Fremont weekly freeman. [volume] (Fremont, Sandusky County, Ohio) 1850-1853, 1850-12-21

left until the result of the deliberations of the
Convention IL known, as that body, in my
opinion, possesses supreme power over it, in
all things not inconsistent with the constitu-
ton Of the United States
allude to the great banking system of the
State. A system by no means, without its
evils and imperfections, as all must concede.
The question is not now, however, whether
the General Assembly has the constitutional
power to repeal the charters of private mon
led corporations, and annul their usual and
ordinary franchises. As to the exercise of this
power, there is diversity of sentiment The
right has been denied by the repeated decis-
ions Of the highest judicial tribunals of the
country. while the affirmative has been ably
and zealously maintained. By political writers
OF great merit, and statesmen of distinguished
ability
I think it may be safely asserted, however,
that all special Legislation for the benefit of
capital, at the expense of labor, that is in the
character Of monopoly and confers upon the
few exclusive privileges which the many are
prohibited to enjoy, are utterly inconsistent
with the nature and spirit of our democratic
institutions
They should be very seldom, If ever grant
ed, and when found to be injurious to the best
interests of the community. there ought some
where, to exist the unquestioned authority to
remedy every evil they infict
There are many modes in which, appre
bend, there is no doubt, but what monied
corporation can be reached by legislative en-
actInent, though the charter is silent on the
subject It may be visited, examined, and its
course Of business controlled so as to meet the
convenience and afford security to the com
munity, by Information and exposure of its
affairs
But the important question to which
would invite your particular attention, at this
time, is the admitted inequality of .he taxes
paid by the banks upon their property, when
compared with those paid by other individuals
upon theirs, and leave it to your better wis
dom to devise and apply the remedy, if one
exists
Property is the basis of taxation, and the
public burthens should be equally distributed
in the ratio Of its possession.
The farmer with but scanty means: the me-
chanic who labors from day to day; the mer-
chant or manufacturer, though his business
be .ruinous. is taxed from one to tVo per cent.
on the full value of every thing he has; but
the capitalist places his means in bank, by the
purchase of stock, and he is exempted, under
any possible contingency, from the payment of
any other than State tax, and that limited to
but siz per cent on has nett profit.
This feature was introduced into the sys-
tenn. suppose, to invite the investment of
capital from abroad and while it has had such
tendencies, it has enabled our own citizens to
avail themselves of it, by the most profitable
employment of their money, and, at the same
time. by avoiding their just proportion of the
public burthens.
There is reason for the belief, that any such
system of inequality, is too high price to be
paid for any benefits received, because it is di-
rectly opposed to the genius and spirit of
democratic institutions, one of whose funda-
mental doctrines is an equal distribution Of the
burdens of government.
The feeling is by no means confined to any
political party, exclusively, that the banking
institutions of the State, one and all, as they
are protected by our laws, and supported by
the toll aad industry of our people, should
consent, without contest or delay, to contrib
ute their Just proportion 10 the public expen-
ditures; but if they decline accedIng to SO
equitable and reasonable measure, that they
should be constrained to do SO, if the consti-
tutional and legal means are within the prov
ince Of the General Assembly.
There is, believe, no chartered guaranty,
that the officers of the State shall receive their
issues for taxes, tolls, or in payment of the
State lands, and there can be no room for
question but what the prohibition for such
purposes, of the reception of their issues by
the agents of the State, until their assent shall
be given to such reasonable proposition as
maT be made, is within the legal as well as
discretionary limits Of legislation.
But aside from this, it is worthy of the most
serious inquiry, whether the General Assem-
bly, has, at one session, the constitutional pow
er to dispense with, or bargain away, the right
Of taxation to any part Of the property OF the
State, SO as to prevent the resumption OF the
right by the General Assembly, at any sub
seouent session. If the affirmative is main
tanned. and a part of the property of the
State may be forever exempted from the pub
lie burthens, there is not, nor can there be,
any well defined limit to this power. The
whole taxable property of the State may be
placed beyond its reach, the State unable to
proyide for its ordinary expenses of govern
ment. or to defend itself against common
enemy.
5 incline to the opinion, that this high SOW
ercign power to levy taxes, cannot be dispos-
ed Of to any corporation. by one, so as to pre-
vent succeeding General Assembly from re-
suming il; and 1 could, if necessary. find dis
tinetion between this as a negative, and those
which may be called the positive franchises of
a corporation, and necessary to its existence,
and look upon the exemption from taxation as
an exception to the general rule, that charter
ed rights cannot be taken away or impaired,
a. is claimed, by the advocates of such doc
trine.
/ am not unaware that the case of the
State o. the Commercial Bank of Cincinnati is
opposed to this view of corporate rights; but
that decision was made many years since, and
By divided court, and one of the Judges who
eoncurred in that opinion has, on another oc-
casion. very justly remarked, shat laws must
Be 50 extended or contracted as to meet the
exgenciss Sf soCiety''-alluding to the com
mon law of England, no doubt, which was
only adopted in this State SO far as it should
be found strictly applicable to our condition.