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

have become its strongest support and It's
largest tax payer. 49,. 60.
81 GOO, 600.
OF this amount 1t appears that the saw
ings banks pay at least one-fourth.
The railroads pay in taxes ...... s1G6.0ot
Express companies ...:.............. 4,OU
Telegraph and telephone COM
panleS .....-.................. H,W
Insurance companies, in taxes and
1ees ........-::............ S.UN
Other corporations in fees ........ Z7.0N
Wild lands (State taxi ............ 1900
Which will M e total OF ..... $29l ,19l
Thus It appears that the savings banks
ray much more to the State In taxes than
all Of these property institutions.
1t is often claimed that the otner bank
Ing institutions Of the State are compelled
TO pay a municipal tax on their stock,
which Is fully as burdensome as this tax
upon savings banks.
the total valuation Of all the banking M
stituti0ns other than savings banks In
this State IL l0.fs4.000.
II they pay q tax upon this stock at an
average rate OF per cent II will give
sos, 600. In other words, the railroads,
express companies, telegraph and tcle-
phone companies, insurance companies.
national banks. trust companies, wild
lands and all other corporations in fees,
pay in taxes about $500. GEO. while the saw
ings banks alone are paying $4,000 am
nuaiiy.
II might be proper in this connection to
also call attention to the fact that the
supervision of these institutions and the
assessment of these taxes is costing the
ments that IL maintains.
AUGUSTA SAVINGS BANK.
saco and Biddeford. organized 1877; Gar
diner. organized 1894: Augusta. organized
ls4s. now the third in SIZE in the State.
Deposits, 6.3S1.OO0 more than One-twelfth
Of all in the State.
State tax paid during Year 1881. sM.si2.
First statement in banking department
in 1856 Deposits. SIS, 3S2 o. profits. 1851 Oh
sundries. so: total assets, Ssc, 9ss; 90. Num-
year, per cent.
Confidence in our banking institutions
lies at the foundation of our financial
The confidence of a community in It's
savings banks rests largely upon the
character of the persons comprising its
board of management.
wish to thank you for the honor and
pleasure given by permitting me to at
tend this 5oth anniversary Of the organic
alton.
Judge. o. G. Hall responded to THE
Duty OF the State to Savings Institu-
TONS His remarks were brief and
well chosen, and the following was
the tenor of them:
tuition within its borders should be meas
ured, OF course. according to the benefit
that institution is capable of comforting
Ipon the people at large Our educational
and Charitable institutions of a public
character are always literally assisted
and every means taken to develop them:
l suppose that in the whole history OF
social economy there has never been an
institution outside of the public schools
OF more widespread utility than the saw
ings banks. l have heard that the world
is indebted to a bright English woman
for the first attempt at an organized saw
ings institution. Whether that is true or
not. 1t is not unlikely. Women are the
salt of the earth, as well as the sugar OF
society.
The world had managed to get along in
a wasteful and poverty-stricken fashion
about 100 Years ago. The amount of good
they have done. who can imagine? There
is now in the savings banks of this coun-
eo5 of that belongs to wage earners. me
cnanics, clerks. women and children of
small means. These are the real capital
lists, of New England. These very people
banks, through these savings banks.
In our State. Bank Examiner Timber
lake tells us there was last year 1853. 900 ooU
deposited. by 1889 persons. Now there
are about $4,000 depositors. or these
$4,000 have less than $500 each on de-
posit Three-fourths OF the depositors IN
the State are people of small means. This
class is far more numerous than all the
voters at last election. These are the cap
:talists. These loans equal that of all the
or iaxes than ali Yep Sest ~
money at interest. securities. stocks and
bonds of the State. not including bank
stack These savings avn banks pay over
vastly more than is paid in local taxes
On all the rest of the money in the State.
Here at least is way of getting at the
bring into the State annually as interest
on foreign securities about s.. &c., O6.
The duty of the State is to encourage
loss. and to keep Them true to their
original purpose. They should not oe
by burdensome taxes, but at
that 'a the Institution does s not become
mere hiding place for the funds of the
wealthy to keep them from local tax
alton.
Hon. Leslie E. Cornish was the last
speaker, and he as the vice president
of the bank responded to the toast |
THE Future of the Augusta Savings
Bank" The following We're Mr.. Cor
nish's remarks. which were intersper-
sed with his rare wit:
The subject assigned me would seem
to call for the gift Of prophecy. a look |
behind the veil. and that no human being |
Is allowed to take. Yet 1t is reasonable |
to predict the future from the past and |
at least to guess what will be from
what has been. We can do this in the
case of individuals and 1t is usually safe |
to do SO In tho case of Institutions, for |
successful institutions, unlike men, grow |
stronger with every added year. For ,
them there is no three score and ten TO
mark the limit of active service, but |
each decade only increases their capac-
lty and their power. The strongest uni
est.
To ask for the future Of the Augusta
Savings Bank is then to ask for its past. |
What has been the policy of the instl-
tuition during these fifty years of its ex-
stence? Has 1t shown desire Tor large I
income or safe principal. for speculation
Or sound Investment. spirit OF adyen-
ture or of conservatism? The record
which We have listened to tonight is the |
answer.
We're to preach sermon this cve-
ming, my text would be found In Mat
lhew XIV, Is:
'.Lo. there thou hast that IL thine''
You all remember. or at least ought to !
remember. the parable of the talents: Il
how the nobleman about to take a jour-
pey into a far country called his SER |,
wants about him, and to one he entrust. Z
Hugr A@A - II