The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1845-04-18
From the Ohio Statesman.

Il n
capital is taxed---falsehOod and
instrumentation of the federal
Press, &C., &c.
We copy the following from the Cincin-
natl Gazette-a paper which ranks as the
first of our whig journals in the west-for
the purpose of putting it on record for the
benefit of posterity. 1t is rare morsel-
will bear twice dozen readings, especially
the latter part, and at once places its talent
ed and phlosophic author first among the
/, blockheads of the day. BY other Cincinnati
papers, we see that John G. Wright is giving
mesmeric lectures in Steubenvils, and hence
the authorship of the article belongs, doubt
less, TO Mr.. Vaughan-the calm and placid,
the wise and witty, the profound and philo-
sophie Vaughan-who does up the editorials,
as well as himself, in the absence of Judge
Wright
But knowing the readers impatience to
see the article, we will not longer withhold
it. Here il is:
From the Cincinnati Gazette of Saturday.
The PRoTRsTs.-The Ohio Statesman
contains three protests Of the locofoeo men,
bers of the General Assembly. Two of
them against the banking law, and the other
against the repeal of the act regulating pro-
ceedings where banks and bankers are par
ties. They are in the usual form, windy,
full of sound and fury, and without distinct
object or end, except to make political capi-
tai. We will notice, as sample, one clause
in the protest in the Senate to the banking
law:
18th. 1t unjustly exempts banking insti-
tutions from legitimate share of the public
burthsns, by .levying only contingent tax
upon them, and that so light as to be far be-
low that which is paid by the industry of the
country-bankers, under this bill, paying a
tax on their net profits, while individual pro-
perty is taxed at its valuation."
Every school boy knows this allegation is
not true, and yet grave Senators put their
names to the falsshood, and place it on record
to perpetuate III Does bank own land, is
it not taxed as if held by an individual?
Does il own horse, neat cattle, carriage,
&C., are not each and every one taxed TO
the same extent as if held by individuals?
These Senators knoW they are; and they
hnow, too, that the tax on the profit of the
banker is in addition TO the tao on individuals,
yet the falsehood is put forth.
There is much logic and lots of truth in
the above, and the writer might have added,
that, if any bank was so unfortunate as TO
own Mr.. Vaughan, the institution would pay
tax upon him as donkey Of the first order,
for his long ears, mulish look and loud bray
ing, class him among that breed of useful
and silly animals.
The idea of bank owning horse,
neat cattle, carriage" &C., is an original
one; it is not only happily timed, but is we'll
put forth, and we doubt if the Senators who
signed the protest, ever dreamed of bank
having use for carriages, horses, or neat cat
tie! They, doubtless, thought that bank,
being soulless corporation, with neither
body to be kicked or soul to be. lost, could
neither eat neat cattle, ride in carriages, or
use horse flesh. But Mr.. Vaughan knows
better-he knows that banks have use for
animals; but then Mr.. Vaughan should have
known these animals were not exactly horses,
nor yet very neat cattle!
But to treat the assumed stupidity of the
Gazette as if deserving of attention. The
law makes difference between bankers and
other citizens, by taxing the profits of the
one, and the capital Of the other. A person
invests one thousand dollars in business,
other than that of banking, and he pays
tax OH the whole $1,000; but if he invests
it in bank stock, then, by our laws, he be-
comes one of the favored few, and only pays
tax on the profits derived therefrom. If
bank clears IL per centum on the capital,
| IN fov hundred
and twenty dollars, and no more. If no
profit is made, no tax is levied. With per-
sons not bankers, the case is different. On
one thousand dollars invested, the profits
may not be one cent-nay, portion of the
capital, in the vicissitudes of trade, may be
lost, but still tax on the whole amount
must be paid. If it be right to tax profits
only, then why not tax the profits of the mer-
chant and the manufacturer, as we'll as the
profits of the banker? On the contrary, if it
be right to tax the capital invested, then tax
the capital which banker invests, as we'll
as the capital invested by less favored indivi-
duals. 1t is of this difference between
bankers and others, that the protest Of the
members of the Senate complains, and their
complaint is we'll founded, for law more
unjust, and more at war with the spirit of
our republican institutions, could not well be
enacted. This question was brought home
TO whiggery few days before the adjourn
ment of the last Legislature, and a recorded
vote had, and every coon, true to that in
stinct which teaches them to regard bankers
as privileged class, voted against PROPOSE
ton to tax bankers as other persons are taxed,
while every democrat recorded his vote in IFS
favor, as will be seen by the following, which
we have compared with the journal and
found correct: