Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1902-10-10
STATE HOUSE.
History Of Banking and Insur-
ance Departments.
FOR a lime Both Of These Departments
Were Under One Management.
Mr.. Hanscom Thinks Part Of Ellis.
worth's Vote Shouldn't BE Counted.

'~'AiN SoihiHiSsioiieTS, out the legislature
o. that year passed law abolishing
the commissionerships and creating
the Office of examiner of banks and in
sufance The law provided that the in
cumpent OF this office should, in addi-
tion 10 the powers of the bank COM
fnisisoners, make an examination every
year OF each insurance company in the
STATE. being given free access to the
BOOKS and papers of every insurance
company; and besides was authorized
70 require the agents of any company
located out OF the State to exhibit the
books kept by them relating to such
agencies, and to make answer in writ
ing or otherwise and under oath. in
order to elicit Il full statement Of tho
business done for the company repre-
scented by such agent. The salary al
lowed such officer was not to exceed
$500 year which should include his
travelling expenses.
This consolidation of the two Offices.
however. did not long exist, for the
Legislature of 1870 created the office of
insurance commissioner and separated
the duties to be performed by such Off
Ger and by the bank examiner.
Two years later the law imposing a
seIni-annual tax on savings banks was
created by the Legislature of that year,
approved Feb. 29. The first tax was
assessed in May, 1872, and amounted to
the sum of s57,334.S9. The November
tax was $62. 1920, making a total for
the year of $119, 1878. One-half of the
tax was apportioned to the school fund,
as is now done.
The Augusta Savings Bank paid a
total tax in 1872 of s7SSS.15: Kennebec
Savings Bank, $1290.43: Hallowell Saw
ings Bank, $1692.25: Gardiner Savings
Institution. $3sO7.14: Waterville Savings
Bank, S26S3.31; and Winthrop Savings
Bank, S10110.
When the law of 1868. abolishing the
bank commissioners and creating the
Office of examiner of banks and insur-
ance. went into effect, Hon. A. w.
Paine of Bangor, then one of the bank
commissioners. was appointed to the
office. He served in this position until
1870. when he was given the newly
established office of insurance commits
siOner AT this time Hon. William
Phlbrick of Skowhegan, was made
bank examiner. and he remained in the
office until 1873, when he was succeed
ed by Hon. William w. Bolster of Au-
burn. Mir. Bolster was in Office when
the Democrats and Greenbackers came
into power in 1879 and he was obliged
to give way to Hon. Joseph Titcomb OF
Kennebunk. In 1880, Hon. Fred T..
Richards of Camden, was appointed
ard he served nine years, being sue
ceeded by Hon. Geo. d. Bisbee of Buck
field. Mr. Bisbee remained in the office
for three years. Hon. Charles X. Whit
ten of Buckfield. was appointed to the
position in 1892 and in 1895 the present
incumbent, Hon. F. E. Timberlake of
Phillips was selected for the position.
During the 80 years that the law
imposing a tax upon savings BANKS
! has been in existence it has grown
from S119767.5S in 1872 to the large
amount of $500, 733.42 in 1901. and this
year IL handsome increase Will be
made.
| After the separation Of the two Of
| ficers in 1870 Hon. Albert w. Paine OF
Bangor. as has been stated, was made
| the first insurance commissioner. IN
| 1873 Hon. Joshua Nye of Fairfield. was
appointed to the place. He served
until 1879, when Gov. Garceion APP
| pointed Hon. William Philbrlck Oh
| Skowhegan. the same gentleman Who
was bank examiner from 1870 TO 1913.
In 1880 Hon. Joseph b. Peaks OF Dover.
| the present chairman of the BOARD Oh
railroad commissioners was appolhteu
! for three years. Hon. Oranahoal
| Smith OF Litchfield. served in 1888 ana
| in 1884 Col. Frank E. Nye or fairHeiu,
a sous of Hon. Joshua Nye, occupied
| the Office In 1885 Hon. Joseph -.
smith Of Skowhegan was appointed
and he served until 1898, when the
| uresent commissioner. Hon. STEPHEN
w Carr of Bowdoinham. was given
the place.
| As in the case of the bank depart
| mont the insurance department HIS
grown in the 80 odd years OF It's eA-
istence until now it is one Oh the
most imnortant connected with the
| ctata government. The income 10 tne
state from the tax on insurance COM
nanieS and fees from companies
apants and brokers for the year l9V
aggregate sS9.600.9S. Besides 'hi'
financial benefit to the State humer
ous laws of benefit to the people navy
been PASSED and many rules ana reg
u1ations imposed upon companies oo'
ing business in Maine.
| Rev S L. HanScom OF Euei'
was the enforcement of law cahai
date for sheriff of Hancock county
NJ the recent election. was at t'i'
state House. yesterday. and had al
interview with Gov. Hill in regard &c
his proposed contest for the once %
sheriff. While he claims that thef'
yoro Sufficient ballots intended LOT
him thrown out to give him the eiec;
ton he believes that the TACT ina
the votes of Wards and 4. IN h"s
worth. which gave Whitcomo a ia's'
lead over him. We're not counted an'
declared in open ward meetings. a
the law provides. and also that tneI'
is no record of the result OF the NEE,
iprs in those wards in existence. .
that he claims. there is no way OF de
termining the actual vote IN tnos
wards. Mr.. Hanscom proposes TO pus
,, his claims to the fullest extent, as n
) believes he was fairly elected.
Herbert T. Powers. Esq, OF For
al