The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1847-03-12
SPEECH OF Z
Reniamlm F. MetcaIf,

go 80 '.,''..'s,
Agdnss Legis.a'fps os@Paaon, enc +" "a
cer 81 sa1,ng DdnS Cap'.as e'Fe o''er
propersy--eess''n 2, io4o-'.
Mr. Metcay or fmndm, az tne close OF
me session OF inc legislature 0nereo lhe
following resolve IN 'ne f1ouse OF nepressen'-
aiiyes: 4's..... "a ~,
Rssclred BY tho General Assembly Of the
State Of Ohio, That gold and silver coin ls
tho only legitimate and constitutional cur
rency--that banks Of circslation are opposed
both TO the constitution Of the Y. States, and
the constitution Of Ohio-that they are there
fore inexpedient and should be dispensed
with-that Il is the Indispensable, and SO iar
rs tho Legislature is concerned, unalienable
right Of the people. through the sleglature,
Of any time, and at all times TO repeal or al
ter any charter granted by The legislative au-
thority Of the State for the purpose OF bank
ing--ihat the revenue Of the state should be
raised in strict accordance with the principle
ayowed in the title of an act entitled can act
to tax all property in the state, according TO
lis true value" giving no preference to the
loans and credits Of banking institutions;
over the loans and credits Of Individuals
nor to the moneys Invested in State, bank,
or other stocks over the money invested IN
any other species Of property
limo did not permit him 10 fulfil his inten-
lion Of addressing The House upon the rcso-
luton; bnt he announced his preparation 10
do so, and thai he would publish his written
remarks after the adjournment In revising
his remarks for The press, he has deemed it
expcdient TO present in these pages, that part
Of his argumen, only which refers 10 the
amendment Of the Law on the subject bank
capital, which in bis opinion should have
been taxed like other property for ull pur-
poses, State, county, township, school, &c,
instead Of remaining liable 10 light tsxatios
upon its profits as the law now stands; or be-
ing taxed for State purposes simply, on the
capital paid up, according TO tho petition OF
the Board of Control which was presented
at the end ofihe session. That petition was
probably offered in sincerity, bst it was too
iate for the action of the legislature. It bore
the signature. Of Gustavus Swan, President
Of the Beard Of Control, and was, no doubt,
prepared and presented withou, the concur
renee Of the stockholders ofthe branches, thus
affirming what Mr.. M. has said of the dan
gerous and almost unlimited power welded
BY The Columbus Junte under the Bank
Law] =, ss.- .i, s,s- +, sa
Mr.. SpxAKxR: Your tax law purports to
tax all property in this State according to its
true value. Its title is an "Act for lepying
Iaxee on an property In this State according
TO iss true ualue." This title only echoes the
sense of Justice which our people require Of
sheir representatives. "Equal benefits and
equa! burthens" are the foundations Of all
republican, government. Other foundation.
can no man Law with any. hope Of their per
pe,uity. In the exercise OF the taxing pow
or, is tho weight Of any political institutions
fell; and that exercise must correspond witt
the radical and true doctrine Of equal rights
Tso,ne citizens are oppressed " other cltlzen
favored BY the fiscal system which upholds tl,t !.
government, every mans eqallibrlbrlIun =
disturbed. and confusion and injustice follow
to both private injury and public detriment.
lnsisliag then on the necessity OF The pnn
ciple ayowed by the title of the tax law; WI
s,ps sha"tsS 800 :, .ba ;nsoual;ty Of The law its
olf / deny altogether that it provides 70
the uniiornity which is proposed BY its title
While all other property is liable 70 appraise
ment and levy alike, the capital Of the bank
in the State invested in loans and discount
are exempt FROM ordinary taxation. It
true they are subject by the law Of their ere
alien to a limited and special liability, whic'
is also altogether contingent. Bank capita