The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1845-12-23

the community, for their circulation; the de-
posites; deducting these, which are the debts,
how much would remain for us to taxi Pre-
cisely what the friends of such system want
--notaing.
Sd Mr. Kelley, in reply to Mr Edgerton, said
the gentleman from Defiance had fallen into
an error in regard 10 taxing the stock of the
United States in the hands of individuals or
banks. Neither the banking law Of the last
session, nor the ad valorem tax bill reported
by him last winter, proposed TO exempt the
stocks Of the U. s., nor any other public
stecks, except that Of the state of Ohio, from
taxation. 1t is true, Mr. Barley had moved
SO TO amend the banking law Of last session
as 10 tax the stocks Of this state owned by
the banks. This proposition was negatved,
on the ground that it would be violation OF
tho plighted faith Of the stale TO do SO. lf
the gentleman would turn 10 the law Of 1925,
which authorized the creation Of state stock,
he would find there pledge given, 'that no
tax shall ever be levied by the Legislature, or
under the authority of this state, on the stock
TO be created by virtue ofihis act nor ON the
interest payable thereon; and. further, that
the value Of the said stock shall be in no wise
impaired by any Legislative act Of this state
The state had probably obtained higher high
er prices for her stocks in consequence Of
this pledge; and il would be unjust as we'll as
Unconstitutional now 10 invalidate this part of
the original contract. In The bill prepared
by the laie Auditor, Mr. Brough, he had ex-
empied the stocks Of this state from taxation.
This exemption was therefore no new meas
ure, proposed by the wbig party, TO exempt
bankers or others from bearing their share Of
the public burdens.
AFTERNOON SESSION.
The amendment offered by Mr.. Utter TO
the resolution Of the chairman Of the COM
mittee on Finance, being under consdera-
lion.
Mr.. Edserton said, he deemed it neces-
s1ry TO make some explanation Of his remarks
of this morning. He believed he had been
misunderstood, for lie had heard that he was
charged with advancing and advocating the
doctrine of reputation. Such is not the
fact He was opposedto to reputation in all
| its forms. lie was willing 10 60 still further
than the gentleman from Franklin, in main
tanning the credit Of the state. He would
put j, out Of the power Of the state ever 10
repudiate, and make the payment Of the in
terest, and of the debt itself, certainty.
He would tax the entire ,cedlh of the state,
which the gentleman will not do, as he will
exempt from taxation the capital Of the bank
err, and 10 that extent, diminish the revenue
of the state. In his remarks, this mornir e,
he spoke his own feelings, and did not claim
| a. nIu,C CaIl to
ments OF his party. The gentleman from
Franklin observed, that if the inadve rtence
or ignorance, of his friends in the Legsla-
iure, last winter, had placed themselves in a
position which might lead TO reputation, il
shonld not be subject Of rejoicing TO his
party. maintain, sir, it is good couse for
rejoicing, not that reputation is to take place,
for would regret 10 see it, but that our op-
ponents--not us-must assume the respon-
sibiity. 1t is charged, l am an ntous TO see
the asccndency Of my party, and that if repu-
diation would produce it, would glory in it.
Great as is the disgrace and evil of repudia-
ton, it is no greater than the evil of the as
cenden3y of the gentlcman's party, and the
carrying out of his principles; and if by the
ignorance or inadvertence of the gentleman
and his friends, reputation should take place,
and my own party obtain the ascendency,
should glory in that ascendency; for the
great and fundamental principles of the 60
vernment, equal and exact justice TO all
men, and exclusive privileges 10 none,"
would be carried out to their fullest extent,
and the doctrine Of reputation and unequal
taxation, would be forever repudiated The
plea of ignorance and inadvertance, comes
with very i'll grace, TO say the least, from
the gentleman. He should remember that
proposition after proposition 10 tax the capi
ial of the banker was voted down by his par
| ty, during the last session Of the Legislature.
A distinc' proposition was submitted by Mr..
Barley, 10 tax bank capital as other property;
ID democrats voted in IFS favor, and 81 wings
against 1.-THE gentleman from Franklin
among the latter. The same gentleman, as
chairman of the Finance committee, intro
duced bill which proposed 10 tax nearly the
entire property, of The state, but, ever active
in securing his friends from liability 10 pay
their just proportion ofthe taxes, he exempt
ed from taxation the stock of the state, and
the stock of banking institutions taxed upon
their profits; and that an individual could
hold one hundred thousand dollars of this
stock, receive his six per cent. semi-annually,
without trouble or risk, and yet be entirely
exempt from taxation. This is not carrying
out the doctrine advanced by the preamble
and resolutions under discussion, which is,
hat the entire wealth of the state should
be taxed. | am anxious this should be done.
believe it to be the only just system Of
axa,ion. Public necessity demands, and
public justice requires, its adoption; iut if
gentlemen have placed themselves in such a
position that, as they claim, a great portion