The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1845-09-24
"Fse Proof i'm Question" !"

Under the above caption the last Republican
has an article attempting TO show that Bank cap
itaI is taxed, quotes part of section 60 of
the Bank law to sustain it, and calls on the De-
mocrats TO read it. We call upon the Democrats
and Wings and every one to read it, and say
is untaxed are not correct. Here is what the Re-
publican quotes
"Sec. 60. Each Banking company organised
under this act, or accepting thereof and comply
ing with its provisions shall scmi-an nually, on the
days designated in the 59th section for declaring
dividends set off to the State six per centum on
the profits, deducting therefrom the expenses and
ascertained losses of the company, for the six
months next preceding; which sum or amount SC
set off shall be in lieu OF all taxes, &C."
"This net profit" says the Republican, sis
paid to the State on the day Of declaring div-
dends whether dividend be made by the bank
or not" What net profit? Does the Republi-
can mean to say that bank pays any tax if il
does not make any prosit? Such would seem to
be the construction Mr.. Allison, in the plenitude
of his wisdom puts upon it. But whether ever
tax can be collected on the dividends, unless
at the option of the banker, is very problemacal
Sec. AZ of the Bank Law says:
"If the original capital stock of any of such inde
pendent banking companies shall an any manner
be diminished, or any portion thereof be with
drawn for any purpose ,ohGteUer, while any debts
or demands against such company remain unsat
| &c J;u;I IL, Oh Ill L. l.
the shares of the capital stock of such company
until the original amount of the capital stock
shall be restored, either by contribution of the
shareholders, or out Of the profits Of the business
Of such company; and in case any dividend shal
be made," &c,
Here if the capital be diminished Sin any man
ner' and "for any purpose whatever it shall bC
made up cut of the profits of the business. Will
Mr.. Allison, who pretends TO understand the Law
so well, say whether any tax can be collected of
the profits that go TO make up the deficit in the
capital, occasoned by using it for "dny pur
pose whaterer?" He will also confer favor OF
the community if he will explain the following
section of the Bank law. AS he is such a warn
advocate of the law and so deeply skilled in the
art and mystery Of banking of course he well I'm
derstands the measure he is SO vocferous in f.
vor Of Here it is
SEC. o. The total liabilities of any person, OF
of any company or firm (including, in the liabili
ties of u company or firm, the liabilities of the
several members thereby TO any banking compa
my, deriving any of its powers or privileges fron
this act, inclusive of liabilities as aoceptOr or ac
ceptors of bona fde bills OF exchange, payabl,
out of this state, shall at no time exceed one
half, exclusive of liabilities as acceptor or accep
TORS one 6fh and exclusive Of liabilities on sucl
bills of exchange, one tenth part of the amount o
The notes which such company is authorized Il
circulate, at the time of such liabilities"
0ErThe Advocate still insists that we are al
abolitonist, and quotes two paragraphs from ou
paper to prove it. We are very glad the edto
can find no fault with the sentiments quoted, al
they are contained in the creed of every demo
crat throughout the country, and as the Demo
Gratis Of this county have now ticket in the
field who fully approve of those sentiments, ant
as they meet the views of Mr.. Urquhart, we pre-
sumo he will give them his support.
0TThe weather is cool a, present, and fret
are quite comfortable.