Herald of the times. [volume] (Newport, R.I.) 1849-1856, 1849-02-15


different sessions, for the las, two years, and
various propositions have been made Tor re-
plcnishing tn Treasury, and providing means I
10 paw the debts Of the State and meet is ait
nual exp noes. Bills have b zen Introduced !
Prov tug for new valuation of al the rate
able property OF the State, with the view oi
laying just and equal Tx upon all the rate
ablt property in the State these bills have
been opp d ty those who wish to iuc ease
III tax up7n Banks, and by many of the
Democrats who desire to emba ass the Wing
Government as much as pos ible. Now, in
The first place, the VIII 5 have the power IN
the State and holding l.rge majority in both
branches ofths Legislature. it is duty M
culnben, upon them to provide means to sup
py the Treasury, and meet the current eX-
pences of tn, State. Taey can do Il, and
they ought to do u the people expect t. and
the party deman II. Feeling the fore and
truth of this aud noticing, at every vote
which has been aiken upon the question, al
most every Locoioco ha, yotei against an
equal tax, evidently merely for the purpose oi
embsnas ..ng the Gosernment,-w have
been as,onishe that certain Wings shoui as
Invariably be loun with them on this question
and per,lnaciouS'y opposing every iOssl'le
mean, OF increasing he revenue, except ny
taxiny the Banks I II more heavily. his
ma ter has remained stationary SO !o9g that
il appears TO Us quite time that the wing party
arouse in the mater, and that The Wing
pres spoke ost on the subject We are daily
LEGO ninp more involved IN debt, with NJ ade-
qua,e mca S oI lqui a ION
The Bill Of Rights in oui Constitution de-
elares that Z" the burdens Of the State ought
70 be fairly distributed among It's citizens -
No re sonabe or sensible man VII question
the propri " and justice Of this declaration.
The 18th Sec,ipn of the 4,h Article OF The
Consti ulion reads The general assembly
shall, from time to time, prov de tO- making
new valuations of property, for the Assessment
of taxes n such manner as they may deem
b At A new esiim tie fsuch property shall
be- ken before the Or direct srN'e tax after
the adoption of tits constructor, shal! be a
se,srd
Here, in the hrs, place, IS an express dec
larat on tha, no particular portion of the cii.-
pcns and, consequently no one species OF prop
srtv, sha te taxed for the whole expences
the State and then ample pros S.si"n is mad"
for III, manner Of asse ling direct tax on the
people and pr per,y, when the necessities o.
the Sc, such as the increasing expences OF
the Government shtll demand II. This must
he perfectly clear to every one, and requires
no arpumen. to canyi &C even the most 90 use
intellect.
Bythe last annual report Of the General
Treasurer, it appears that the tax paid into
the Treasury, by the Banks on their capital
s,ock, is Sl3,j G Sc Ninr hundred md TWEEN
,y-hve dol ars were pal in f,r tax on inc ease
o: cap tai. This is by far the lar est Reven.
Vt except the interest from the m 1ney ieposl-
ted with the S,a'e by the United States and
is larger even than thl, which tn. Stalc de-
rves { ON any source. The Banks have paid
one one half per cent bon S on ,her cap-
tai stock, and their annual tax IS one quarter
Of one per cent. We say that this is taxing
Bank capital to greater degree than impos-
ed on any other kind Of property in this State.
Il $ contende BY some, aud ihs is the con.
sian, argument of certain gentlemen in ;h
Legislature that the Is inks y sses' great priy-
ileges and that cnnseguen ly they ought to lie
thus heavily taxed. But what are their priv
ieges, and what are their iisks BY the
Bank returns made to the General Assembly,
a. the 'ast October sess on, it appears that the
amount Of su-penlcd paper Of the Banks, at
that tims, was too hundrcd and fiyeigh
thousand fpe hundrei and one doLors, and
ninsty nine cents OF this suspended paper
siriy-sepcn housdndhc0 hundred and ughiy-I
nine dollars and siTty.fre cents is
among the bank. IN this town Now from
this brief statement as one item in the a'iar
OF the Banks, W. ask hose who are so loud,
contend Z that these institutions are en- oy ng
extraordinary privileges, and therefor aug to
be more heavily xsd, II the Banks are m q
situi,i n to b. still further burdened, and il
would be an act ofjustice to pursue such
course We know that in this town a very
large port on offhc Bank stock Is owned IN '
snall quantities by vid VS., orihans an sin
gle women who are advanced IN lie. And If
lbe Legislature -hould call on the Banks to \
laske an exhibition Of how their stock is own.
u, tie facts, as W have stated hem in New
srt, would be found to exist throughout the /
State. Nov, are there no 9th incotpo ated |
which enjoy extraordinary pri,i- .
.g.si We say tai there arc. Have BOT
-, .f .ss - nrfsri RI g ss,i' i'l,hn"Eu Of