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

though i tnlnk tfldI WOuiu De the prop
err .ern-that this was the general plan
under which the national government
was operating, and was conducting ma
tional banking affairs / regret to say
that ii is, and / will show you in q
moment what l regard as some of the
fruits of it. He said a great many peo-
pie We're trying to get into the nation
al banking business, and that he
comptroller of the currency had to turn
them down. He said that national bank
stock was very desirable. | will tell
you. gentlemen. that when you put a
monopoly around anything you will
nn1 tl6t ay lind of stock is very de-
sirabie You Will find, if YOU could not
ave @n,' more doctors in this State
er9 ii The n uuiation should double,
thai an opportunity to practice medi-
cine would be a very desirable thing.
wish to call attention to clipping
which I made from the Kennebec Jour
nal under date of January 10th. 1913.
1t relates TO testimony, or what pur-
ports to be testimony that was given
before the Money Trust investigating
committee of Congress, so-called. by
Mr.. Barker. the president of the First
National Bank of New York City. II
reads as follows.
Enormous profits by the First Ma
tional Bank of New York City were re-
counted, today, by George F. Baker
chairman of the board of directors OF
the banks, as witness before the
House Money Trust committee. Mr.
Baker furnished the committee with
records showing that since its organi-
cation in 1868 with a capitalization or
$500, 900 the bank has made profits
amounting to more than $S0o0o,o0o.
In the four years since 1908, Mr.
Baker told the committee, the bank
had paid dividends of 226 per cent,
or more than twice the total capital
ization, which is not $10,00o,0oo. When
the capital was increased to that
amount in 1901, a special dividend o.
So, 100000 was declared, Mir. Baker
said. to enable the stockholders to take
rp the additional investment. In 1908,
in order to provide s10.0o0,0oo of cash
for the organization of the First Sc
curities Co, to take over the business
Which the bank could not do under
the law" Mr. Baker said. special
dividend of $1o000,000 was declared.
This was in addition to the regular
yearly dividends y
1t does not seem to me that it takes
any long headed financier to do that;
think l could have done it myself.
1t seems from his statement that this
bank had paid 1850 per cent. since
he took the presidency of it. 1t seems
to me that if man had 100000 of
that stock that he would be able to
get along with a very miserable eX-
istence on the income of it.
Gentlemen, all these things are the
fruits of monopoly; they are the
fruits of special privilege, and although
we find declarations in the platforms
of all parties against special privi-
leges. as an abstract proposition ev-
erybody is against it, and when you
get down to the concrete fact there
are very few of US agreed on exactly
what is special privilege, and we are
apt to be like that banker whom
mentioned-if it comes our way it is
not a special privilege, but if we are
on the short end. it is
! don't know how the members Of
this House stand upon this question.
but in my judgment the bulk of the
people are on the short end of any
such special privilege as this: and as
soon as we can get rid of these spe-
cial privileges il will be unnecessary
for the farmers of this State to como
here and ask for money to help edu-
cate their children in agriculture or
else; it will be unnecessary
for the women and children of this
State to come here asking for laws to
be enacted regulating the hours of la
Dor, because they will regulate then.
themselves. {Applause.)
Mr.. NEWBERT of Augusta: Mr.
Speaker, We're this not serious aues-
ton before the House / should not
take any time at this late hour. | an
sure we all appreciate the remarks on
this floor from our friend. the gen
tleman from Lisbon fMr Plummer).
but | wonder sometimes if he ever
really intends to carry a measure.
Seeing his defeat, the good Doctor
likes to soften his fall a bit. / am
reminded of a telegram that came from
western state to a town in Maine
at one time, reading as follows: Your
boy John has his neck broken ana
both legs crushed OF course the
lamiiy were plunged in sorrow An
hour later another telegram came
headed: Later and more hopeful:
John has his neck broken, but only
one leg crushed" daughter)
don't know how many of the mem
bers of this House are depositors in
banks; most of us are poor men, and
II we do go to banks we go to Dor
row; and yet after this Legislature
ad1ourns | apprehend that every man
on this floor having saved enough
from his salary, will become depos-
itor IN some bank in his town, and he
VIII then be interested in the question
OF sound banking.
The gentleman from Caribou (Mr.
lrving) correctly stated the law. and
y IS plain enough and good enough to
continue Previous to 1907, as | I'M
derstand it, promoters of a trust com
pahy came to the Legislature for a
charter. The act of 1907 does not take
away that right; it continues now,
but 1t makes it easy between the leg
islatlve sessions for promoters of a
trust company to organize and begin
BUSINESS; and it simply provides that
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