Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1913-02-21

sioner after proper investigation and
upon certain restrictions, To incorpor-
ate or authorize the incorporation OF
trust companies and branches of trust
companies.
The law embodied in the chapter
cited in this bill provides that the
petitioners or the promoters petition to
the banking department, and within
80 days after the first publication of
said notice the subscribers shall APP
ply to said examiner for the certifi-
cate that public convenience and adj
vantage will he promoted by the es-
Establishment" of such trust company.
And if the bank examiner refuses or
If the department refuses to issue such,
certificate, no further proceedings shall
be had hut the application may be re-
newed at the expiration Of one year.
The first amendment proposed to
this bill is TO strike out that entire re-
strictien and provision. 1t provides in
the next section that the promoters of
new bank, or parties desiring to es
tablish a branch may proceed to adj
vertise for three successive weeks in
one or more newspapers, even though
the bank commissioners have decided
that it is not for the convenience and
advantage OF the public that bank
shall be established there-and may
proceed without the consent of the
banking department to do banking'
business.
And in order to make it possible to
be rid of practically all disadvantages
for the establishment of banks the
amendment of Section 81 strikes out
the word only" and also the follow
ing language. that public convenience
and advantage will be promoted by
the establishment of such branch q,
agency and leaving the law to read
without that restriction. In othef
words, this bill eliminates the public
convenience and advantage entirely,
and caters and contributes to the
wishes and desires of promoters in
establishing a bank.
The present law, as anamended.
reads as follows. referring to the bank
commissioner who shall issue such
warrant only when satisfied that pub
lie convenience and advantage will be
promoted by the establishment of such
branch or agency" / think all that
is necessary to say to the members OF
this House, that that provision and
that restriction placed upon the bank
commissioner by this amendment is
entirely swept away; and that if this
amendment passes, as far as can I'M
derstand the law, and as far as your
committee were able to understand
the law, we are returning back into
the old form of State banking.
Mr.. PLUMMER of Lisbon Mr..
Speaker, the gentleman from Caribou,
Mr. Irving, has correctly stated the
situation as | understand it at the
present time. The fact of the matter
is, If | may be allowed To repeat it,
in order that we may understand it,
that any five or more men in this
House may seek to form trust or
banking company. For that purpose
they must subscribe a certain amount
of capital stock. the minimum amount
being for any town $4,000, for towns
from 5000 to 10000 inhabitants, $780,
600, and so on up until the final
amount required for cities of over 80
900 inhabitants is $4,000; that much
must be subscribed and paid in, as
the law now reads and as it will read
after this amendment is passed, if it he
so passed. In addition to that. thos4
men then go to the bank examiner and
obtain a certificate from him that
public convenience and necessity re
quire the establishment of such
bank
Now, gentlemen, who is this bank
examiner that is established with 50
nIlph a1lthnrity
knows SO much better than the five 81
III or 10 or 20 or more people in tho
city of Portland or in the city a.
Lewiston, or in the city of Bangor, or
in any town in this State, whether
another bank is needed there? Who
is he that he shall be given that pow
er to determine. subject to the fact
that-although | trust that neither in
the past nor at any time in the fu-
ture, should this condition remain in
the statute-I say, subject to the fact
mat | hope no man will ever be found
VINO is dishonest enough to yield 10
any temptation. Do you suppose, gem
temen in view of the fact and in the
light of the way in which the prohibi-
tory law has been enforced, or non
enforced, in this State, and of the
fact that it is commonly reported
and l may say commonly believed.
tnat perhaps a large number-I won't
undertake to state any proportion, but
a large number of the officers who have
been enforcing that law have beer
corrupted. How long are you going
TO keep your restrictions, and how
long are you going to subject your
officials to temptation, and expect
men TO continue honest? How long
are you going to continue to pray
Lead us not into temptation" and
then pass laws which lead other men
into temptation?
submit, Mr.. Speaker and gentle.
men, that any number of men arr.
just as competent to decide whether
bank is needed in their town or not
as is the bank examiner. 1t is unlike
~ that any number of men are eniaAp
TO put up $4,000 with the liabilitfe8
following, which l will later explain
TO you. with the liability or the posi-.
bility of likelihood that they will, lose
not only the $4,000 that they nut in
but they Will lose a certain amount of
any gain which they might make
thereon for certain number of years;