Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1912-03-18

ms IlrSt term the entire temporary
loan of $3.50 eco had been paid, as had
also $4,000 on account OF the Eastern
Maine Insane Hospital and $120.000 of
the funded debt There was also an
incr ease Of cash on hand exceeding BY
$240. 613.61 the amount in the trea sury
when lie entered upon the duties of
the suhernatorial Office These various
items made a total net gain of $l46,-
0l3.6i to the State treasury in the first
two years of his administration, In
the folloWing' two years, covering the
second administration of Governor
Hill, the bonded Indebtedness Of the
State Was reduced $3.50 600 In view ri
this splendid showing Of results it is
not surprising that the administrations
ot Governor Hill have taken high
place in The history of Maine for the
rare business aeumen that character
ized the handling of state finances
during those years
1t was not alone. however, in his
mastery handling of the questions OF
taxation and State finance that Gov
ernGr Hill made his administrations
| notable in the life OF the State. No
Governor eyer entered upon the duties
OF the executive, office with Il clearer
or more comprehensive grasp OF State
affairs. His addresses To the Legisla-
ture Ntre models Of elcarness and per
spicuity. They presented the cond-
| tons and needs If the State With
| fullncss and directness that all could
understand and will always rank
among the ahiest State papers in the
archives II Maine. I'm these addresses
| strong ground was taken for the ad-
yaneement 81 education: for the ADAM
| donpent ut the fee system, for stat"
aid IN the building 81 good roads. Tor
| be employment of tho cottage system
\ al the State Reform School. and the
| changing at it's name la the state
| School foc boys. fer liberal pensions
FOR Union veterans; for State Re
| formatory for women. Tor better pri-
| maries: for an improved ballot. for a
| game license on. hunters from other
] states. which would make them bear
| a norton Of the expense of maintain-
| ing chr extensive game preserves; Tor
| the establishing Of a State Dairy De
| nartment and for numerous other re-
| forms. practically all af which We're
| carried into effect by the state Lesis-
la.ure ana are today part of Maine's
| statute law. Governor Hill had at all
| Tires the courage OF mis- convictions.
| and time has fully demonstrated the
| sonndness of his judgments
| The largo number of people in Maine
! whose Accommodations are deposited IN
The savings banks Of the State are es-
| nacially indebted to Governor Hill Tor
| the better rate of interest they are
! now getting upon their money. In his
4 l .asffGl .tf
| 1903, Governor Hill said
I'm 1872. when the tax on savings
| banks was first established. the rate was
| one-half of one per cent on average De
| posits, and the banks then paid an aver
| age dividend TO depositors of l-3 PEI
| cent. The tax now approNimates thfee-
| fourths Of one per cent, and the average
| dividend paid during the past year mas
| been about ; Ia per cent. In othel
| words the State new receives about one
| fifth of the net savings of the banks
| When il is remembered that more thar
| three-fourths of all depostors have bu
| 500 or less To their credit. and that
| considerable portion of these deposit
represent the small savings OF the poor
pittances which have been slowly aecu
| mnlated by the most rigid economy an'
| seIf-denial-it is apparent that the stat
| is axacting from the banks too large
| proportion of their earnings. Inc Ia,
| should be reduced To an average rate D
| not more than one-half of one per cent
and in order that this may he done with
| out materially affecting the revenues o
| the State / recommend horizontal re
| duction of one-eighth of one per cent
| to take effect the coming year and {
| further reduction of one-eighth of one
| per cent to take effect IN 1901. Accord
| ing tn the estimates of the bank exam
| liner we may reasonably expect a yearlN
| increase of 100000 savings bank de
| posts mus i'm a few years the loss
| sustained by the treasury on account o.
| the reduction in the rate would be mahe
| good,
| As a result of this recommendation Inc
| tax on savings banks was reduced IRON
/ approximately three-fourths OF one pei
| cent. TO fve-eighths OF one per cent
/ with the result that where deposItoFs
/ were then receiving II per cent. they
! are today receiving in most instances
| per cent. This notable encouragement 4
| the thrift OF Maine citizens was accom-
| plished. as has already been pointed out
| along with one OF the most HotHhiC IT.
| auctions in the bonded debt that has
| ever been made in the history Of n,
! STATE.
| The matters alluded to above are only
| few of the salient features of a four
years service In the Gubefnatorial office
| that need not fear comparison with any
similar period in the history OF Maine
As a business man Governor Hill,s ae-
tivities have been many and varied. lie
was for some years actively interested
| in electric railroad Development in Maine
being a leading promoter of the Angus
ia Hallowell and Gardiner Electric Eoa
and its extension t. Winthrop and tie
National Home at Togus. lie WAS also
largely interested in the lioekland'
Thomaston e Camden Street RailWa,
He was identified with Il large electric
railway and lighting property III ln-
diana. as well as with the Quincy Gas
and Electric Co. the Decatur Gas and
Electric Co, and the Peoria Gas and
Electric Co. all located IN Illinois. Gov
crnor Hill was also prominently conneet-
ed with steam railroads III Maine being
for some time a heavy owner in the
Somerset Railway. operating in Somef-