Daily Kennebec journal., 1901-02-28

If the rate of taxation is per cent
in Bangor, why. they. if my friend has
$1,000 in the banks he only pays q or
Il per cent. while his neighbor is paw
ing per cent. Is that fair? Is that the
sense of justice that the senator from
PenObscot would represent? | say that
the only true way is to tax all property
equal. You do not pay the sam as the
man who did not have his money in the
savings bank. You are cheating your
neighbor out of IL per cent. when you
refuse to pay taxes upon the deposits
in the savings banks of this State.
Mr.. ADAMS of Penobscot: Mr. Pres
ident, thought | explained this mat
ter few minutes ago in regard to the
matter of stock. Whatever the earn
ings are they go to the depostors Now
the e of per cent. comes out of the
earninSs-that is tax and it is paid
from the earnings. The earnings are
owned by the depostors. There is no
profit to anybody out of it except to
the depositor. | do not see why that
does not explain the whole matter. 1t
comes out Of their earnings. The mon
ey earns 50 much and out of hat
comes the tax. The tax is paid and
they get the balance | do not see that
there is any further cxplanati ton need
ed in dcgard 10 that matter.
Mr.. WEEKS Of Somerset: Mr. Pres
idcnt. this seems to be a kind of run
ming discussion this morning in which
the senator from Knox seems to be do
ing the most of the running. We all
hapr he will not run down upon the
subject because he is one of the most
amusing Democrats we ever met. Now
1t seems to me right at the very outset
that this bill has n wrong title. The
tlii" of the hill as ! remember it, IS a
bill for the taxation of deposits in say
incs banks. The bill should have the
title Of Il bill for the destruction Of
savings banks
a voice: Amen.
Mr. WEEKS: Because no savings
banks can live in the State Of Maine
after this bill is passed. Let me explain
a moment. The senator from Knox has.
With great volubility. told us about the
deficits in the State departments and
the amount of money that was requir-
ed to he raised to meet those deficicn-
cics. This bill-and | challenge the SEN
ator from Knox to deny it-doos not in
crease the revenue of the State Of
Maine one cent. Am ! right?
Mr.. STAPLES Of Knox: | think not.
Mr. WEEKS Of Somerset. Does il in
crease the revenue Of the State Of
Maine one cent?
MIR. STAPLES: No. sir.
Mr.. WEEKS of Somerset. IN other
words this bill provides simply for
municipal tax and not for State tax.
Mr.. STAPLES: That is right
Mr.. WEEKS: 50 that the State
treasurer will get no revenue if this
bill passes. Now. then. if it does pass
the average dividend on the deposits
in the savings banks is 3ia or 3.4s Der
cent. Now we will say that the muni-
cipal tax in the town is ELL simply
use these figures because they are
mandy am not used to using complex
| figures like the senator from Penob-
scots and :, kind Of bother me
Mr.. ADAMS Of Penobscot: They are
not my figures. They are made by the
State.
III, WEEKS Of Somerset: was re-
| fcrlit2 10 the senator from Penobs-ct
| NY friend. Mr.. Plummer. Laughtei')
Now. then. we will say that the nlu-
| ri, ipai tax is two mills and a half
SD on hundred. That leaves the Ge-
positor in the savingSt bank with one
Pc" tci I. dividend net-one per CEN.
Well. gentlemen, who is going to leave
a deposit anywhere at one per cent?
| Here YOU can buy government bonds
which are a good deal better than le-
posits in savings banks and get a
| good deal better dividend than that
Now. tho result will be that all the de-
positors will take their money out of
the savings banks if they can get it:
and | believe that the savings banks
cannot turn this fund very easly-they
cannot pay their depostors easily:
| that it means the ruination of the saw
inSs banks of Maine and it means The
| runa ton of the depositors in the say
ings banks of Maine.
Mr.. STAPLES of Knox: Mr.. Prosi-
dent, am always glad to amuse the
senator from Penobscot. and if | am
an amusing Democrat. | hope I NAV
be able to amusc him in the future AS
have done in the past. ! am not one
of those who think that this state
would e. to the dogs if $40. 900 600 was
Withdrawn from the savings banks
'''''S' Wish tH'N were W4l.-dr1Wn.
DO not want any destruction of the
savings banks. am willing that
theN should hc used for the
very purpose that they were
originated for. and that is for
small savings for widows ana orphans
hut do protest at the moncd men of
this state taking advantage of this thing
at the expense of the rest of the taxpav-
crs of this State. ! am willing to stand
or fail upon that. If you are willing to
say to the people of this state that Won
IN this Senate. refused To tax even the
Sl2.W".H@ of capital that is in the savings
banks by the wealthy men of this State.
we viii appeal from you to the people.
and let them settle it,
Mr.. WHITE Of AndroscoSgin: Mr.
PRESIDENT. il was not my purpose to be
Drawn into any discussion Of this ules-
tion. certainly appreciate the efforts Or
the Senator from Knox to amusa the Sen
ale and the people; but ii does seem 70
me that man occupying such a position
would do better to instruct than TO
amusc. Now what is this question that
is before the Senate to-day? What does
it Involve? 1t seems to me it il something
more than an amusing question II is a
serious question. 1t is IA question which
appeals to the policy which this State es-
tabiished in relation to savings banks
long years ago when it was declared by