Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1917-03-29

/ 333, An Act to require certain Vehicies
| to carry lights at night and to control
| the glare of headlights, tabled by the
I senator from Aroostook. Senator Full
tor. The pending question Is its pas
sage to be engrossed.
( (For debate see Legislative Record.
| (Bill and amendment tabled by Mr.
| Peacock.)
The PRESIDENT pro tenn: The
! Chair lays before the Senate. S. D. No
$50. An Act for the safeguarding Of en-
/ ployes in factories. mills and work
! shops against danger from fire.
On motion by Mr.. GiIlin Of Penob-
scot, indefinitely postponed.
| Mr. AMES Of Washington: Mr..
President. as we have quite lot on
I the calendar. / move we take a recess
until o'clock this afternoon.
| Mr.. DAVIES Of Cumberland: Mr..
| President, will the senator from Wash
! ington. Senator Ames. be kind enough
I to withhold that motion until we have
! disposed of the next article on the cal
/ endar.
/ Mr. AMES: Yes.
W
| ter's mind and my own not a little If
/ we can dispose of II now.
| The PRESIDENT pro tenn The Chair
lays before the Senate majority re-
port, ought to pass, and minority re-
port. ought not to pass, from the COM
mittee on judiciary on bill An Act to
amend Chapter Go OF the private and
| special laws o: 1899. entitled An Act
/ TO incorporate the Bath Trust Co. ia
bled by The senator from Cumberland,
1 Senator Davies. The pending question
! is on the acceptance Of either report,
! Mr.. DAVIES: Mr.. President, l de-
! sire, If I may, to adopt the words of
my friend, Senator Fulton. when he
said that he did not consider that he
would be doing his duty unless he OPP
/ posed this, referring TO the last bill
/ which was before the Senate. 1t would
/ have been far easier for me. Mr.. Pres
I ident. to have signed the majority re-
I port on this act which provides for an
amendment 70 the charter which
I granted the Bath Trust Co.
+ The president Of the Bath Trust Co.
Z is a member Of this body and he is a
! gentleman for whom have a most
unfeigned. esteem and respect. I did
not feel. however, In view Of the fact
that | was opposed to the principle OF
the bill which was offered here, that 1
cared to let the matter pass without
expressing my views to the Senate.
The principle involved is very simple
and is merely this: Shall we give the
Bath Trust Company the right to pledge
the money Of their depositors, which
they hold subject to check, against the
liability Of a surety bond? That is the
question. Stripped. Of all its verbosity
il is merely that. The Bath Trust Com
pany. as you all know undoubtedly, is
engaged in a general banking business
in Bath-doing general banking bust
resS. that is, receiving one one side saw
ings held for the accumulation Of in
terest. and on the other side deposits
held subject to check. They come to
the Legislature and ask that their char
ter may be amended SO that they may
engage in the surety bond business,
that is. the signing OF surety bonds for
principals who have pledged themselves
to perform trust.
The funds of the saving bank de-
partmcnt are segregated by law. But
if there is a liability on the bond, Mr.
President, the depositors' money held
subject to check becomes subject to that
liability. Is that right? Is that a proper
principle TO write into the banking bust
ness? 1t seems to me that our laws
should be more exacting than less strin-
gent in the conduct of the affairs of our
banks.
M. President. the people in the State
Of Maine look to US 10 protect them in
their banking laws. Few, if any, shave
much Of any knowledge in regard to
them. and they depend upon US to do
our hest and our utmost 70 see that the
banking laws in the state of Maine are
carefully guarded and thoroughly pro-
tecIAl. 1t hardly seems to me- VT Pres
deat thSt We desire to open the door
that far
/ Let US go one step farther and ask
for whom the profit would be on the
surety bond? Would it be for the de-
postors whose money is held subject
to check? Oh. no. No. The profit on
the surety bond is for the stoc!:holder,
and is it fair to pledge the depositors'
money to meet that liability? That is
the only question that is present here
You may say that the percentage of
loss on surety bonds is extremely light
/ That is not the question. Even if there
were no loss. Mr.. President. that is not
the question. TIE question is simply
this, which 1 make the subject of reiter-
ated remark. whether we desire to mix
with the banking business the surety
business for the benefit of the stock
holders of the bank. the liability falling
upon the stockholder
| I move Mr.. President. that the min
GRITTY report be substituted for the ma
5ority, and you may we'll believe that
consider the matter one of serious i'm
portance when I felt it necessary to
disregard the suggestions and ADVICE of
| the nine other members of the commit
tee with me in regard to this bill
The PRESIDENT pro tenn: The Sem
ator from Cumberland. Senator Davies.
moves that the minority report be ac
| cepted. the minority report being
signed by the Senator from Cumberland
! Senator Davies
A rising vote was had. and seven
senators voting in the affirmative and
22 in the negative. the motion of the
senator from Cumberland was lost.
Mr.. GILLIN: Mr.. President. I now
move that the majority report of the
committee be accepted.
The motion was agreed to.
On motion by Mr.. Ames Of Washing