The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1846-07-25

perisdof nine years, for the present banks, and
they will only pay an average tax Of four mills and
two-tenths OF mill upon the dollar Of their capi-
tai, unless they larger profits than did the old
banks This fact. time and experience can only
determine. One thing however Is certain; the new
banks cannot make larger average profits than did
the old ones, unless they devise some new system
of bank shaving. unknown, and consequently un-
practissd by the old ones.
Now then, in order to show the actual differ
snce in the amount oftax paId by banks and other
property, have obtained the per csntage to be
assessed this year, property situated in the town
Of Circleyille. The amount for corporation pur-
poses for State and school house purposes, is ba-
sed upon last years assessment, as the amount for
the present year has not yet been fixed. The cor
poration tax will probably be half mill less, and
that Of the State probably half mill more, making
the aggregate the same.
State tax, 7mills on the dollar.
County tax for all purposes, s a-4 mills on the
dollar.
Township tax, l s-4 mills on the dollar.
Corporation tax. 4 L2 mills on the dollar.
School house tax, ] mill on the dollar.
Making in all twenty mills of taxation on the
dollar, to be paid by the citizens OF Circlevs, for
the coming year While, then, the bankers of
Oirclevlls will only pay four mills and two-tsnths
of mill, other individuals will pay twenty mills.
Again permit the inquiry, is this right, is it equal,
is 1t justi ~, ~. .-3s-
Let us extend the inquiry little further, and
then see what will be the result. Mr.. Gov. Bebb,
Mr.. Auditor Woods, ct id onine genus, all affirm
that banks now pay more tax on their capital than
other kinds Of property and BY the foregoing state
ment. taken from the Auditors books, we see that
other kinds Of property in the town of Circlsville
will pay twenty mills on the dollar. And we know
that the banks pay only six per cent. upon their
profits, (the bank of Circleville only fve.) How
much profit, then, must the banker make upon his
capital, in order to make his tax equal to twenty
mills, upon the dollar? For fear Gov, Bebb and
Auditor Woods will not take the trouble to work
out this question, have done so myself, and the
answer is, the banks must make SO l-3 per cent.
upon their capital year after year, in order to make
their tax equal to the tax on other kinds OF prop
erty. Are our whig friends willing to admit that
the bankers are doubling their capital every three
years' But in order to make my calculation un-
exceponable, will SO far change it as to make ii
comport with the present system of taxation.-
Merchants capital and other personal properly are
only taxed at one half their value this year; there
fore make the average of tax on the citizens OF
Circleville only ten mills on, the dollar, which will
be twenty mills on haifthe value of their proper
ty, and taking period of nine years, and the bank
ers of Circlevile will only pay four tenhs as much
upon their bank capital as other citizens pay upon
their property. ans eUasla
I ask, then, are we not justified, upon every con-
sideration Of policy, in condemning the present tax
law? | may, Mr.. Editor, upon some future occa-
sion examine some other features of this unjust,
unequal and iniquitous law. 3a
EDISON B. oLDs.