Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1903-02-11
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Dill tndt cOI1linendS itself to my judge
men. l find fifty-one trustees here
present; and my experience tells me
that a great many of those trustees,
during their business career, have
been men who never spend any time,
nor ever turned round in their tracks
unless they had pay for it. / am sur
prised and gratified at their sudden
conversion. As soon as they are APP
pointed trustees of the savings banks,
they give their time gratuitously when
a hearing is to be had to reduce the
tax on savings banks, they all come
down here to Augusta, and of course
pay their OWE expenses against the
reduction of that tax; and if they have
changed from being parsimonious men
to men of philanthropy, then certain
ly some object has been gained, in their
conversion.
/; has been said that great many OF
these people are poor people. \ / admit that
some of them are; but when look at the
bank examiners account find that there
are great many men-a great many de-
positors who are not poor men. | have
not heard of a depostor's coming here
and asking that the tax be reduced. 1t
is peculiarly significant that nobody but
care for their depositors. that they come
here and ask for it to be reduced--not
petition mas come to my knowledge from
any depostor in the State of Maine: The
deposits, today. are ST.. 900, 000-$1, 600 00G
over $1,000 and SS.000,000 between $500 and
5000. Do you suppose they come like the
old woman? No. But they ride up to the
savings banks in their coaches. and send
In their money by a colored gentleman,
and get their dividend upon it. while the
poor old man on the farm is at work on
the rocky hillside raising pittance to pay
his taxes. Mr. President. it is said the
State is prosperous They PAID three
cents and two mills two years ago. and
now they ask us to reduce that | am
not in favor of that reduction. Who gets
this reduction? If your neighbor has so090
in the savings bank and you have a small
farm and house worth $lD. are you con-
tent to say that you will build the roads
and educate the children of your neigh
Dor? All he has to do is to go to the
bank and draw his dividend. Is there any
fairness or justice in this? L think not.
Here is a savings bank here, and ma
tional bank there-that national bank
stock pays interest in every town where
the depositor lives at an average rate OF
6 per cent, and he is taxed upon that just
The neighboring bank-the savings bank,
pays no taX-whens you talk about five
SiXthS of one per cent it is no tax. The
savings banks of the State are prosper
GUS i do not believe we should reduce
the tax on these deposits. | am of those
who would abolish. if | had my way, all
the tax upon savings banks to the State.
/ know only one true principle of taxa
tion-the same as they, had in New Hamp
shire In New Hampshire they tax the
deposits. 1t is the only true way to do it.
The supreme court of New Jersey have
not yet signed the opinion, but if you will
look at the report of the assessors you
will. find that the supreme court of New
Jersey has declared unconstitutional a
tax by the state upon banks, and abolish
ed it. You will find in New York Re
publican Legislature, two years ago,
placed a tax upon the deposits in the saw
ings banks of that state. We find it so in
great many of the states of this Union.
In New Jersey, Connecticut, in New
mother of Maine. In the West there are
but few savings institutions. | think the
people have wrong idea in believing that
without savings banks we could not sue
coed. / believe that if all the deposits of
The savings banks today were withdrawn
those people who have been economical
enough to save that few hundred or thou
sand dollars would take care of it. after
being under the guardianship Of the cote
lie of directors / saw here the other day;
and when Bro. Cornish says: 'Afl rise
mp, 81 directors got up-and they were
4 good-looking set of men. But the people
Of the State of Maine were not able to
come here-they had no money on dep oSlt
they We're unable to hire attorneys, as
he savings banks have hired attorneys to
come here and have had them employed
or the last two years, going from one end
IF this State to the other importuning ev-
:ry member elected to this Legislature to
reduce the tax upon savings banks. If
YOU reduce that tax upon the savings
banks to one-eighth OF / per cent. on
these little earnings of the small depoS-
tors, recollect that you give to that class
IF men who have taken advantage of the
good legislation that was originally had
ind what was intended to be right--that
he savings banks of this State should be
The depository of widows and orphans
out the monied man of the State comes
n and when the bank examiner reports
hat there are only 345-I think the num-
Der is-who have an excess of $1,000, he
ioes not stop to consider that there are
men in this States who have over $40. 900
n the different banks of this State-that
one bank to my knowledge there is ten
yes, fifteen thousand dollars in the saw
ngs bank-not in the name of one man
they put it in in the names of their
wives. their sons, their daughters-and
he common people are paying the taxes
n the place of those men who have taken
advantage of the savings banks, who are
lble to pay. Eighty-three million dollars
led up in the savings banks Of Maine.
know in one town, not a hundred miles
rom where I stand, that there is $4,000
n two families that is paying no tax at
all. excepting this five-sixths of / per
cent. The voters of that town protest
against it. What we want to do is to
10 something for the interest of local tax
ttion We do not want to do is to do
something for the interest of local taxa
ion. We do not want to centralize 1t in
he hands of a few at the expense of the
many. If 1T was to < i've to the widow.
hat would be a different thing-but what
ever you reduce on this tax goes into the
hands of the depostor. One man told me
,nly day before yesterday that ne had IL
)ank books-a wealthy man. aggregatlng
some $4,000 in the savings banks OF the
State of Maine. not paying dollar of
axes. Is it any wonder when money &C
,umulates in that way that our interior
owns are growing poorer all the time?
t is fact that our interior towns are be-
coming depopuiated-that they nave less
md less in valuation as time rolls on: and
is just such legislation as this that, as
5ou ride over the hills and through the
ALLEYS, shows you the deserted farm,
IND II you keep on giving the rich advan-
age over the poor you will find more va
can't houses than you find now in the
State of Maine. Now as the two are al
led together, and as I had bill which
shall not speak upon, will do 1t a II at
his time. | believe that these rich men
If you refuse this--if it is q fact as the
oank examiner predicts, that II you do not