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

of the things that a trust company
may do. First, to- receive on deposit
money. second, to borrow money, to
loan money on credits or real estate or
personal property, and to negotiate
loans and sales for others: third, to
own and maintain safe deposit vaults
etc, to be rented for the safe keep
ing of moneys; fourth, to hold and en-
joy all such estate, real, personal and
mixeo as obtained by the investment Of
its capital stock or any other mon
eys and funds that may come into its
possession in the course Of its business
and dealings: fifth, to act as agent for
issuing, registering and countersigning
Gel tificates, bonds, stocks, and all ev-
licences of debt or ownership in prop
erty. sixth, to hold by grant, assign
ment, transfer, devise or bequest. any
real or personal property or trusts du
ly created, and TO execute trusts of
every description; seventh, to act as
assignee, receiver, executor and no
surety shall be necessary upon the
bond of the corporation, unless the
court or officer approving such bond
shall require it; eighth, to do in gener-
al all the business that may lawfully
be done by trust and banking compa-
MES.
| submit, gentlemen, that the organi-
cation of a trust company means grave
responsibilities to the people 1t is
unlike the opening of a grocery store;
il is unlike the hanging out of a shin
gle ny doctor. Ihese trust companies
receive money from me people, iroh
~ bn
the uhsuspectlhsa pupiic, ana III tne
state 81 Maine peneYe our people are
PROUD OF our oahkihs ihstitue1ohs am
tnat they nave lalt' III me ooalas oi
directors OF the oanks IN TINS state.
lhose men are conservative men, anu
they are usually honest men ana men
Oh h1eh purpose
THIS bill proposed by the gentleman
from Lisbon 6Alr. Plummer) not only
sweeps away the safeguard, but / be-
lieve it would open up a string of wild
eat trust companies in this state. II
any FIVE or more men coming before
the bank examiner OF Maine cannot
establish the fact that they are men oil
character and that they are men OF
standing, and that the town IN winch
they wish TO establish bank needs
another bank. If they cannot esta
those facts then say they should
wait; and if they are rot satisfied with
his decision, they have an appeal to the
Legislature of this state, and IL thelf
cause is just and right the Legislature
of Maine no doubt would grant the
charter that they ask.
In the interests of several banking
and in the interests of the public this
bill should not have a passage, and
that the report of the committee on
banks and banking should be sustained
by this House.
Mr. PLUMMER: Mr.. Speaker, l
would like to ask the gentleman from
Augusta (Mr. Newbert) and would
like consideration on the question by
other members of the House-do you
suppose that there ever might be a
bank examiner in the State of Maine
who. supposing application were made
to him for a bank in any town where
one or more already existed, and where
it was in the interest of those who
We're already in the business TO keep
another one out-do you suppose, l
say, that if an envelope were placed
somewhere where this man might get
hold of it, and attention called to the
fact that in that envelope were con-
tanned certain tangible facts which |
might be worth while for his consid-
Grafton in judging this case, and sup
posing that on opening that envelope
there were found to be two three, four.
five. or may be ten-I don't know
how many, fifty-dollar bills. do you
suppose that there ever might be a
man that might take those bills into
in weighing the evil
dence?
I am reminded of a story that
once heard-I don't know whether IT
is true or not, but it doesn't make any
difference Somewhere there was
man in a position of authority, a man
having power over certain things, and
he judging by the kilograms or let
tiers that passed, had been approached
by somebody in relation to his discre-
ton in certain matters; and he tele-
graphed to his superior. who / think
was in Washington, his resignation
He, having been an efficient officer,
his superior telegraphed back to in