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

rtricted, and made to act honestly. They
were NOT in favor Of annihilating banks; when
they were in power, they had not done So
But ne man, or class Of men, should have the
power 10 control the standard Of value.
Mr.. Wetmore enquired ofihc senator from
Clermont (Mr. Utier) if his policy in inclu-
ding banks, was to make them pay as much
taxes as individuals. Mr.Utter said that twas.
Mr.. Wetmore then suid, that such was now
the fact. Mr.. Utter did not believe that
banks were taxed in the same proportion as
individuals. The senator from Franklin, had
accused the democratic party Of making
banks, in "a. True, they were in the ma
jority, in the lower House, and is members
voted for the Trust Company; but the wings
went with them for banks.
Mr.. EDGERToN said: regret that this
subject has come up for discussion at the
present time. was anxious the resolution
should pass without discussion, which should
more properly be reserved until the bill had
been introduced and its details established.
If we then had objections 10 il, we could
have stated them. However, as gentlemen.
upon the other side are defining their posi-
ttions and stating their principles, and reflect
ing upon the motion Of the gentleman from
Clermoni, who proposes this amendment TO
the resolution, deem il not out of place 10
assist them in defining their position.
There was banking system established
last winter, and by the provisions Of the law,
. tax was laid upon the profits Of the bank,
instead Of upon IFS capital. To this, and in
fact every other feature Of the system, the
democrats in The Legislature objected. tits
now claimed, by the gentleman on the op-
posite side, that the banks which had gone
into operation under this law, are exempt
from the payment Of any other taxes than
those fixed by the law. The gentleman has
now brought forward resolution, intending
TO express the opinion Of the Legislature in
favor of new system Of taxation-taxing
the properly of the state at its true value in
money. This plan would meet with general
favor, if il could be universal in its operation.
Here commences the difficulty. For myself,
| cannot support an avowed general and
equal" system, that cxempts great portion
of the wealth of the state from taxation. II
| am correctly advised, the majority appre-
hend some difficulty in the passage OF this
law. Some Of their own leading friends are
opposed to it, or they are anxious to divide
the responsibility with the democrats, and are
therefore seeking their assistance. But ]
can say 10 them, that law, so unequal in,its
operation, that il imposes tax upon The
entire property of the farmer and mechanic,
while the banker pays a tax on his profits
only, and the capitalist none 1t all on his
state stock, will not receive the support, |
trust of any democrat. But taxes must be
laid, The exigencies Of the state require
it. We must have more money, or the state
must repudiate. Our opponents have placed
themselves in this dilemma. They claim il
to be unconstitutional TO tax the banks they
have created in any other manner than on
their profits. We will not consent TO an
ad yalorem system that makes this exemp-
ton. They fear to increase the per cent
upon the present grand levy, as thereby they
would lose their ascendency; and if neither
the per centum, or the amount upon the
grand levy, can be increased, reputation,
is the consequence. Now, the plain ques-
ton is, who is responsible for this state of
things? Certainly not the dsmocratic party.
We have not had the power TO produce it,.
If reputation takes place: and by repudia-.
lion | mean a neglect to pay our interest; a
great depreciation Of our state stocks must
be the consequence; and as part of this
banking system is based upon State stock,
il must tolter, and eventually fall; and l
would do all in my power to depreciate the
stocks in the eastern market, if it would
destroy this iniquitous banking system. If
the majority have placed themselves in such
a position, that reputation must come, as a
consequence of their own acts, rejoice at
liz. The gentleman from Wayne assigns, as
a reason why this amendment should not pre-
vail, that the loans of banks are but debts
against them, and should not, therefore, be
taxed. That we might, with the same pro-
priety, tax the debts due from Individuals
The gentleman must be ignorantof the oper-
atoms of banking system, if he does not
know that banks are rfcsioing instead of
payinS interest, on their indebtedness-th
this is one of their erclusiue privileges. The
gentleman from Summit, (Mr. Wctmore,)
alleges that the banks now pay more tax
upon their profits than is paid by the CON-
munity generally. There may be instances,
where lands are valued at much less than
their real worth, in which this averment
may be true. But individual instances prove
nothing. They do not effect the general
principle. The gentleman is farmer, and
l would ask him this question: If person
should come to him, and ask upon what sys-
TEN he would be taxed-on his profits, nr on
his properly-how would he answer! Or
course, upon his profits. If the farmers on
the Western Reserve were exempt from
taxation, except upon their profits, how much
tax would they have pail the past season,
deducting the expenses? OF course, not