The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1846-05-21
and a. the same time 70 tax the banker only


banker, taking an average Of the profits
there for the last 10 years, amounts TO more
than the tax which was proposed by a dem
ocratic Legislature three years ago would
have amounted 10 on the capital stock itself.
/ II, on the other hand, the banks make such
immense profits as the gentleman and his
friends claim that they make, then six per
cent. tax on the profits would amount to more
than twice as much as the tax which they
themselves proposed on the capital stock.
Mr.. SAWYER. Will my colleague answer
my question? Does he think ii is fair 10 tax
the capital Of the farmer, and only the profits
of the banker?
Mr.. SCHENcK. do.
Mr.. BRINKERHoFF. With the permission
of my colleague, will take the liberty TO
suggest another fact BY the present bank
ing system, in the State Of Ohio, bankers
are not compelled to make dividends at all.
They may invest their properly in other
stocks, and thus avoid all dividends if they
think proper.
Mr. ScHENcK. Are they not required to
make dividends semi-annually at least?
Mr. BRINKERHoFF. Not according to my
recollection.
Mr. SAWYER. find that have touched a
sore place; that have been saying sone-
thing that has carried some force with it,
Now, ask my colleague Mr.. ScHrNcK] to
reverse the tables. He says it is fair to tax
the banker on his dividends and the farmer
on his capital. Suppose he should turn
round and tax the banker on his capital of
million of dollars, and the farmer an his
dividend: would that be fair? No, that
would be the farmers bull goring the bank
er's OK. No matter how poor the farmer,
mechanic, or laborer is, he is taxed upon the
amount of his capital, but the bunker only on
the amount of his dividend; if no dividend,
no tax; thus acting in direct opposition to
that fundamental principle on which every
good democrat, and every good man in this
country ought TO act, " equal and exact JUS
tice to all.n
1t appears by a section ofthe law creating
the bank, that sem-annual dividends of net
profits may be made. The following is the
section:
"The directors Of said banking company SHALL semi.an
nualy the first Monday in May and November declare
aduidend of so much of The profits as they Judge
erPedieRt and each dividend day the cashier shall
make and certify by his oath full clear and accurate
statement of the condition of the company as shall be on
| TINT day, after declaring the dividend" &c.
| If End by report made by Messrs. Per-
kins and Coombs of the Senate, that the cir
cuation Of the sixteen branches is $l,llS,-
sol; the profits of this amount at per cent.
would be a little over $67, 900. To tax the
profts,as the law would seem to contemplate,
the banks would have to pay in shape of
takes about $4,000; but by the same report
| il appears that they have ''jUdged it er-
pediensn only 10 declare dividend" suAi-
cient to pay tDenty dollars and sirty-sir cents
Let it be borne in mind that the capital OF
these banks actually paid in is $927,90s.
i To compute .ho ten on this sum, as money
at interestin Ohio is taxed, it would amount
to the snug sum Of $4,000, which sum any
other person than banker would be COM
PEELED to pay. This is oneof the advantages
deriped by being banker.
have as good a right to the favors and
benefits of this government as corporation
of bankers, and the momen, you grant pri-
Mleges 10 one class which you withholdfrom
another, you do injustice, and tn people
will complain. So long as you ouimpose equal
burdens upon all, you will hear no COM
plants. The people will be satisfied. But
'|if, by artiiciaLlegislaiion you create COM
} panios aud endow them with privileges
, which you refuse to the great body of the
people, they have right to complain, and
to rise in arms against such injustice.
understand there is to be convention
in the State of Ohio. | speak Of Ohio, il
: gentlemen will excuse me, because | am
! making speech which intend to send out
, to ten thousand democratic in that State.
say there is to be a convention held within
!, the atmosphere of one of these local banks
the bank of Wooster-whch is now
: shaking in the breeze and tottering to its
foundation under the investigation and scru-
tiny to which it is subjected. | hope that
every democrat who goes to that convention
a will take five or ten dollar note of that
bank with him, and ask the directors to re-
: deem it, They are as much bound to fulfil
their promises to the people as am to fulfil
mine. What is the difference between a
banker and an individual? Every man as an
individual is bound for every debt he con
tracts, even TO the last dollar he possesses
But the banker may fritter away the capital
. and the funds Of his bank, and refuse to re.
deem the issues he has put forth among the
hard-working people. Is il because he is
: poor and unable TO pay? Surely not. You
Y know, Mr.. Chairman, numerous cases ofbank
ers riding in their carriages and faring sump
$ tuously every day, whilst the people, the
v holders oftheir notes which they refuse tt
/ redeem, are living in penury, as poor as La
! zaius, knocking in vain at their door for the
redemption of their false promises. In
. debate at the other end Of the Capital,