Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1846-07-24
From the Ohio Repository.
MR.. LAHM'S LETTER.

! Mr.. SdrioR:-In communication published
in your paper of the 25h ult gave my reason,
for permitting my name to be placed on an In
dependent Ticket, as n candidate for Congress
| also expressed myself favorable to well re-
strictcd and radically reformed system of Bank
ing--u rerrcnchmenl in the salaries Of public of
iccrs, both State and Nalional--in favor of hay
ING but one session Of the Legislature in two Oh
three ycars-proyiding for the speedy paymcn
of our Public Debt, and thereby saving a quar-
ter Of u million, which is annually thrown away
in the way of interest; and providing against the
creation ofnothcr dcbtn future. | propose now
to give my views relative 10 the Tax Law Of las
winter.
The necessity Of raising an increased amount
of taxes, for the purpose of dclraying the eXpcn-
scs of the State Government, aud paying the in.
tcrcst on our Public Debt, has for several years
been apparent to every one who has at all in
ycsrigalcd the subiocl. Instead of diminishing
our debt, it has been annually increased, and we
have even been compelled to borrow money to
pay the interest. And thus with IN increase OF
liabilities, there has been Il corresponding in
crease of taxes, until they have become so high
as to be exceedingly oppressive TO the people
and Il loud and Justly cIamorous call is made
for radical change in our financial policy. A
man who is indebted a large sum Of money, and
is compelled every year to borrow funds for the
purpose of paying interest, will sooner or later
find himself bankrupt-aud the same principle
holds good in relation to a State. 1t is therefore
indispensably necessary that we should adopt
somc system, by which we can annually pay the
interest and diminish the principal of the State
Debt, and thereby gradually diminish, instead of
increase, the burden of taxation. 1t is only by
an annual diminution of the principal, that we
can ever get out of debt, and whom the present
one is once paid, and the people provide against
the contraction of Il now one, they will be under
the necessity of paying no taxes but such as will
be necessary to pay the expenses of the State
Governments This must be accomplished in
part by a reduction of the salaries of our public
officers, and economising in every department
of our State Government, and in part by Judi
cious and equal system Of taxation.
The tax law of last winter processes to tax ev-
cry mans property according to its real value
and brings upon the tax duplicate Il number of
items, and large amount of properly, which has
heretofore been exempt from taxation. The
general principle of taxing property according TO
It's real value is correct and so far as the law is
in accordance with this principle it has my sane
ton and appreciation. In taxing bankers upon
the profits of their capital invested, instead of
the capital itself it varies from this principle, and
is, in my opinion, wrong; and ought, asl have no
doubt ii will be, altered in this particular at the
next session of the Legislature, let whatever
party may have the ascendency. There is no
good reason why men engaged in the business
of banking should be taxed upon the profits of
their capital invested, while men engaged in
other business are taxed upon the capital itself,
regardless of the profits. And | care not whe-
ther they pay more or less, the thing is wrong in
itself and should be remedied.
This, with me, is the main objection to the
tax law. Thore are other minor objections. 1t
should exempt from taxation number of hogs,
sheep, &C., sufficient 10 satisfy the necessities of
private families. Men who are poor and have
families to support, and are unable TO keep more
than one COW, 3 or 4 hogs, and as many sheep,
should hold these things exempt from taNation-
inasmuch Us in working on the roads,