The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1846-08-01
DIR. Olds on the Tax Law.


our readers, a second article on the Tax
Law, from the powerful pea OF DR..
OLDs. He is following up the well di-
rected blow given last week, and dem
onstrating, in the most clear and en-
phatic manner, the inequalities of the
system of taxation sought to be fasten-
ed upon the people OF Ohio by the wings.
Mr.. OLDs speaks weightily, from the
prominent part which he took in all the
discussions on the Tax Law. His ar
ticlas should be reed every where, and
we hope he will continue their publ.
cation, and handle the subject in all its
branches with his usual skill-Ohio
Statesman.
| From the Circleuille Watehman
Mr.. EpIToR your last paper, !
endeayored to show that the whig Tax
Law was unequal, unjust and iniqui-
tous. | demonstrated the fact, from
official returns, that the old banks, for
a period of nine years, only paid tax
equal to three and half mills upon the
dollar; and that had they been taxed at
the same rate as the banks are under
Kelley's banking law, their average
tax would have been only four mills
and two-tenths of a mill upon the dol
lar. In that communication, also
demonstrated the fact, that the citizens
of Circleville paid upon their taxable
property twenty mills upon the dollar;
and that allowing that they were txaed
only on the one-halfof the value OF their
taxable property, still they would be
required to be taxed more than twice
as much as bank capital; and that bank
ers, in paying tax Of six per cent. up
on their profits, must make thlrty-three
and one-third per cent. profits upon
, their capital yearly, in orde: to require
them 10 pay tax equal to twenty mills
upon the dollar, that being the amount
required of other citizens.
| wish, in the present article, to call
the attention of your readers to some
additional facts, still further illustrating
the injustice and iniquity of the present
whig tax law.
Let it be recolected, that according
to whig doctrine and whig admissions,
the whig party in granting the present
bank charters, have bargained with
bankers, that during the life Of their
charters, period of twenty years, they
shall only be taxed six per cent. upon
their profits. Let it be further recol-
t ected. that if this doctrine be true, no
:, matter what public calamity may fall
j upon us--and no matter how much
: our taxes may be required to be IN
e creased, either TO preserve our State
+ credit, to repel foreign foe, or TO quiet
: and put down internal rebellion, the
tax upon bank capital cannot, dare not
be increased. The trucking and SER
vile spirit Of whiggery, has bargained
|. away this prerogative Of the people.
o Let still another fact be borne in mind:
Y That the last Legislature, in defiance
0 Of the interest Of the people, and in vio-
), lation Of oft repeated pledges Of econo-
Il my, voted da appropriation ior com
/ mencing new State House, that in the
S end will not cost the tax payers oi ONO
J.; less than half million of dollars; tha'
e last winter they created new State
i officers, with extravagant salaries; and
= that they enormously increased the
e public expenditures, by increasing the
e pay oil almost every State officer, near,
e y ne-fourth; and your readers will at
II once perceive, that their taxes must
e necessarily be vastly increased. For
!; this reason, the new tax law was de-
e manded; new objects of taxation must
d be brought upon the tax list; and II
h possible, 4 larger amount OF revenue
r must be raised from objects already
r, taxed. Yet the whig party not only
= refused to increase the tax on bankers,
r in the same proportion that they have
n increased the tax upon all other clas'
i ses in the community. but they also
g taunt and insult US, by telling US that
s. they have made bargain with the
J, bankers, that for period of twenty
d years, come peace or war, como pros.
= perity or adversely, the tax on banks
:. shall not be increased.
S Equity and justice so clearly demand
: that bankers should be taxed the same
s. as other individuals, that the honest
e portion ofthe whig party admit the cor
n rectness of the doctrine. But having
+ been told by their leaders, that the
), whig party would tax banks as they
# tax other individuals, if they had the
d power, they are too often disposed to
b credit the assertion, without nvestlgat
It ing the facts. propose, then, briefly
e to examine two facts connected with
s. this branch of the tax law. And first
? that we have the power to change the
n tax upon banks; and, secondly, thai