Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1846-08-12

IN Its favor by the people OF the State.
The last legislature passed AN act providing
Tor leNy1ng a similar tax upon the other banks
OF the State. M cases where II WAS not pro
hibltcd by their charters.
Ihe stock ct Insurance Companies, before
taxed hve per entum per aunum upon divi
dends, n, by That las. taxed ,iN per Ceutum
per nnun upon profits.
Until 1916 thc stock in railroad, in canal,
IN sldckwatcr navigation, All in turnpike
companies was not taxed. By the central
YAK law Tits kind OF property - made taxable
this year.
Now, what is the state of this question:
Those who accuse th. farmers of the law Of
1916 OF unjust partiality ior Banks, with their
friends. had The legislative power of the State
IN both branches ot the Legislature. for six
years out OF the eight, preceding 1913, and
Tor the whole eight years, a majority ia one
branch OF the Legislature. Their friends
were, during all that time. at the head of the
finance department of the government, and
yet, lurall that time. no law was passed. aud
no ellort made to increas! the tax on banks,
ON insurance companies, or To- tax IN ANY way
'he stock OF any other incorporated or joint
stock company.
And now, all at once, it becomes perfectly
clear that such property should be taxed. and
lhey are loud and prolific in their complaints
and denunciatious. because il has not been
done. lit was right to tax them, WHY dill
not they or their licuds Ito III Ii Banks are
taxed too low now, why did not those Bank
hdters raise the tax on them, when they had
the power.
But there is another important fact to be-
noticed in this place. In May last tn Bank,
as required by the present law, reported, and
thos' then subject TO the six per cent. tax up
on profits actually paid, at the rate of eight
mills aud four tcnths OF a mill per centUm
~pcrannum, beng about one eighth more than
The average rate OF taxation upon other prop
crty. AudI here express the confident be-.
lci that, If the bank stock OF the State had
been taxed for this year. as other property is
taxed, no more money would have been paid
INTO the Treasury by Banks in 1916. and that
rom $4,000 to sic, 900 less would be paid i'm
1871.
let this he remembered. tthose who now
elamor Tor a change in the law to tax banks.
succeed ~ eitcciing the change proposed, the
Banks will gain, anl the tax payers will los,
not less than 5000, and probably $4,000 a
year by the change.
Si0tc Stocks.
We are asked why Ohio State Stocks wcr,
not taxed as other property And TINS too.
by men whose friends created most OF those
Stock, an | who, in their creation, stipulated
against taxing them. And when for the first
,ine, was such a proposition made in Ohiol
vtl; that | have heard, by any newspaper
editor, member of lh. Legislature, financial
officer of the State or any other man, any
where before 1916. ltwas proposed last win
tee, by a highly rcspectlbl., aud Intelligent
Nhisot the House OF representatives,, and
abandoned. as II met with no countcnanCe,
or iaver from mcmberof either party.
Dat 10 put this matter fore yer at rest, I.pive
an extract rom the annual report OF the Fund
Commissioners OF Dee. -, 1872:
The fifth sectisn ul the act OF February 4.
1850, contains the following provisions at
IS hereby made the duty ct the Auditor OF
State from time to time TO determine the rate
per centum. necessary Tor each ensuing y9ar,
% levied on The assessed value OF the taxa
DC property, entered on The grand list Tor tax
non, within the State, in order to raise the
several Sums hereby pledged and appropriated
10 the canal fund Tor those wears: aud he shall
-ettIiy the rate per ccntum, and transmit the
same to the several county auditors Within
the State. from year to year, i'm season TO ena-
bic them 10 asses the tax for the proper wear.
TIE sad tax hereby levied, shall h, as
''sNcd AMI collected each year, by ilic proper
'ih.rrs, accordingly, IN addition to the tsxos
which may from time to time. h, authorized
~ ths General Assembly. Tor dcfrdyiup the
expenses of government. aud Tor 9th
Z purposes. AJtd TIC faih Of he STATE is
picdgcd, that the tax hereby levied
shall not be- altered or reduced, 50 as To impair
n security hereby pledged for the payment
Tue lutc-c>t, ant The final redemption OF the |
principle, oi the sums 10 be borrowed by yir- T.
.ue ol ihls act; and that no tax shall ever be
.eylgd by the Legislature, or under the author
n. nf fNg- NFaHa- L..- sN..a HA.I. -. II
by virtue OF This act, nor on the interestwhiCh
may b, payable thereon. And further. that
Ihe value at said stock shall be In no wi.3 i'm
pared hy any legislative act Of this State.
hgSE PRoviSIoEs ARE EXTENDED go All rHg'
S~tESEQuEST LOANS -(Sre Ohio Documents.
1913 No. -, plg -, l6)
Aio4c Of Valuation.
THIS .aw provides for valuing property for
taxation. at what is worth in money. Lei,
ih1ea who's" good fortune, or whose successful
or whose superior sagacity has ena-
Dicl lh,m To obtain better farms, AMI more
valuable animals. consider ot this subject a.,
one affecting The interests OF two millions OF
people, OF all The ydriOu, occupations and
CONDITIONS ia the State. and then say it there
any other just rule OF valuation.
u has been thought by some that wild land
should ,. rated higher. in proportion To its
than improved land, aud what is the
reason given Tor ~ Its said that much OF
our wild lands are owned by non-r residents,
'nd were purchased on speculation, and that
these should bear a heavier bprthcn in proper
ton 10 the value, than the land OF resident.
.ud occupying propristors. If this be right,
why not effect the object by direct means.
and levy a double tar upon lands so heidi 81
the former law. 10 reach thcss land speculs
tors wc put heavy and disproporiionate bur
tlcus upon ihe iellcrs of our forests. thc youn4
aud eutcrpnslIg. who are c~ulcdyorng TO Law
the foundations Of such fortunes az their older
ncislbors have built zap by a liic of industry
would you assess a iurm at more than its true
value, as o penalty upon ihc owner Tor NOT
Improving d, This may fall upon some who
arc culpaDly l~ndulent, but DO will. I'm more ca.
ses, iall upon the unfortunate poor. who are
such from sickness. from bodily. az mental
weakness, or from unavoidable losses. Why
should not thg same fulr obtaiH between tb,
more wealthy and fI. I... .....f.r..