Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1846-08-19
WHOLE NUMBER Ca.


ocratic, unequal, unjust, and iniquitouss
And one which as party, we must seek to
amend or abandon our democratic princi-
pies. a''.s # t't~ geE ,i'i.sssS
How do our whig friends Justify thes,fi-
selves in upholding and maintaining this
EElaTSa qsTi3 mind ia theisx iusti i6eatiens,
even " ffue, aS much outragey and subvs vsffs
our cardinal doctrine Of equality, as does
the law itself. Their papers, and stump.
ers, and especially their cahdidate for Gov
ernor, are constantly informing us, and
they pervert facts and figures in order to
prove to us, that the bankers pay more tax
on their bank capital, than we pay on our
farms, our merchandise, our cattle, &c., I
ask. then, in all fairness, if it be true that
bankers pay more tax than other individ-
uals, is it not doing them injustice, and SUBJ
verting our doctrine Of equal privileges and
equal taxation? And are we not justified
in seeking so to amend the law as that
bankers shall be taxed the same as other
individuals, and no more. p" ~ l
And again, admitting their arguments,
and facts and figures to be true; in what
position would it place the Two great polit.
ical parties of this State? The Democratic
party, which, by our opponents, is called
the anti-bank, the bank destructive, the
bank hating party, would be seeking and
advocating such an amendment of the tax
law, as would reduce the amount of tax
paid by the bankers. While, on the other
hand, the whig party, and even the bank
ers themselves, would be found iustifying,
maintaining, and defending a law, that now
taxes bankers more than other individuals!
And the bankers, when importuned, and be-
seeched for their consent to have theif tux
reduced, absolutely and Indignantly refuse
to be taxed as low as other individuals =
Surely, Mr.. Editor, if this position of the
whig party be true, the political parties of
this State are greatly out of place.
endeavored, last winter, while repre-
senting this county in the House of Repre-
sentatives, to prove that the present system
. OF taxing banks, did not tax them anything
Ike as much as it taxed other kind OF prop
erty; and will now advert to some of the
facts then used, to prove my position.
The banks in existence in Ohio, prior to
the passage of Kelley's banking law, were
the Lafayette Bank of Cincinnati, the Cir.
cleville Bank, the Xenia Bank, the Nor
walk Bank, the Bank of Sandusky. the
Wooster Bank, the Bank of Massilon. and
the Clinton Bank of Columbus. Their 40.
gregate capital was two millions three hun.
dred and four thousand seven hundred and
seventy-fve dollars and sixty-three cents:
and from 1885 to le43, inclusive, period
OF nine years, they paid into the State
treasury, as tax upon their profits, the sum
of seventy.four thousand five hundred and
eighty-four dollars and twenty-eight cents,
making an average of eight thousand. one
hunered and seventy-six dollars three cents
and one mill per annum-making three
and half mills and very small fraction
ofa mill per dollar, upon their capital stock.
This calculation, you will perceive, Mr..
Editor, was based upon the Report of the
Auditor Of State, published in the volun,y
of Public Documents for ls43. 1t extend
ed through period ofnine years, and NAV
not therefore be controverted, as our pre-
sent Auditor has attempted to do, by taking
the reports of the banks for period of six
months only. 1t is an easy matter for the
banks to so shape their business as to throw
the profits of a year; into their exhibit for
six months. Indeed, if mistake not, the
report by committee of the Senate of last
winter, showed only little more them
twenty dollars as the amount of tax paid by
the State Bank and branches for the pfe.
vious six months; and if such be the fact,
and they have paid large amount for the
last six months, in consequence Of having
paid almost none for the previous six monehs,
Auditor Woods calculation is an unfair
one, and calculated to grossly deceive the
people of Ohio. s go .s.. 80
1t may however be contended, and with
/ much fairness too, that my calculation will
not apply exactly to the present banking
} system; for the old banks, from which
J have taken my calculation, were taxed on
ly five per cent. upon their profits, where
as the new ones are taxed six per cent.
f admit the fact, and will remedy the inequal-
!, ity by adding one fifth to that caleulaiioss,
E which will make it equal to six' per cent.
, Had the banks above referred to, been tax
r ed six per cent. upon their profts, through
r the above period Of nine years, their ave
j rage would have been four mills. and two
t tenths of mill on the dollar; and takins
, another period of nine years, for the pres
ent banks, and they will only pay ar
!, average tax Of four mills and two-tenths
of a mill upon the dollar Of their cap
, ital, unless they make larger profits thar
: did the old banks. This fact, time and ex
/, perience can only determine. One thine
= however, is certain; the new banks canno'
| make larger average profits than did The