Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1898-09-30

our connection Win Inns institution, ant
the highest ambition we cherish is 10 sex
that this great trust confided to our care
Is transferred to our successors In a,
good condition as 1t was when we as.
sumed It's man mage nrnna and that we may
faithful manner as did our predecessors
And 1t Is our earnest wish and desire thai
when the next half century shall roll by
this great institution will have achieved
even more success than 1t has in its frs
fifty years. 1t stands TO-DAY Il monument
to the frugality and the. thrift Of the PEG.
pie of this section. and TO the integrity
and honor OF those who have been III
managers.
At the conclusion of Mr.. Manley's
historical account Of this bank with Its
wonderful record. he proposed 1.-The
State of Maine" to which Governor
Powers responded.
Governor Powers remarks in part
were as follows:
Mr.. Piesider. and gentlemen:
u Will r1t take me .ong to say wha;
IL lie props SO 20 say tonight came
from the back woods town OF Houlton
to NEE. the business men of Augusta,
and to congratulate them upon having
an :nsee. tuition w.sisin its border of the
sort Of the Augusta Savings Bank
Gle clen paid high com p.iment to
Mr.. Manley's ruper upon the bank s
history. We can learn much 10y COM
pairing the frs 10 years Of the banks
history with ,shc .llss 10 .-eais. The
money that the bank handled in the
past 10 years is larger in amouns than
ali :iie money that could have been
raised in the Stare at the time the bank
was formed, and in fact during any
rse,.od during the first 10 years. That
shows the progress made by the State.
Though we have gained slowly in popu-
.aI.ion we have the right to shy that in
character. energy. and enterprise we
have gained in a manner that now makes
US second to no other state in the
union. Our forefathers were hard
workers, and they laid deep and
board the foundation OF the institu-
tions that we enjoy today
The man of moderate means can now
enjoy as much OF the comforts of life
in our State as anywhere else in the
world. We have educational facilities
and equal laws that go to help along
the comforts OF the man. Maine has
country, and she never will.
The people of Maine are to be found
everywhere, and in about every case
they will be found to be people of the
highest order. In all parts Of the world
will be found clubs and organizations
composed of the Maine people with
some til re that bears the name of the
State. They like we, are proud of THE
past, and confident of The future.
Peace has once more settled upon
US and we welcome ner again with the
prosperity she brings.
Savings banks promote thrift, and
they are institutions shat should be en-
couraged. Trusting that The same
prosperity will attend the future as
the Fast thank YOU for your atten-
ton and will now close.
Hon. J. w. Bradbury who was the
next speaker gave a strong forcible
speech to the toast THE Early Days of
the Pank" in a manner that was re-
n.ar.sida,e for man of his years.
Mr. Bradbury said:
Mr.. Chairman:
When I commenced business life there
was no risk for savings banks The price
of labor is the best tests the value of
money and the condition of the currency.
In the winter of 1880, at the age of II,
taught common school for $14 a
month. In 1923, a college classmate wrote
to me. that he had engaged school for
was the preceptor Of Hallowell Academy
had over SO scholars without any assis-
tant. BY the addition of an hour from
= to ! o'clock; to give specific instruction
n ~ Vfro r1n 7 f<.,,
wear: The Kennebec Bank failed while
resided in that town. Through the kind
ness of its president l was saved from
any loss.
When came to Augusta and COM
nenced my residence here. In April. 1881.
the price of board at the best hotels was
s. per week. Rev. DR.. Tappan's salary
was 500. In 1884. when l began house,
keeping. butter was a ninepence per
pound, eggs 10 or u cents per Dozen
salmon 10 cents a pound, and hard wood
per cord. spruce boards and timber IS per
1000 feet. and pine about $12. AS l con-
tracted to have a house built for me, /
had occasion to know the price of the
materials. In 1S4S the government issued
proposals inviting offers for a loan OF $15,-
0OOOO0 at per cent. to pay the expenses
If the Mexican War. The amount was SO
enormous that the CAPITALISTS thought
Corcoran declined to join the syndicate
and got nearly the whole loan at some 5
per cent premium. This was the year
YOUR savings bank was founded. / re-
member 1t well. Fifty years ago such a
thing as a savings bank was scarcely
known. 1t was new enterprise in Au-
gusta. Up to this time the needs of a
new country were such there was little
use for them.
The design of the founders of the saw
'ngs banks was to provide an institution
where the laborers. male and female.
could deposit. from time to time. the little
surplus they could spare, and have 1t safe
and at interest. as provision for time
Of need. Their success was small for
several years. They have now become a
necessity. They hold the small sums OF
those who have rot the skill or amount
to make investments. and the remnants
of small estates for the widow, the or
er's. report that the deposits in all the
savings banks in the State amount to
some $6O,0o0,oOO, owned BY 10000 deposit
tors, averaging about $500 for each. In
the savings banks in our Union the de-
posits amount to almost 81. 1000 600, 0OU,
owned by over 100000 depositors, aver
aging like those of our State at about
chiefly in securities resting on contract,
and their value consequently depends on
the value of the dollars with which; they
are paid. Our silver dollar Is worth par
because the government secures 1t and
-edeems its paper certificates with gold.
The Mexican dollar Is worth only As
cents. The Mexicans are trying the sill
yer experiment. They redeem with silver.
Now the payment of these deposits in So
cent dollars would take from 1000, 900 de-
positors nearly 81, 900 O0O, 900 and give 1t to
the makers Of these securities-take from
one class of our citizens and give to an
other. Would that be just?