Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1908-08-22
The Growth Of Maine Savings Under
the DinqIey Law.

the people of Maine, in our savings
banks, trust companies and lean and
building associations, had increased
up to 1907 from s67 ,535, 433 to s11S,512.-
4oo-a gain of s5O,976,976-is troubling
the Democratic bosses, who are now en-
gagged in advocating the beauties of
free trade. The fact that it
is by far the greatest increase in
the peoples savings that has ever oc-
Cured in any similar period in the
history Of our State would prove very
conclusively to the fair-mindcd citi-
zen Republican or Democrat-that
the protection afforded the farms
and factories of our State under the
Dingley tariff law is very far from be-
ing the curse to Maine" which the
Lewiston Sun vuciferously asserts it
to be.
Indeed gain Of nearly SOL 100000 in
the interest bearing savings Of the
people of our State, in a period of ten
ScdlS, I1lS i'll SttHl " TIC lIOtSlitl III
citizen to be something of blessing.
Some of the attempts of our Demo-
cratic free trade advocates to explain
away this enormous growth in savings
of the people of Maine since the Ding
| ley law went into effect are both
| far-fetcheu and amusing. They show
| to what an extent the parties who
deal in sucn sophistries underestimate
the intelligence of Maine citizens.
If" says one Democratic editor
whom a man wants to get rid of a
troublesome fact he always begins
with an "if''--"the amount deposited
| in the savings banks. the savings de-
partment of the trust companies and
the building and loan associations in
| 1897. had been neither added to nor
Isubstracted from up to 1907, had sim
ply been left alone, it would have in
| creased s25,000.OJ0 by the mere accu-
| mutation Of interest at the rates paid
by these Institutions during those
| years"
He then deducts his $4,000, 0O0 from
| the $50, 100000 of increase under the
Dingley law to show that the figures
| of the actual increase are too high!
| 1t must however be evident to any
| thoughtful citizen that if We are to
assume that ALL the money that was
in our savings institutions in 1897 re-
and that the total showing on the
basis of such an assumption should be
deducted from the actual increase i'll
savings since the Dingley law went
| into effect, we must also assume that
| all the money that was deposited in
| these institutions after the enactment
of the Dingley law also remained there
| at compound interest and add the total
accfunent to the actual net increase of
| savings under the Dingley law. The
proposition is as broad as it is long
| The plain fact is however, that the
money in our savings institutions in
| 1897 DID NOT all remain there at conf
pound interest neither being added to
or subtractcd from" neither did the
| enormous volume of savings SUISSE
| quently deposited in our State savings
| instit Ltions so remain there
The plain fact is that every bank
| inc hI1s ~ hxt
deposits and Withdrawals. There are
| thousands of people who depend in
whole or in part upon the interest on
their little savings to Icfray their or
binary living expenses. 1t may be in
terestirg to speculate upon what would
| happen if there were never any with
| draWals of deposits from our Savings
NEUTRALITY-SUSPICIOUS. being able and
willing to let his accommodations in
| such institutions remain there over
| long periods of time at compound in
! terest; but figures worked out on such
d basis arc purely speculative They
belong to the world of theory, and not
| of fact
| There are daily Withdrawals both of
principle, and of accrued interest at
all our savings institutions, as the
people have need of their money for
the purchase of property and for 9TH
er purposes.
The increase in any savings institu-
ton for any period represents the net
| increase of deposits and interest earn
ngs over Withdrawals, and the
attempt to befog the actual
facts. by figuring what might be the
results IF there were no Withdrawals
| is a sheer waste of time The plain
facts concerning the magnificent in
crease of the savings of the peo-
| pie of Maine since the Dingley tariff
| law went into effect speak for them
selves. They are these:
In 1897, the last year of the Wilson
tariff law-the people of Maine had in
! the savings banks, trust companies,