The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1848-04-15
The wings uniformly contended that as the .c,

The wings uniformly contended that as the act
10 create the State Bank Of Ohio and other banking
companies points out one special and peculiar msde
of taxation for the banks. 10 place them onthe
same foundation with respects taxation, as other
citizens would violate contract M M
The following are the views Of the subscriber
on this subject offered indeed with some hesitation
The above mentioned act is general statute.
II lays off the whole State into great circles and
dukedoms and invites and stimulates all the faith.
full to invest their funds in bank stock. It can
scarcely be considered competent for one General
Assembly to expempt SO very large proportion
of property from the ordinary burthens oftaxaton,
rendered necessary by the exigencies Of the Com.
monwealh, without reference to the will or wishes
or policy or even the necessities of their success.
sors. Such design ought not, in contemplation
Of law, to be attributed to them. Their statute,
it is true has pointed out peculiar mode OF taxa
ton for the banks, but il ought to be taken for
granted thatthe Assembly supposed that this mode
Of taxation, would produce as much revenue from
bank stock as from the same amount Of individual
property. The Lawyer will pronounce that in
decency, in common justice, il ought not to be
supposed that the General Assembly intended to
favor the banks more than individuals in this par
ticular and to tax them more lightly. But in point
Of historical fact they are favored more, in this
respect than individuals and their burthens Of tax
alton are lighter. II is in vain to reason against
matter of fact. Then the mistake of the former
General Assembly ought to be corrected. To
stick TO the old imperfect, defective and erroneous
mode of bank taxation after time has pointed out
its errors and defects is tn adhere to the letter and
disregard the spirit Of the law. Can the bankers
complain? They have come in under general
statute, constituting part and most extensive
part Of the general police and economy Of this
great commonwealth.
That man would be a bold politician, who would
contend that one General Assembly can annul
and abolish the power of their successors over the
general police and economy of the country. The
power of legislation on such subjects is, in the
nature of things inalienable. Is it not SO! Did
the General Assembly of 1925 know more about
the wants and wishes and necessities Of the people
Oi Wc PTcocut oay VIAL u'c ASseh'o'y "a so'o'
Such power of lettering and binding unborn
generations, would be no where so unsafely lodg.
ed as in the hands of men, vain enough to suppose
themselves capable ofits exercise. Finally If this
public general statute is to be metamorphosed into
a contract; the mode of taxation is not of the es.
sence Of that contract The essence of the con.
tract is that these men shall have banking powers
and pay as much taxes as their neighbors. And
as the old law is chargeable with error and mistake
and does not carry out the intention Of the con.
tracing parties, it ought to be amended by new
one. What jurist, except our present whig lead.
ers, has ever contended that public, general
statute concerning the whole realm. is unaltera.
BILE and unamendable! As before remarked, the
subscriber hazards the above opinion with some
difidence, but it is believed that it will "stand the
test of human scrutiny, of talents and of time"
As democrats, truth is our only object, but we
listened all winter, to the specious and ingenious
but sophistical and fall,cious arguments Of the
whig leaders without feeling the slightest convc-
ton. The People must now decide between US
and to them we iearlessly commit the result.
Most Respectfully, &C.,
EDWARD ARCHBOLD.
Wood.feld, .april 10, ls4s,..-No. v.