The Cadiz sentinel. [volume] (Cadiz, Ohio) 184?-1851, 1845-09-10
The Twins.

The Twins.
According to our notions our State govern
,Enent was organized for the purpose of enactng
and administering Just laws that would operate
equally upon all classes, high, low, rich and
poor. That this cardinal principle in all govern
Inents has been lost sight Of in some instances
here in Ohio we are sorry TO say, and in others
the measures SO mystifed that Philadelphia
lawyer would exercise his ingenuity in vain to
.unrave them. The whg party invariably when
in power pass laws for the benefit Of the few at
the expense Of the many, and in order the bet
ter 10 succeed in this, they envelope them in such
multitude of words that il is impossible TO get
at their true meaning. The bank law of last ses-
sion is striking example of this. Probably no
two men in the state can be found who will agree
as to the precise meaning of some of its sections
but all will agree that it is measure by which
the people can be outrageously swindled,i if bank
will, the people have had ample experience from
which 10 form an opinion. A great hue and cry
is raised because the whig Legislature last session
passed tax law by which brokers we're heavily
taxed, and they take great pains to reap all the
advantages to which such measure, from the
unpopularity of the brokers, would ontitle them
But let us see how their measures act upon the
broker. BY the Bank law, any five of them, by
uniting their capita. 10 The amount of one hun
dred thousand dollars, may commence banking
operations, and half of this capital may consist Of
state stock forced into market by whig admin
istration and bought by the brokers at half price,
and Is per cent, in sight checks drawn on some
Bank in the East, payable in specie,a endorsed
by another broker beIieUed to be good, These
things arranged, they take down their sign of
broker and put up one of bank-keep the money
deposited with them in the same vault, under the
same lock and key, which held the money de-
posted with the broker. you want specie for
note you 60 to the bank and pay the same you
would to the broker to have it Shape-no dis
countcd--all the same. Well, how does the tax
law Of which the Whigs are so loud in praise,
treat this company of brokers-=of course they
are utterly annihilaedl Let US see. $4,000
of their capital is in state stock on WHICH they
receive on an average 81 per cent, $3,250. Is
per cent, $G,666, is deposited in an eastern
bank from which at least 4 per cent. interest is
received, $242. Total $3,492 on their capital
on which there is not one cent Of tax levied
The balance of the capital need not be paid in
h,.fc ho tu ,bo h.nL hor vi
bGnker-for any other purpose he may require
it, with the solitary requistion that it will be
forthcoming when wanted, uuder penalty of for.
fciting tie amount he has already paid on his
stock. In fact, none of the stock but 10 percent.
which is paid to the board of control need be
paid in,and this is the only security The bill holder
has for the redemption of their notes--securty
based upon the honesty Of the board Of control
which we fear will prove broken reed in time o
need. Well, on this capital { y they are allow
ed TO issue 100000 in notes on which they vii
receive say six per cent. interest in advance, tha
is $4,000, and this interest is again loaned in
the same way, and so on, besides discounts OF
notes, bills of exchange, and other peculiar
schemes we'll known 10 the banker, of which {
profit Of $l6,72O on an actual capital of less thai
$4,000, on which profit they are taxed $763-
total clear profit that we know of TO the broke
---or banker if you wll-of $l5,957, or a frac
tion over 80 per cent. How much the bank
make by the loss of their notes by fire, steamboa
accidents &C., and their other peculiar modes o
making money, we do not know, but they ar
probably large Here then we have the banker
by the privilege of using capital that is not capi
tai, enjoying the same benefits from $4,000 tha
farmer would from 100000, with this differ
ence, that while the banker who produces moth
ingis taxed but $3.50 on his profits, the farme
who is producer and a benefit to the country
taxed Il per cent on his capital, or $4,000 O
the whole amount
True, the Tax Law reduces the taxes on som
articles heretofore taxed. Of this the wings max
the most, and we find it hcralded in all their pa
pers. True, it takes the tax off his land and put
iton his chickens, making it larger in the aggre
gate, and causing the farmer TO pay directly 70
the support Of the banker. OF this the whg pa
pers never utter word. Can any one wondel
then, that there should be classes in society con
sidered respectable who have no other qnalifca
lions for the name than the possession of wealth
anoniatter how acquired, when it can be apple
aaPoftab!y according to lawR-vWhcn ma
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