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Description and Holding Information
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Senate. Comm. on Banks and Banking. Report on changes to state banking laws, 1863
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Forty-second Legislature. Senate. No. 18. Report of the Committee on Banks and Banking on possible changes to the banking laws. Most banks in
Maine were chartered for 10 years since 1857, governed by Chapter 47 of the Revised Statutes. The banks could issue currency, backed by specie, could
make loans, etc. For the powers granted them, the banks paid one half of one per cent tax on assets twice a year. The system worked well. However,
Congress had set up a federal banking system and taxed state banks as well. Maine's banks were taxed on two levels. Perhaps through confusion, the
system was not working as well at all. The proposed act offered options. An Act to authorize the surrender of the charter of existing banks in this
state and to remit a portion of the bank tax, 1863. A bank and its shareholders could decide to go out of business and had two years to wind up affairs.
Alternatively, a bank could stay in business and the state would remit to that bank the amount the bank had to pay in federal tax, providing the
amount was not more than one percent of the bank's capital. (Digitized from a microfilm copy of title originally held by the Library of Congress).
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Title:
Report. : the committee on banks and banking to which was referred the order of the legislature directing an inquiry as to what change may be necessary in the banking laws of the state in consequence of the passage of the general banking law by order of Congress ... .
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OCLC Number:
1424965238
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Available Volumes
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| Name | Fiche Count | Online | Paper Backup |
| Vol. 1 | | Yes | No |
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