Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1913-03-29

do for the individual, there VIII always
be trouble. This exemption of mort
cages has grown out of that very fact.
We have taxed individuals at the mu-
nicipal rates. while we have taxed saw
ings banks and trust companies al a low
rate, ana il this resolve for amendment
of the Constitution is passed, we should
bc in a position so that we can place all
that intangible prore:tY in one class
and make uniform rate. And | be-
iicve that the savings banks are not suf-
fcring, which are paying on the class
you would further relieve, alHg three
cighths of one per cent. 1t is an eX-
ccedinglY low rate No savings bank is
suffering by the imposition of that tax
J have asked the bank examiner to fig
ure. it out and include the figures for
19fe, and he states that the reduction
ON the basis for the tax of 1872. Will
amount to Sl9,677.0G There is a mate
rial increase in the deposits each year,
so that if this bill passes II deprives
the State Of more than 100000 in the
next tive Years
move you. Mn President that the
minority report be accepted
The PRESIDENT: The Chair will
state that The majority report carries
with it bill, ana it has been accepted
in the House. the bill was read twice
and passed to be engrossed.
Mr.. WING: Mr. President with
draw my motion and move that the bill
be indefinitely postponed.
Mr.. WALKER of Somerset: MIR Pres
ident as we all know one-half of the
tax on savings banks is for the com
mon schools of our State. As a mem
Der of the committee on education. | am
somewhat Interested that the motion of
Senator Wing shall prevail. as in our
consideration of the school matters in
the State. we reckoned that this tax
should be forthcoming. in the next two
years, Therefore, as one interested in
the educational interests Of the State. |
| hope the motion of the senator from
Franklin will prevail.
Mr.. MOREY of Androscoggin, Mr.
| President, | want to endorse the word
/ of my friend, Senator Walker. As
! understand. it will be $4,000 a wear
/ less for the school and mill fund, as
the school and mill fund is based en-
ttreiy on the census | Wish to voice
my protest against this measure.
MIR. REYNOLDS of kenebec: Mr..
| President. ! have talked with some of
the bank people and many of them
claim If this law remains as ii is,
they must cut down the interest rate
| do not know many of them but
do quite a lot of business with them.
believe some OF the money we have
! invested outside of Maine We had bet
| ter have here invested in Maine.
| There is any amount of money that
has gone TO Massachusetts and has
not come back. We had better Keep
some of this money here and let il
be taxed little less. If Il man has
500 and puts it in the savings bank
he gets only $50 for ii il this tax
keeps along. Some of the directors
and presidents of these savings banks
say that they will have to cut down
to three and half per cent. MANY
of the savings banks now are onl.-
paving three per cent II seems that
it comes right back to the. poor man,
the man who saves up s50a or 5000.
The savings banks do not want To-
pay this tax. | believe that We should
take care of our savings banks for
they are pretty good institutions.
While | have no money in any of
them l believe in them and have to
go there for relief.
Mr. RICHARDSON of Penobscot
1t seems that when this whole mat
ter in regard to intanCibles VIII ht.
adjusted within a short time that II Is
very unwise to pass this law now.
The reduction in the tax would be felt
very seriously by some of our import
, ant departments. And we cannot af-
ford to lose the income.
AS a member of the committee "n
financial affairs, | have seen many
worthy requests cut down because We
did not have the money. We know
that we must largely increase our tax
rate and | do not believe that this
is a wise movement, this year
Mr. MOREY: Mr.. President. the re-
port on the savings banks tax eamc
y in. eight signing the majority report
and Two signing the minority report.
u 4 hearing was had before our com
| mittee and "a strong plea was mad"
. for the savings banks of the State.
If was claimed that they are being
Disseminated against in regard to
{ taxation. and that relief must come II
II is desired at all to maintain the
: rate of dividends at iour per cent
: that il will he practically Impossible
e "a maintain that rate unless rellei
o ca,,,es in the form of dimnntion oil
5 taxcs AS is well known, the trust
II companies of the State have develop
e I'd largely and are in, "A great STATE
y of progress The hberality of then
charters and their opportunity to dl
o business makes it apparent that theA
e are institutions which are toreihe
{, ahead to the detriment of the savings
II banks
. Some of those before our commit
i tee stated that savings banks wouio
@ ,,.cticaIIy cease to do business ih-
!. ioes something was done, and theN
d tbouebt as an act of justice To ines
V institutions and in order that the say
:. i,es banks should be maintained, tha'
Il mis- fax should be included in the la"
e II all figures out in this way, II
d tho hank examiners report, Page Il
5 The deposits in savings banks durinf
1910 were 1893, sos, 52S.43. The tax pait
: during the year was $i65, IS. Th'
f trust companies of the State FOR w
8 choir savings deposits. were S2t94f'
n 5s5 % The total deposit bearing three
O.,