Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1904-12-15
OFFICIAL RECORD OF DAY
Senate Votes to Remove Limit on Saw.
ings bank Depo%its--Biil Regulate
ing Municipal Indebtedness
Passed.
SENAIE-MORNING,

SENATE-MORNING.
Called to order by the president, Do
votonal exercises conducted BY the
chaplain.
ELL INTRODUCED.
S. II-By Senator Ashley, from The
committee on military affairs to paw
Ann story Chapter $40 for support of
Mrs. Esther Damon. widow OF q rcvolu-
tionary soldier, Ordered to lie and be
printed.
ADOPTED.
Joint resolution by Senator Carpenter
| of Rutland to pay tho expenses OF the
committee which investigated the con-
dition of the Bennington battle monu-
mcnt. On motion of Senator Pierce of
| Nindham the rules were suspended and
the resolution was adopted
Joint resolution by Senator Lord OF
Washington providing Tor extension of
time for cngrossing of bills. Adopted I'm
der suspension of rules.
SAVINGS BANK DEPOSITS.
s. 29-Relatinc to taxation of savings
bank deposits. Senator Skinner Uucried
as to the change in the law Senator
Wells of Washington explained that the
bill took OFF the limit from the amount
Of deposits exempt from taxation against
tho dcpositors. Senator Burditt of Rut-
land opposed the bill as dangerous, cX-
cmptng too much from taxation. Sen.
ator Carpenter of Rutland favored the
bill as giving additional revenue to the
State through the State tax on deposits
To be paid by the banks. Senator Lord
lof Washington favored the bill. calling
iattonton to the fact that by the increase
of the limit from $500 TO 500 resulted
in $4,000 additional revenue to the Stat.
and stating that ne did not know OF
amy decrease in amounts of taxes re-
Cevcd by the cities or towns. Senator
Prouty of Orleans opposed tho bill am,
thought that the 5000 additional -'v-
icnuc was not duo to the changed limit
so much az to some other causes. Soma.
tor Fletcher Of Windsor said the com
missioner Of State taxes believes three
fourths Of tho 900 was due to tho raiset
limit. lie thought the bill in tho interests
of honesty and tina. the money that would
be taxed by increased limit is not nov
paying any tax. Senator Lord again spoke
opposed the bill. thinking ii would hur,
local interests. Senator Wells again ia
vorcd calling attention to report of in.
spector of finance. lie explained that nc
bank could receive from any one de-.
positor more than so,dM but a person coult
have s. 900 in each of the several banks
He thought this bill would draw bacl
into Vermont money which is depositet
in banks outside of the state senate,
Carpenter again favored. Senator Birdit'
laGain opposed stating that he had Learned
one thing at least from the debate--that
the increased deposits in tho savings
banks il not due to the license law but
to different finance laws. Senator lshan
of Chittondcn thought tho banks nee.
not fear a reaction from this law. Scnn.
tor Slack of Caledonia argued for III,
bill senator Fletcher said Treasurer
Bacon favors the bill, even though ne he
lievcs it will iniure national banks. S..n.
ator Prouty again opposed Senator Law
renee of Addison called for tho yeas nnc
nays. The vote resulted as follows: Yes
II; no, il; and the hill was passed rhos.
vetins no were Ashley Baldwin. Burditt
Buxton. Dickcv Eaton. EIolbrook, Proutv
Rohiravn. skinner, Ware. Senators Fow
lcr nj Fullington were absent, All others
voted yes.
BILL PASSED.
s. l7o--Ec gulatng municipal indebted
ness
ORDERED TO LIE.
Joint resolution introduced by Senator
Simpson providing additional pay for OK,
ccutve clerk and secretary OF civil anc