The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1849-09-29
Equal Taxation Hear SAM Lewis.

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We find in the Cincinnati Enquirer of
August 28th the following excellent article,
which (as we are informed by friend in
Cincinnati) is from the pen of that distin-
guished soldier of Freedom, Hon. Sam
uel Lewis. Our readers will rejoice to see
that Mr.. Lewis continues, so far as his
feeble health will permit, to labor in the
cause of Justice and equal rights. No
more powerful argument could be presen-
ted on behalf Of the views promulgated at
the Columbus Convention.
MR. EDIroR-The following remarks
are not made with any view of aiding the
Democratic party in their contest with the
Wings.
The question of taxing bank capital is
again revived, and is now put upon the
grounds of vested tights in the Banks to
be exempt from equal taxation. Without
pretending to much legal nowledge,itmay
well be questioned how far an annual Leg
islature may pass law at one session, that
may not bs repealed or modified at anoth-
er session, especially on subject SO i'm
portant as taxation; and ifsuch sentiments
prevail now, let us see to it, that in our
new Constitution the people may express
ly reserve the right of altering or amend
ing all laws as the popular will shall de-
mand.
Leaving the vested right question for a
moment. wish to state the operation of the
law as it is, and invite Wing and Demo-
crat to Justify it if they can.
The Trust Company have capital OF
two millions; her dividend for ten years
averaged say per cent. (last year and
this she pays none. )-now as trustee for
another. represent $4,000 of capital in
that Bank, which on an eight per cent
dividend, pays $72 tax, that is six per
cent. on the dividend, and this dividend
is only declared after all expenses are
paid.
represent $4,000 for the same person,
which paid last year one per cent. tax or
$3.50, that is. the $4,000 at interest paid
in tax more than twice as much as the
same sum in Bank stock. But this is not
the worst feature of Bank law. This trust
Company. incorporated to accommodate the
business of Ohio. established an office in
New York, and went so deeply in the for
eicn exchange business as to lose several
hundred thousand dollars, and then de-
clared no devidend for the two years that
il has taken her to reimburse her losses;
so that she has actually been doing busi-
ness for two years, on a capital of eighteen
hundred thousand dollars, and made up
in that time all her losses, without paying
any tax.
The bank or its friends will not deny
this statement of facts Except may have
made the average dividend too high) and
the point is, can such things be right! Let
Wings look this question fairly in the face,
divested of party preudices, and say II
they will not require their candidates to
pledge themselves, to 60 at least to the
very verge of their constitutional power to
nut the same tax on Banks as on individ-
uals. While the Bank is exempt from tax
except on her profits, there are large
number of merchants who have lost heavi-
ly the same two years, and yet have paid
taxes as if they had large profits; and |
am now thrashing the wheat from thirty
five acres of ground, and shall not get as
much as will halfpay the expense OF seed
ing, harvesting, &c, but the taxes on the
land, team, &C., must be paid. Let
men of all parties discuss this subject fully,
and correct the wrong.