The Providence news. (Providence [R.I.]) 1891-1906, 1906-02-01

son who has performed military duty
shall be remtted for the year he shall
perform such duty. and said tax assessed
upon any mariner while he Is at sea or
upon any person who by reason OF ex-
.FeH44e- -eere-ty-is tnabie-to pay said tax.
shall on application OF said mariner or
person be remitted The general assembly
shall have power TO provide by law for
tho collection ard remission OF said tax
Ii was read and referred 10 the commit
tee on special legislation.
The calendar for the day was then I'm
order and tine only matter was bill for
an act in amendment OF an act entitled
IAN act 10 incorporate the Providence
Institutions for Savings" and OF the acts
! iiii amendment thereof, OF which. the COM
mittee on corporations recommends pas
sage
The bill is one which increases the right
OF receiving deposits by the bank UP TO
$50 coo 900.
Mr. Rattey arose TO ask for informa-
tion from the member who introduced the
bill as the reasons for the change. AS n
matter OF policy he said that the mem
bers should scrutinize these bank meas
ures and he dilated on the folly OF giving
the banks too much power or latitude.
as IL was often disastrous TO the deposi-
tors. citing the case OF the Provldent Sc
curities concern in Massachusetts,
ALMOST TO THE LIMIT.
Judge Palmer Of Cranston spoke in ex-
planation Of the increase I'm deposits and
said the bank had almost reached its
limit In deposits, which was now S3D,ve0p.
Mr. Bowen OF Providence asked the gen
tleman from Central Falls what secdrties
held by the Providence Institution for
Savings he referred 20 as an~nnsafe in
vestment.
Mr.. Rattey retorted that he had referred
brtf eli IA NJ ssit
and state bonds the otner securities might
fiuctuate in value and cases were often
heard of i'm these days when securities
valued at par today might be worth al
most nothing tomorrow.
Judge Rathbun OF West Greenwich
made a long earnest eulogistic statement
In regard TO the Providence Institution for
Savings which he described as one OF thu
very soundest I'm the country, directed by
men who are unquestioncd as successful
business man OF its s3S.00o depositors Ee
said S29.44S were men having deposits I'M
der $500 and showed that II was n bark
largely patrontzed by working people
He said ne supposed Mr.. Rattey felt inn
PEELED 60 follow the example OF the Illus
trious leader OF the house who occupied
his seat last year.
Judge Palmer said ne would explain b s
action in voting for the bin In committee
and went TO say he would excuse Nj.
Rattey for his ignorance of conditions rs
he had not the time TO look it up.
Mr.. Rattey said he needed No excus.ns
by Mr. Palmer
Mr.. Peck OF Warren spoke on the OBJ
surdity OF anyone intimating that there
was need 20 scrutinize a measure for the
petitioning bank and Judge Harris Z, III
how glad he was that the minority was
not I'm control dilating upon the danger
of spreading false rumors about bankTg
institutions rs runs were caused so ca sily.
S. w. *. Allen OF East Greenwich and
Messrs. Lace OF Burrlllvlle. Goodwin AM
Herrick all spoke in favor OF the amend
ment and the measure passed Mr.. Rattey
being the only one voting nay
Al 1913 the house adjourned on motion
OF Mr.. Herrick.