The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1846-09-26
Subserviency to the Money
Power. +

country asking from the legislative bodies oi poth
the State and National governmental By the peo-
pie, we mean that class who earn their bread by
the sweat of their brows. Are they asking for priv
ileges and exemptions not enjoyed by all the bal
ance of community Are they seeking legislative
enactments that will give them the privilege ofre'
pudiating their just debts whenever they see prop
err Are they asking to be taxed only upon the
profits of their capital lnvested' No! All they
ask is, that they may be compelled TO pay only
reasonable amount of the taxes Of the government;
for which they ask to be protected in the peace
full enjoyment of their lives, their liberty, and their
property; IN other words, that the government
,oiH let them alone.
Is it right, then, when the great body of the
people seek no other protection than that which
each Individual originally, or before the institution
of governments among men, had rig ht to give to
that which by common consent. was called his,
that these governments, ''derving theirjust pow
ers from the consent" of the people themselves,
should institute special privileges and special ex-
emptons among their citizens? Certainly not
Then why is itthat we have in this country a fa-
vaored class oflndividuals' 1t is because there is
disposition in almost all classes of society to bow
to the aristocracy of wealth. We see il in the
passage of the present bank lawn the present
| tax lawn the incorporation of manufacturing
companies, &C., sc. The 6fty-ninth section ofthe
bank law declares that "the directors OF each bank
ing company shall semi-annually, on the first
Monday in May and November, declare divi-
dend of so much of the net profits Of the company
as they shall JUDGE EXPEDIENT." And the
sxteth section OF the same law declares that each
banking company shall son the days designated in
the fiftyninth section for declaring dividends, set
off to the State six per centum on the prohts, de-
duefing therefrom the crpeases and ascertained
losses Of the company, for the six months next
preceding; which sum or amount, SO set off, shall
be in lieu of all tares to which such company, or
the stockholders thereof account Of stock own
ed therein, would otherwise be subject" Now, If
it is right to tax the banker On his profits alone,
after deductng all expenses, then il is right to tax
the farmer the same way, after deducting fIom his
profits fair compensation for his labor, the labor
of his horses, the wear and tear of his farming u
tensils, sc. And where is the farmer that would
object to such tax! Butno, it does not suit the
aristocracy of wealth in this country, TO tax the
great body of the people in the same way they are
taxed; 1t would not revenue sufficient to pay
the interest on the State stocks, which this same
aristocracy holds and which is itself exempt from
taxation. -.'
| In the tax law, also, we find exemptions in favor
Of the aristocracy of wealth. The sixteth section
of the tax law provides how the capital stock OF
banks and other corporations shall be taxed. AT
the close OF that section we find the following pro-
vision: /" but the provisions of this section shall
not ertend to any banking or other joint stock com.
pany, which no,c IS or may hereafter be organi.
zed, whose charter or act of incorporation shall
have guaranteed to such company an exemption
from taxation, or has prescribed any other as the
erclusive mode of taxing the same" Now we all
know that the charters of these banking nstitu.
tions do provide an "erclusire mode" Of taxation;
a "m mode" not enjoyed by the great body of the
people There Is another exemption in favor o
the arisocracy of wealth, in this tax law, which we
will mention. 1t is this. In the second section
we find this proviso "provded, also, that claims
or demands for property sold, work done, or SER
vices rendered. having no connection with the
loaning of money, when the credit given is for
time not exceeding six months, and when there
shall have been no agreement or understand
} ing for continuance of the credit beyond si1
months shall not be considered credits subject tt
taxation" Now is 1t not apparent to every on,
that this very provision exempts all, or nearly al
the book accounts Of merchants? Where is IN,
merchant that has or makes a special agreement
with his customer that the credit shall be for Ion
ger period than six n,onthsl The customer enters
store, makes purchase ofa bill of goods, ant
tells the merchant to charge them. Very well
, says the merchant. There is no agreement as tc
the length Of the credit, and the merchant could
at any time commence suit for the price of thu
goods; and although the credit may extend to years
yet there isno agreement or unders landing" be
tween the merchant and the creditor I" for con
tinuance OF the credit beyond six months;" ant
the claim or demand is not considered credit sub
ject to taxation. And thus it is that thousands
yea, millions of dollars are exempt from taxation
while the farmers colts, calves, lambs pigs, guns
saddles, bee-hves, &C., must be entered on IN,
duplicate for taxation at their true value. w,
might multiply instances. but it is not necessary
Taking all these things into consideration, Their
isa base subservience to the money power in thi
country and especially the part of those editor
who sustain and support that interest, which is no
properly understood by the people, What homes
man can cometo any other conclusion than tha
wbig editors are the mere instruments in the en-
: ploy of bankers and STOCKHOLDERS, and bound Il
sustain them in all their frauds and yilaniesl WI,
ever heard Of whig editor that dared to raise hi
voice, and like an honest man, denounce, con
denim and expose the swindling operations Of !,
exploded bank, by which thousands ofhonest, hard
: working men, widows and orphans have been, Il
I one brief hour, reduced from opuIence 10 penury
want and starvatonl Yet these same editors ar
at oil times to be found upon the ,watch-tower
n Ill. trI -. - ~ H..