The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1847-03-12
KAL1DA PUTNAM COUNTY, OHIO, FRIDAY, MARCH q 1917

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residue of his capital; for he only pays tax
en- his prt FITS remaining after losses arc de-
Quoted. The one is taxed therefore on all
credits; the other only on the profits Of the
business after accounting for the losses, i
ask il this rule Of responsibility to The gov
erpNShni, is what any individual recogixes, as
equslity in private dealings9 The banker
has another special ptiyiiege. The ability
ofall property holdersItopay faxes, depends
upon the accumulation Of pro6tsft Now the
banker pays only on his properly as il shall
be found profitable at the lasf Hioment; but
the citizen must pay by rigid valuation
previously fixed, no matter whsther his prof
its be more or less. The same causes may
have reduced the current profits Of both, but
the result is widely different Now this un.
equal legislation in behalf Of the banks is Roi
only a hardship upsn the merchant whose
business is liable ordinarily to great fluciua-
tion; but 10 the mechanic who may lose his
property by fre---to the farmer who some
times, as we have Just observed, Is desolated
by a flood or by the frost. Indeed every
class Of citizens have the right to complain
ofsuch injustice. But they are too proud
task even in misfortune for that exemption
from taxes, which the banker Graves by law
when be is most prosperous.
Surely, tho people were not consulted
when the banks were secured in these ill.got.
ten privileges; but is there not danger that
the people will refuse TO abide by any such
unauthorized act Of their representatives. on
hat account Popular rights are not cherish
ed, lam aware, by that party which holds
The reins Of the government. The masses
have ne rights and privileges which in the
eye of whig legislature are worthy Of pro-
lection. Itis for the banks they have fell
low feeling which makes them wondrous
kind. Rather sir, il is more properly love
of offspring, which having created the privil-
eyed order, seeks to defend 1t with paternal
solicitude from the burthern Of sustaining
the government. This is an amazing spec
lacle for our age and country. When be-
fore in the hoary history Of the world, has
any commonwealth, organized for the sake
of"equal and exact justice for the protec-
ton of the rights of man, and ia every fea,
ture opposed to monopoly; laid the public
taxes SO as to exempt the property which had
been Withdrawn from the common stock by
charters, and invested with other extraordin.
ary privileges. That is according to my rea.
ding, the essence Of afistocracy; where, as
defined by Mr.. Jefferson, the few are booted
and spurred, and by the grace Of God, EMIT.
led 10 ride on-the backs of the many.
It's frequently said that these banking in.
stitutions pay more taxes under the laws ol
their creation, than il taxed upon the true
value Of their capital. And Mr.. Ford, in az
elaborate speech recently pronounced in the
Senate, assumes that position. But it is 8,
palpably untrue, that do not deem il neces
sary to examine the proposition he under
takes to prove. Ifit were true, the bank
would not refuse 10 have their burthens re
duced. Creatures with souls and sympa
thies act with view to their own advantage
and can il be believed or contended tina
these artificial persons-the sole object o
whose being is 10 coin wealth from the labo
and sweat of millions, act from a more gen
erous or less selfish motivei Men frequent
ly stultify themselves by asserting what al
the world beside know to be false, and tn,
predicament Of the Senator is aninstance
Il is this ignorance Of Legislators which i
ever more formidable than craft ITSELF Th
legislator who not only affirms but attempt
10 Prove that the bank-tax exceeds the aver
age, is capable Of more public detriment,ha
those who are not deceived by his argument
imagine. In this respect however, Mr.. For
is not original. It,is an idea borrowed from
the tariff:men, who have gone on blindfel
for twenty years, proclaimng that competi
ton was increased by prohibitionj and price
lowered by monopoly. No opponent is now
days expected to nolice such folly, although
il has been so long the staple ofwhig philos
opy, which they have latterly abandoned onl
because they got tired of the repetition, AM
I not on account Of A::ag Aa::aa detected its hllacy
iae democracy 60 for tax on bank cap
ital equal to the general average and n
more. Such is the proposition in The resa
lutions But we are mel with the objection
that this bank capital is not bound by Law
to pay the same taxes az other property
that II is in short, above the law--aboye a
law making power--above the people them
selves. 1's4 eiSi als -
The advocates ofequal bunhsns under III
government are confronted with the death
head Of bank charter, AVID told that the bans
ara have contract which no legislature ca
violate, by any amendment or alteration Z
this be true, then in truth are they a class
: priyileaed persons: an upper order in tn
7 free State; the aristoeracy ofa land OF squ
I ,;osts. These special iaverites Of legisl
ton ,;sn. y zen il is proposed to bring them