The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1849-04-21

sounded, raise cohort of men, oppos
cd to the reduction of the State debt
and in favor Of its increase, whenever
they need, a batch Of new Banks.
The tax laws of the State, enacted
by the same class of politicians that en-
acted the bank laws, and as part O.
the same system, taxes labor with q
heavy hand, while it taxes banks in Q
different manner.
The banker is allowed to manufac'
ture three paper dollars out of one dol.
lar in silver, and TO loan these paper
promises at six per cent. interest in ad.
vance. They pay no interes ton their
outstanding circulation-they take good
security for the promises they loan, and
they take interest on the notes Of those
who borrow their promises, in advance.
The man Of toll is taxed upon his capi-
tai and upon the debts due him-lhe
banks are taxed in different manner,
upon their earnings alone. If the farm
er loses his crop-if the merchant is
unfortunate in business, and find at the
end of year that they have lost both la.
bor and money, still they are taxed on
their farms, their stalk, and their capl-
tai invested, but if the banker is unfor-
tunate in business--if the bankers d.
vide the profits in high salaries paid to
themselves, or if they leave it in sink
ing fund, SO that at the end of the quar-
ter or the end Of the year their books
show no clear gains, they pay no taxes.
This mode of avoiding taxation seems
to be favori,e one, for the sum total
of bank taxation of many of the banks
seems to grow beautifully less as each
year rolls round, while the banks them
selves increase in business. tHE..
By the able speech of Mr.. Myers,
delivered in the State Senate on the
9Th of March, we learn that during the
year l848, the banks Of Ohio, owing to
the partial system, paid only the tax of
S4O.773 O4, while if taxed as other
property the property ofthe citizen
is taxed, they would have been forced
to pay a tax of Sl8l,l7l 95-being
over one hundred and forty thousand
dollars greater than the amount they
paid under the present system of taxa.
ton.
In this manner, and by means of this
unjust tax law, many millions of capi
tai, which should be taxed for the sup.
port of government and to aid in the
payment Of township expenses, find no
rightfnl place on the statute book. The
system by which they are taxed is de.
celtlul, and is a fraud upon the tax pay
er, and while that system, so oppres'
'ive and unjust remains, it requires no
prophet to predict that The State debt
cannot be lessened without the creation
of burthens, such as an already over
axed people will not submit to, on ac.
count of its grievous injustice.
Though the federal leaders, for polit-
:al effect, may avow themselves in fa-
'or of a reduction of State indebted.
ness though they may below until
hey are hoarse with crocodile profes.
'ions in its favor, yet still as long as
heir actions speak louder than their
W ords, they will, per(orce, be obliged
70 lay under the charge Of seeking an
Increase and perpetuation of the State
1ebt, until. by their action they prove
he charge iII.founded.
In asking The question, "who created
he bulk of Ohio's debt?" and giving as
rs own answer thereto, "the ocofoco
party Of Ohio," the Springfield Repub-
ic but follows in the wake of reckless
vhig politicians, who have time and
lgain made the same false charge with
'ut giving any evidence to support it.
rhe present article will be mainly de.
voted to the discussion of that question.
The Ohio and the Miami Canals were
he first extended improvements in the
State. The laws borrowing money for
heir construction, was at time when
a abor and provisions were cheap, and
ne contracts were in consequence TAX.
n at low rate. They are not ,nclud-
ID in what is called the "bulk of Ohio's
ebt," and as the laws were passed al
time when the federal party, as par
v, had ceased to exist, and had pro.
essed 10 abjure politics altogether, and
ad become "all republicans" in words
t least: we will confine our remarks
o the improvements of later years.
which sweIIed the State debt to its pre-.
ent enormous amount. in round nun.
ers, Of $2o,oo0,0oo.
In report made by Mr.. Dennison,
f the Senate, on the powers and duties
f the State Auditor, we find table
nnexed, giving the cost of certain i'm
with the yearly earnings
hereon-the yearly expenditures to
upnort then, and the ner cent Of in. |