Herald of the times, and Rhode Islander. [volume] (Newport, R.I.) 1846-1849, 1848-01-06
From The Providence Journal !
Bank Tax.

be devised. This subjec, was intro
duced ot the June, continued TO the Oc-
tober, and postponed to The January
session of the General Assembly, at
which latter period something will he !
done and, if am correct, it will be TO
increase The tax on bank capital to such
an extent as will make up all defcIen-
cies. As an excuse for tins ia uslIce, we
are told that the banks have great prlyl-
lpges, make large and certain dividends,
and are owned by the wealthy, many OF
whom live in other States, and conse-
quenIly are not taxed for property Of
this kind. | inquire if all these are
facts Do the privileges enjoyed by
the banks call for any additional com
pensa,ion to the public Is not the
payment of the present State tax more
1 than an equivalent for all their prlvlleg-
es? In the next place, let the advo-
Gates of this system OF oppression aud
/ injustice show that the banks make large
and certain dividends. Let them make
| an estimate Of the net profits Oi the man-
ulacturng, the commercial and the AZ
rirultural interests, and see how they
will compare with bank dividends for
any given number of years, and then,
and no, I'LL then, will the public be un-
deceived IN this matter. SO lar from
these dividends being certain, expert
ence shows them 10 be the most ubcer-
tain end, instead Of the capital invest
ed being more safe, experience showsit TO
be at least AS unsafe as other property.
There is no comparison between the
safety of the land owner, the owner OF
railroad stock, bridge, aud turnpike
property, and bank shares. Hardly a
session Of the General Assembly is per
mllted To pass without application being
, made for the reduction of bank capha al
almost invariably giving as reason
: " certain losses which have been eXpe'
; rienced. Let full statement OF these
facts be made, and | doubt II the profits
u will come up To the rate of lawful inter
u est. 1t il not true, then, that banl
', property il more profitable and, | pro-
ceede to examine the third inquiry, VIZ
is bank capital owned by :he wealthy
II | speuk ",rhat knop," Mr.. Editor
! when | assert that no very small portion
;, of bank capital, IN this State, is the prop
u eriy of the widow, the orphan, the IN
> firm, and such as are incapable Of man
u aging their own concerns, aud compare
7 lively little Of The wealthy. The latter
it is well known, are not satisfied will
: bank dividend profits, when govern
q mcnt, State, railroad and other securl
II ties can be had on better terms, equal,
il not more easily converted into money
Il when two or three per cent. per mont
q can be had for money in the street.
II is true, that considerable bank stock
J. owned by directors, who generally, i
p the larger towns and IN the city OF Prov
< dence, are merchants aud manuiactur
IS ers but, though some be rich, theI
ut are few, rery fe,c, hut what hire, not or
Ie ly the amount of then own capital in IN
c. bank, but much more, in order to carr
s. on their business that is, they ar
u money borrowers instead %! money lent
oi ers and, although generally IN posses
5, sion Of property that raises the envy
> the ignorant, who call them the " am
4 tocrdry," it seldom happens that the
r. really possess more, or leave To the
b. children a larger inheritance than lhos
IN who envy them. II these are fact
IN (and lei them be acknowledged or ref
nd led y then let the inquire if the proper
III Of the widow, the orphan, the lncompe
tn tent and the man of business, is mo-
ly properly the SUBJECT of taxation than tn
he Of others If il IS, then let II be done
but if it is not, let justice be meted ou
NJ though the " heavens fall. "
i'll Although | have treated this subje
ad with all possible brevlty, | have sa
M much more than was intended, and qnl
de sufficient. il Is hoped, to arouse II
friends OF Justice to look to this 5uslnes
Ell and not to allow one sirih or serenh pa
m of The property Of he State, and That, 10
Ils owncd 50 largely by persons incapable
Ny managing their own cbairs, 10 bear
re, he bulthenS, whiic He REALLY WEALTH
pr, those trho orn their MANUrACToRIt
IN their FARMS, and their BLOCKS of era
les lrE, 10 go uniared Let us have ne
of valuation of all the property, OF eve
ne kind ~ the State, aud then let m equ
I. assessment be made upon the whole
No honest man can object to this. No
ar that is strictly so, wiH bmthen h'S neg
81 Dor 10 spare himStH
are would, IN conclusion, suggest
- those, whose duty 1t Is In guard 4
Ind rInhts and the interests oi their soc
to holders, whether II is not expedient,
AID order to avoid this intended injustice,
nef coll a general meeting, to be holden
the city of Providence, previous to
,h January session Of the Assembly, and
!, bung with them such Information, IN
latinn To their profits and losses,
III number. professions, and such other pt
uculars IN relation To their stockh 'de
- as will undecelve, not only the 90
mass of the people, but such of III
nr- Representatives as partake 81 this pr
ork udice.
As the banks in the city ol Powder
are most interested ~ this matter, th
a' country friends will expect them To m'
L. the proper arrangements in this matt
JusrIcE