Daily Kennebec journal., 1897-01-08
THE INAUGURAL.
Continued from page, 80
RANKS. ETC.

Our savings banks. trust companies
and loan and building ASSOCIATIONS aIu
subject to inspection and examination py
the State bank examiner. HIS reports.
which you have before you. demonstrate
that they are generally in a sounu an. amu
healthy condition. There are tnirty-Peuf
state loan and building associations.
Confidence in them was, perhaps. some
what shaken by the failure Of the Gran
ite State Provident Association OF New
Hampshire. which had man. memners tho,, ara ra
doing. 1 think, legitimate business. IN
proving in their management. have nan =
fairly successful year. and are deserving
encouragement and patronage.
There has been one additional trust
company but no new savings banks or
ganized. and there has been no failure or
during the past two years. This speaks
well for their faithful and conservative
business management Yet you shouio
not hesitate to place additional restric-
lions and safeguards around them for the
further protection of depositors and IN
yestors in any of these institutions, II you
think their patrons interests and satety
demand it.
l am not prepared to endorse the rec
ommendation of the bank examiner Tor
reduction of the State tax on savings
banks. | am not yet confident OF its WIS
dom or necessity, especially upon invest
ments made outside the State.
do however. recognize the fact that
q large share of the deposits and assets
Of these institutions are trust funds. and
the hard-earned say .ngs oe small wage
earners. and that amy request OF these
consideration and they should certainly
be relieved, as asked. ii the present rates
are ineQuitable or excessive.
CORPORATIONS.
Charters conferr1ng special and exclu-
sive privileges, or giving away Vaiuapie
public franchises, especially where the
act of incorporation carries with 1t the
right of eminent domain. and permits the
Tor their so-called public use. you should
scrutinize with great care. They should
not be granted solely for individual profit
or gain. You SHOULD he satisfied, in every
instance, that the public good is the prin-
cipal interest to be served. and that IN
dividual or private rights will be amply
compensated for any, injuries received. |
fear that our State las sometimes given
away very valuable fl anchises too readily.
You will have before you. doubtless.
many applications .or charters which
could and should be organized under the
There has been an effort for many years
to call halt. To tfiis end the Constitu-
ton was amend X, s1 rs to REQUIRE the
organization of luost corporations under
general laws ana ample statutes were
/ provided for so doing. Yet an examina- :
ton of the acts o. the several sessions or
the Legislature since that time will show
that the volume Of private or special leg
islation is constaE tiy increasing. You
should ever keep in view the Constitu-
ations by Legislative enactment when they
can be organized ur der the general pro-
vision for so doing.
Laws which tend to create monopolies
or prevent healthy competition are not
wise.
In this connection l would invite your
attention to Section !, Chs. pter 100 OF the
Public Laws of 1880 This section seems
to me prevent any nC cessary Improvement
being made where some prior persons or
corporation has merely, organized unless
nI,y f.Ii ~ yll 4
action. l was a member OF the Legisla-
ture that enacted it's
For some reason 1t. escaped my obser-
walton. as 1 presume itlGld most or those
who were responsible for its passage. AS
! view it. it contains "a novel and sweep
ing prohibition of almost every public en-
terprise. until session OF the LeSisla-
ture shall grant reliet-no matter how
much the public convenience may De in
jured-in case some rival has located in
the s:me town or city or. in some in
consent.
/ think that you in your Judgment will
decide that ii should be repealed.
The question of the right of the citizen
to other or better services,-or to any SER
vice at all--should NOT be determined by
some interested person o: corporation
that has first attempted to occupy the
ground. 1t should be decided by some
impartial tribunal. where the demands of
the people shall be heard and respected
The public should not be compelled to
wait, perhaps for the spacse of two years.
before they can have an opportunity for
a hearing i'll many cases. no matter how
urgent.
i would not however. advocate inter-
fering with or impairing vested rights
where the general public receiving
such services as they have right to ex-
pect.
No corporation should be organized or
cha -ter granted merely as a menace to
some enterprise already established.
think that the Legislature acted wisely
in providing that. in all cases where il is
sought to pa -allel existing lines of rail-
road by organizing an electric railroad
should not he done. unless the railroad
commissioners determine thaa public con-
venience and necessity require 1t.
We should encourage investments in our
State. by assusSnce of protection in the
use and enjoyment of all franchises
against unnecessary composition. so long
served. But the right of the people to
good services a a reasona BILE price should
be more sacred than the claims of any
monopoly or corporation.
toward too much public legislation. Not
every proposed change in our statutes is
necessarily an Improvement: and the bur-
den should be upon those who ask for
them to show their necessity and wis
dom.
1T is better to be conservative rather
pie is not always governed best that is
legislated for most. In very many in
stances it is not of so much Importance
what the law is, as TINT it be and remain
settled SO that the people can govern
themselves accordingly. with a fixed
knowledge OF its requirements and of
their rights and duties.
t STATE AUDITOR.
I have received several communicate tons
from men who have had large experience
in our States affairs, setting forth the
necessity OF creating the office of State
auditor and also declaring that the State
would make a large saving by so doing.
! believe that most states have estab-