. SO:
I26WW of this number have less than $500
and an average of 1924 for each deposit
savings banks are people of small hold
ings. The first tax levied on savings
banks In the State in 1872 was one-nalf
OF ! per cent; They We're then earning
to per cent: and paying a dividend OF
663 per cent In 1875 this tax was raised
TO per cent AT that time the savings
ana paying , per cent. dividend. In lSS,
when the change was again made, the
savings banks We're earning on an aver
per cent. to their depositors. This last
year they, were only earning about 4 per
CEN Gemt, o, and paving about 372 per cent.
a has decreased from 50 mills in 1872. to
"a mills in 1896. The tax on our savings
a nhnks i has increased from 1872 to 1896
decreased in that time 25 per cent Either
the tax in the past has been too low or
ht present e,1 is too high. In 1872 the saw
tire tax of the State: in 1875. one-sixth.
and in 1896. one-fourth. This ratio is no:
IN the right direction.
In regard to the tax on savings hanks
lorcing the money out into circulation,
ihey have already done that by investing
IN the public funds of the government
puplic enterprises which works to the
benefit of those who live by the sweat
OF their brow Within the past year
there has been q loss of investments in
the State of Maine to savings banks Of
ABOUT Sie0O.O00 If we are to continue
with the income from the Investments
VIII feel themselves forced to withdraw
their Investments from the savings
na;,n,ks. They will put them where they
:. certain amount of taxable properly.
savirgs bank is mutual. There ara
TO stockhoiders and no person gathering
oN % asAAACs. II lOf any reason money
does not seek deposit. they must 60 OUT
or business. We do not want savings
T 81 ta sbdi,a bears heavily, upon them
sible means. These institutions are all
paying less than per cent dividends
ana as low as 3 per cent, but here in
TIE thers State of Maine people have felt that
mere was surety in, an investment put
IN a Maine savings bank and that he
would get reasonable return.
AS to the main hill Our sa.,,pr. l,o,,l-.
are today. paying tax of 55s mills
upon their deposits. and it is sought to
cut this tax down to one-eighth Of n
mil; So that those investments that are
made within the State shall paw only
one-fourth. while those that are Without
me state shall pay three-fourths. That
Is discrimination in favor of the home
Is the discrimination that has existed
since 1879. ! hope that this will seem so
reasonable TO the Senate that they will
Vo.e IN favor of the reduction.
Mr. savage of Androscoggin. said.
. N u year when the tax levied upon all
Sther kinds OF property in this State must
Se, raised from "a mills to 8 mills on the
i ua.,r, | am unable to see how we can
SSu ts.v ourselves to the people of thiN