The Portland daily press., 1900-03-16

and 10 would noe Be N Moo0 ta4eo tsr me
e o.s - ssipS...ds.lcss q 2, "a: s.sss.. ss,s.
IL Wtssst which hes lat this task 70 e
assumed wholly By The ssvinss bank ON
cials.
It he. been ssia thss the sspcs,,ors
have mmnifaessd bus little intrrsss N
shfs subjset Of taxrs upos their property.
II tails is tree mag not such leok o. In
tsrsss es estsinu,sd ,e is3. o. ot asowlssfs
that they are not familiar with 10 and
thsmi Il 10 aenhtfui " In each Ut the
communitiss represented BY the gentle
men present. there are . dozen people.
ether than thoss who have found 10
necessary 70 invsstigate. who can name
since the taxes were first assessed.
We know, iargsiy because We have been
Obliged to know, that tho taxes exceed
those Of any OF the other eastern States,
and any Of the middle States, the rates
varying from entire exemption In New
York, New Jersey and Pennsylvania, 60
.hoss wh,cs We car are paying; that at, while n.s
cent. since 1672, the rates Of dividend
have dsorsassd forty 1--we per cent; and
that while the state tax rate has dsersafed
fifty two per cent, the bank tax has in
creased 20 the extent have named. We
know that wAile some OF oor railroad
one-hslf Of whom are non-residents,) ten
dollars or more OF dividends for every
dollar the same properties ccntribute 20
the States revenue, our dspositors are
paying to the State one dollar OF tax 20
less than i've dollars VI dividends. 10 10
from all the steam railroads In and enter
ing the State lees than forty -one per cent
OF the taxes the savings banks are pay
ing. We learn from the annual reports
that Maine risks, written In 1898. by 2SS
foreign and domestic life, ..flre, marise
amounted In the aggregate TO tlss. OOO, 700
and that the total contribution TO the
States revenue from these several com
paniea, In licenses, fees and taxae was
less than nineteen per cent. OF taxes paid
by the Maine savings banks. We know
that the tax upon the vast tracts OF wild
land, from which have grown some OF
the largest fortunes Of the State, and
which have fallen 70 their present ownsrs
at cost hardly worth considering, 10 but
ten Der cent. Of the amount the savings
banks are contributing. We know that
the comb bined taxes Of all the loan and
building associations, street railways.
telegraph, telephone and express coln-
panies, In and doing business in the
State, are but ssven per cent. OF the an
nual savings bang tax. Aud We easily
determine that the State recsives from ell
OF the corporations, Institutions and prop
srsiss which have name1 bus little more
than seventy five per cent Of the amount
annually assesssd upon savings bank de-
posits.
Bus with how much Of all this are the
depositors familiarf Thsy sometimes
complAin Of she shrinkAgs In the earning
power of securities; but doubt II we
often explain that the law exsots in taxes
twenty-1v per osnt, of suoh dimiuished
,ev.rna W. unav Rafar thann IN rssultn of
unfortunate Investments; but not often.
think, to the fact that for every dollar
of loss upon deposits. In eighty years.
the State annually demands fifty cents
and more In taxes. We refer them to ths
expense account OF two mills on each dol
lar Of the assets; but imagine some OF
them have yet TO learn that for every dol
lsr Of cost for MANAGEMENT, the State
demands nearly three dollars for Its own
revenua We refer them to the appi opria-
tiou each six months for reserve with
which TO strengthen the condition OF the
dsposltors; but doubt very much II We
often emphasixs the fact that the State
demands one dollar and hfty oents In
taxes, for every dollar 10 appropriated
for their protection. We may refer them
to such reservation from profits; but do
months. demands tAx upon accumula-
tions Of earnings In rsserve, and upon
profits nsosssary for dividends. and that
a tax upon earnings or profit, II exsctsd
Of Industries We are asked to aid In pro-
melting, would bs resisted By every
means which ingenuity could devise. and
by every process known TO law which
such industries could find to EMPLOY The
depositors may reearditax even upon
wages for daily toll as relic OF ages that
are past, or as she cuEtom Of peoples
whom We kssk to enligh ten and oivilize
bus how many OF saeA dspositols are
aware that their own Stats, self conscious
boasting Of bsnencent laws enacted for
the amelioration of the condition Of Its
people, and proud Of the frugal habits Of
Its oitizens, which habits it claims to
have fostsred and encourag gsd, exscts .
Isvsnne. n0t only upon the pisiful saw
the naeagre earnings Of such savings as
wellf
At the inception Of The movement for
establishing savings banks In the State
OF New Yort, cots Of incorporation pre-
soribed that for the purpose OF encourage
institutions should reoeiye and carefully
invest the savings which such habits
might make possible and insure. Owner
ship Of principal, revenue and surplus
was vested IN depository. and declared
absolute aud entire, with no reduction
from reVsnuo exOSpb hoS e4psAbo VI man
agsm ent, and no reservation Of surplus
and acouu.ulAtions except such as wis
dom and prudence might suggest a. necss-
sary for safety and protection. From the
date Of the incorporation OF its first saw
ings bank until now. that State hes kept
the pledges FIRST made. and adhered 20
the policy first adopted. resisting every
effort to ,eure a violation Of the one or
Q modification Of the other. The "Treat"
bill, for q partial taxaticn Of savings
rank deposits, recently bsio,e the present
New York Iesislature, exempted all sums
Of ore thousand dollars aud less. an ak
emption which, In our own State, would
include ninety per cent. or more. Of
Maine deposits. But even this measure,
which, II applied 20 Maine banks, might
justly be considered practical exemption,
met with such reception that but fsw
have been found for Its support other
shan It's originators. and thoss who hoped
to profit BY its adoption as law. Appsals
from Railroad corporations, to which
en0rmoua gifts In franchise and rights Of
way had besn made and conceded by
State and communities, were Of no avail,
infiuence Of great water ways, with az
travagAnt subsidies granted BY Legislative