The Portland daily press., 1901-02-20

in9s banks and / am glad, said Mr..
Tim beriake, that the Senator has so
frankly stated. that this Is his purpose
MIR. Timberlake showed By figures that
II a municipal tax OF q little over two
per cent wns added to the expenses Of
the banks-as the staples bill would do
there would be less than ons per cent
left for the depositors ana the result
would be to withdraw the money from
the banks. 1t would be as well to repeal
the charters OF the banks rs to pass
bhis bill.And II the deposltors were with
drawn, the result would be to disturb
the channels OF trade. The mortgages
held by the savings banks would have to
be paid. So would the other loans. The
effect on business might be foreseen.
As to the trust companies, would you
tax them out OF existence and give the
business 10 the national banks.
Mr.. TimberIake said 1t would be Inn
possible for the officers OF the banks to
comply with the provisions OF the Staples
bill requiring them to file with munich
pal officers tine names and addresses OF
this depositors. There are now SO, COO
stats and of these II Is impossible to
obtain the addresses OF many.
The savings banks of Maine in their
80 years OF existencs hayeeBut t3O0, eco, COO
into the business of Maine and in that
time the depositors have lost only s7O,-
COO. This is record, which, In the
opinion OF Mr.. Timberlake. cannot be
equalled by any other branch of indus
try. The savings banks paid in divi-
dends this year, even at the present low
rate, $s,25O,O00. II any other industry
gave such a return 1t would be called
q good thing for the people of the state.
In the 30 years since these institutions
became OF consequence, in this state, they
have earned for men, women and chill
dren OF Maine $4,000, 200. About one
in foul OF the people OF Maine lie de-
positor In the savings banks. Inc 1856, ,3s7
dspositors have an average OF $3.50 each
In the banks. This is 500 per capita for
every person In the state. Few business
men have deposits in these banks. Does
any member of this committee have such
a deposit i think not. have investi-
gated this subject and l know that the
great majority OF the depositors in the
banks are aged men. widows and chill
dren. Over 1890 persons, nearly one
quarter OF the population of the state,
have less than $500 e1cn on deposit, or to
be exact they have s119 on the average.
And l do not believe thas If poor
widow drew this money out and told
the town ASSESSORS that she had it that
they would be mean enough 10 tax her
on It,
Now as to this suggestion that rich men
have large amounts of money scattered
among the banks. / know that that is
a prevalent idsa, but L also know that
when the argument is made 1t is un-
necessary to 60 over the estate Of those
who have died In the past ten or twelve
years &c ind ten or a dozen examples OF
shis sczs. will admit that there are
soxne such cases and viii say that the
money ought not to he In the banks. /
They don't want 1t because when the |
market Is active this class OF deposits is |
withdrawn and invested outside. IL
this money was not In the banks 1t is |
safe to say that 1t would not be taxed |
because men who take this advantage
of the banks do not pay taxes on the |
money they have at interest. Should |
you take oil the seventy millions out Of
the savings banks l do not believe you |
would add ten millions to the taxable |
property in the state.
Since 1872, the savings banks have
been taxed and In that time the state |
has received from them IS, 0S0, 7l0 Ul and |
to collect tb!s Il has cost 10000. You |
pay the department at about half the
rate you pay the collection in the
towns. Last year from various sources
outside the direct tax levy, the state Ie-
ceived ssg3 900. The savings banks paid ,
s450, 600 Just think of this magnificent /
return on the $500 deposits OF these poor
women, aged men and children. IL the |
savings bank were taxed as are the ma
tional banks, they would pay but about |
two-thirds OF what they now pay and ths
banks represent tine investments
Of the wealthy.
We have heard q good deal this winter
about double taxation. A large proper
tlon OF the Investments OF the savings |
banks are In properties which are taxed. |
Out Of the seventy millions, thiTty-two |
millions are invested in property subject |
TO municipal taxation. My brother |
Staples refers o the money In the banks
as tied up. That is the notion the chill
dren have when they take a dollar to the |
bank and think 1t is locked up in the |
vault and kept for them. This money |
must be need. 1t must be kept in motion |
80 earn the dividends. II these depositors |
tried to invest the $3.50 each, many of |
them would lose It because OF their igno- |
rance OF investments. They would send
1t out West or 1t would 90 In foolish
schemes at home.
In answer to a question by Senator |
Staples, MIR. Timberlake said that very |
small proportion of the Investments OF
the banks yielded six per cent.
Mr. Tim herlaka showed bv f0urae how