The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1897-03-24
In THE SENATE.


The committee OH legal affairs report
ed fought not to pass On bill to legAlizo
the doings of Swans island. Tabled by
Walls of Knox.
Senator Engel of Pc nobscot tabled the
bill to enforce the payment of taxes on
unincoI porated tim Der and grass lands.
Ihe bill to regulate the formation of
school districts was tabled by Senator
Witham of Cumberland.
Two House amendments which accom-
panied this bill were not acted upon.
The committee on military affairs re-
ported a resolve giving $500 from the
public money to pay tine expenses Of Gov.
Powers and staff during the Grant mon
ument dedication i'll New York City
April ~.
The order regarding the railroad com-
missioners, Which came hack from the
House which insisted the matter go
to the COMMITTEES on legal affairs was on
motion of Senator Mccullough sent back
to the House. the Senator insisted that
the matter 20 to the committee on rail-
roads. The question is to decide wheth-
or the railroad commissions should be
elected by the people or appointed by
the governor.
The committees on States prison, mines
and mining and reform school made final
reports today.
On motion @f Senator Savage it was
ordered thai the forenoon sessions of
the Senate begin at 9 o'clock a. m.
ETbe bill regarding the taxation of
Senator Walls of Knox opposed further
taxation, saying that the most of the
depositors wers laboring people who
were rot engaged In trade. The ban ks
are unable to pay large dividends. Start
ing with psr cent. the dividends have
fallen to 312 per cent Anything less
than this will compel the banks to quit
business. Can the State afford to destroy
these institutions?
Senator Stearns of Aroostook thought
it very i'll timed to begin this movement
now. The savings banks can afford to
pay taxes.
/ Senator Reynolds of Cumberland in
the absence of Senator Drummond, who
is at home sick supported the bill.
The first savings banks tax was levied
in 1872 when all the banks were earning
from to 9 ger cent. The State tax has
increased so per cent. since 1872 while
the mill tax has fallen eff 25 per cent. in
the same time. The tax has gone up
from one-eleventh of the States real need
in 1872 to one-fourth of the revenue in
1895. The Investments of savings banks
ara in pu5lic securities, that have been
issuei to give employment to labor in
some form. In the past year the Maine
savings bank have lost 1000, 600 in
shrin kage of values. Now We can get at
the savings banks for purposes OF TAXA
tion. Drive the depositors out, and they
will put their money whers it cannot be
taxed. We should encourage the savings
from small incomes. That is what the
savings banks are doing. The savings
banks hold many investments that are
paying better interest than can be negoti-
ated today. When these old investments
are redeemed the savings banks divi-
dends must come down.
Senator Savage said that only sense
of public duty impelled him to oppose
the bill. The bill is Ill timed. When the
general tax rates is going up ii is not
fitting to reduce the tax on saving banks.
The banks pay no municipal tax except
on real estate. They are taxed but one
half to one third of what other property
is taxed. This can easily regulate their
dividends so as to secure survival. They
pay the dividends they are able to earn,
no more, not one mill more.
che vote was taken 10y yeas and nays.
On. the. question to pass the, bin to be
engrossed and tn us reduce the Tax on
savings banks the vote stood yes IL; no
IL, and tue bill failed to pass.