Herald of the times, and Rhode Islander. [volume] (Newport, R.I.) 1846-1849, 1848-07-27
DeEcered al June Session Of the General
Assembly.

Deicercd al June Session Of the General
Assembly
Mn SpEAKER-While listening to the nu-
merous discussions Of that everlasting subject,
Bank taxation, one thing has occurred to my
mind, and that frequently. The gentlemen
who have advocated that very original plan Of
finance, seem TO have assumed, from beg IN
ming 10 end Of their very ingenious, and very
numerous arguments, that there are but two
kinds of property in Rhode Island, Banks and
Farms. They have iactly assumed this, III
aslnuch as they have absolutely nothing OF any
other kind of property; and on this assump-
ton they have reasoned as follows =" The
farmers of Rhode Island being most miseraby
poor and destitute, and the bankers most ex-
travagantiy rich, and Mcir 'oedHh dccessi0fe,
ioiihai, htey, the bankers, shall bear the rhoie
burthen the farmers, OF course, none OF 1t. a"
All other interests being forgotten just as much
as if they had been swallowed up by the del
uge. Now, sir, il has seemed 10 me to that
there are several other kinds of property in
Rhode Island besides Banks and Farms, and
some of them much more productive than eth
er. l have thought for example, that there is
some navigation owned in Rhode Island. /
have seen certain - floating palaces" gliding
inajcsiically over our bays and rivers have
im lgincd numerous ships glrdlng the globe in
all directions, drawing out the levlathan from
tho deep, and l have supposed this to be the
property of the citizens oi Rhode Island.
had also supposed that there is some manufuc-
turing capital owned in Rhode Island. | have
heard Rhode Island called great manuiactur-
ing State eycd The riches, State in the Union
for its population, and made so, in part at
least, BY manufactures. Now, if my lmagna-
ton has not deceived me, If such property
really exists, the system OF finance to which
have alluded exempts 1t all from taxatlon.-
And why sir The means must come from
same where; must come from the property OF
the citizens. Why, then, exempt these two
vast interests, the commerce and the manufac-
lures pray you, sir, do not ask me this
question; do not know. But being Yam
kce, perhaps can guess. guess, then, that
the proposal to exempt the merchants and ship
owners and manufacturing capitalists from all
taxation, must be the offspring OF that same
most amiabe feeling which has SO often aud
81 pa,hetically plead within these walls, for
the exemption of the farmers, pity for the poor
aud destitute. The poor aud destitute mel
>chlnts and ship owners aud mlnuflctu turing
capitalists of Rhode Island!
''Ihe poor ard always with you," saith the
highest of authorities, aud Such poor may we
always have, aud plenty OF them Then, SIR,
look at the railroad stock owned by citizens Of
this State and 10 Judge whether that IS pro-
duciiye property or not, please look at the
price current where you may see 1t ten and
fifteen per cent. above par, while but few
banks in the Stale, are above par at all, and
some of them much below it, Again, sir, as
you pass along the streets of Providence, look
at the splendid structures gong up IN every
part of that beautiful city, the property of rich
mon, honorably rich, rich by their industry,
men who receive their thousan Is every year IN
Tens aud some of whom own not one dollar
in bank stock All this, sir, Is to be exempt
ed from taxation. Blessings on the tender
hearts of the linanciers. OF the hundred kinds
Of property that they would exempt, l will
specify one more. II is kind of property
which has not been considered the most pro-
ductive, but which has been thought peculiar
ly proper for fair and moderate taxation.
mean property in articles Of fancy, of taste, OF
luxury II would not be exirayagant to say
that there are hundreds of thousands OF dol
hrs in silver and gold owned by citizens of
Rhode lsand not III those seductive little
round pieces 50 fascinating 10 most of our fall
en- race, but in those articles of taste and fan
cy, dining sets, tea sets, aud in every form Of
taste beauty and utility into which metal can
be cast or wrought. All this is TO be free from
taxation. And why, sir! think zee IN
your expressive countenance that you are this
time prepared TO answer, it is pity. Pity for
the suffering wretches who eat their scanty
morscl from silver plates, with silver forks, and
drink the pure element from cups OF gold, be.
cause they can do no better. - How shall
they bide the pcl,ing OF the pitiless storm''-
What ,ciH they do next winter, MIR. Speak
erl
But. sir. what on earth shall zee dol IL we
exempt every thing and every body, who shall
pay the bills Very true, say the fnanciers,
but We have no such intention. You forget the
banks. We propose to make them pay the
bills, pay the salaries, pay every thing aud ey-
cry body Now to this plan we modestly oo-
jeci, for the reason that IL is not quite impair
tial, aud for the further reason that 1t is most
aboninably cruel, inasmuch az large proper
,on vf the bank stock in Rhode Island, belongs
to classes of people least able To bear the burth-
en-; TO orphans and widows, for example. In
the seaport towns, especially, to the orphans
and widows OF sailors, whose sole dependence
is the property thus invested. This fact has
often been stated in this House as a reason
against this plan of exclusive Bank taxa
ton 4: and what has been the answer Why,
sir, the wisdom and the logic and the wit and
lut vi 'hp i'pis h''' "'' 'NN' 80"
med up in the oft repeated phrase, "Old wo-
men They are talking about old women ~
Really, sir, could hardly have expected this
from any "old woman" of either sex, in
this House or out of it. But faith comes by
hearing.
Sir, in one Of tho banks in the town which
! have the honor, in part, to represent, the par
value of the shares is but twenty dollars, and
made 50 for the express accommodation of that
absurd class of people, {" widows aud or
phans," by whom, ard ty charitable institu-
tons, one third Of the stock is owned, in par
cells of from forty dollars to few hundreds,
while not dollar of il is owned by any one
who can properly be called rich. la that same
town two of the woalhlest citizens, one worth
at least $50 900 aud the>other 100, 900, own
no bank stock, and are, Of course, TO be unmo-
Tested by the tax gaiherer. know those gen.
tcmen well enough To know that they neither
ask nor wish for such exemption.
One word more sir, and | know that that
phrase IS sometimes ominous Of a whole die
iionary of words; but | merely ask time "a
make this public ayowal, not of a scepticism,
but OF The most perfect infdelity on one point
IL have no faith whatever, in the dark and dis
.u.I .s;cs.x.o an nttan bihitp1 in the housp