Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1846-08-26

the banking law which fixes the tax upon
banks, reads as follows, VIZ: Each bank
ing company, organized under this ACT,
shall semi-annually set off to the stale six
per centum Of the profits, dcducting there
from Tue expenses and asc6rtoined losses ol
the com 4 fof tII3 sx 1,onfhs .1czs 5 81
ceding III ,icI sam, 80 sot 3ff shall b5 Ill
liehsof ar takes to which such company
would otherwisebe subject. The same
Legislature changed the law taxing mer-
chants, and directed the merchant to give
in his capital under oath, and then direct.
ed the County Auditor to tax the merchant
only on one halfhis capital. Now Task,
in all fairness, did not the Legislature as
much make bargain with the merchant,
that he should only be taxed upon one half
his capital as they did with the banker,
that he should be taxed upon his profits2
The only possible difference is thiss the
law relative to the merchant, has no def
mite termination, while the bank law ex-
pires at the end of twenty years. If the
bank charters had not expired at the end
of twenty years, but had been an indefinite
charter, the two cases would have. been
precisely similar. The last Legislature
changed the law relative to taxing the mer-
chant, and hereafter he will be taxed upon
the full amount Of his capital VIII our
whig friends please explain to the comprc-
hension Of common people, the difference
in the two casesa and failing to do this, in a
common sense and satisfactory manner, let
them acknowledge, like honest men, that
the Legislature has the right to change the
tax law upon bankers, as well as upon
merchants and others.
My other proposition was, that the lead
ers of the whig party would not consent to
change the system oftaxing banks, even ii
they had clear and undoubted right to
do SO. In proof of this position, wish to
, call the attention of your readers to the
course of the wings of the last Legislature,
upon this very question; and in ease ex-
e actly in point, one where they themselves
acknowledged that they had the right
; In the House of Representatives, Januas
ry %, 1916, while the bill giving banking
powers to the Ohio Life Insurance and
, Trust Company, and reyiving the Lafay-
, ette Bank Of Cincinnati was under tconsid-
Grafton, offered the followingansendment:
provided, that the capital stock of the
| banking department of the Ohio Life In
surance and Trust Company, and the La
fayette Bank of Cincinnati, shall be placed
upon the tax duplicate, and subject to the
same rate of taxation as merchants capi-
tai and money at interest"
}, In my remarks upon that amendment,
and for the purpose Of bringing the whig
party to direct vote, upon the simple and
naked question, of taxing banks, ] used the
following strong and emphatic language,
) which will be found in my published speech,
made upon that occasion:
8 Sin all our efforts upon the democratic
> side of this House, to engrsft some provis-
ions upon the banking law of last winter,
|. to tax bank capital the same as other kinds
, of property, we have been uniformly met
, with the objection, on the part Of the whig
t members, that we have no power to change
, the system of taxation, SO far as the banks
). already in existence are concerned; for, in
j. granting their charters, we have agreed
g with them toonly tax them upon their profits
l. and now we cannot tax them as otherprop.
IS erty, without first having obtained their
r consent to the change
/ | am not one of those who believe thai
t any Legislature has the power 10 bargain
/ away the rights and privileges Of the peo-
j. pie, especially such power 40 the taxing
v power, being the gerry prerogatiUe Of sore
!. Ereignty, which, in our government, can on
. ly rest with the people5 bu; as our whil
n friends are particularly willing to yield g
4 bedience to such an opinion, have offeret
le this amendment, that / may have their re
l. corded vote upon the naked proposition 4
r, tax banking capital the same as other prop
N erty, divested Of all such shields and sub
tcrfuges. The gentlemen upon the whil
ID side, 1 presume, will not, for moment, Sc
IS riously contend, but that so far as thes'
of two banking institutions are concerned, W
he have this power; we have not yet bargain
,ir1 ed it away. These institutions are nov
Ak asking this Legislature to give them bank
ev ing powers; it is our prerogative either e
ed give or withhold from thenn the privilege
at-l thew are seeking at our hands. We can
10 most undoubtedly, grant them bankin
,is powers, subject only to the restrictions
"a The law Of last winter, which will tax ther
on upon their profits; or we may grant the'
of1 these powers, subject to the right to e.
II, them as we tax other kinds Of property. 4
ax then, we say to them in this bill, that the
may have banking privileges, subject TO n
.u- right Of honest and equitable taxafiol
20 which is the only effect Of this amenduen
~ no one viii at any time hereafter, fshpul