Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1850-03-11
The Banks and the People.

ties that the blessings and burdens Of gov
ernment should be distributed alike to all Of
its citizens, whether high or low, rich or
poor. Yet, who does not know that large
share Of the time Of the Legislature is take
en- up in granting special privileges to cap
nal by which the few are enabled to live in
luxury upon the labor of the toiling millionsi
Who does not know that the Banks receive
favors and privileges from the Legislature
which are denied to the mass Of the people?
Besides the power that Is given them Of con-
trolling the currency Of the State, thereby
enabling them to control the products Of Ia
bor and appropriate large proportion of
the earnings Of honest industry to their own
use, though they @toil not neither do they
spin," they are also released from the heavy
burden Of taxation which the people are
compelled to endure. Still there is party
in this State claiming to be in fagor of equal
ity, that justifies this system of partial and
unjust legislation, and which has used ev-
cry effort in its power to resist the at
tempts to place the banks upon an equality
with the people, as far as taxation is con-
cerned. The leaders Of that party have
persisted in the declaration that the Banks
pay taxes. under tho law which taxes them
upon their profits only, equal to that paid
by the people. But they must know that
there is not word of truth in the assertion.
The special report of the Auditor of State
made to the House of Representatives on the
22d day of January last, in compliance
with a resolution of that body, gives the..He
to any such assertion, and shows that they
have not paid as much by many thousand
dollars as they would have paid had they
been taxed dupea the same principle and by
the same law that the people are taxed. Not
a Wing press has alluded to this report, tho
they profess to be the special friends of e.
quality and-the guardians of the rights and
interests of the people. They have no desire
to place the Information contained in this
document before their readers, for they know
that it will convince them that the asser-
ton that the banks paid as much tax as
they would if taxed as other property, would
be proven utterly false by the testimony of
their own officer.
We have before referred to the report Of
Auditor Woods, though but briefly, hoping
to be able ere this to lay the report in full
before our readers. This We cannot do at
present; but we would ask every one to
seriously consider the following facts which
are shown by the document:
There are eleven independent Banks with
an aggregate capital stock paid in Of $780,
4l0 90 dollars. The amount of notes and
bills discounted and purchased by them in
the year lS49 was 81 ,93l ,635 AZ. The
whole amount Of taxes paid by these eleven
Banks in l849 was Sc ,533 Sc, while had
they been taxed upon theif capital stock as
other property is taxed they would have
paid $8 SAT 65, and had they paid upon
their notes and bills discounted the same as
other property is taxed where these banks
are located, they would have paid $24.-
425 SO.
There are forty Branches of the State
Bank, with an aggregate capital stock paid
in of $4 ,427 ,59l SO, having Of notes and
bills discounted and purchased to the a.
mount of $40, 0,l63.S 3.S78 l3. The whole a.
mount of taxes paid in 184e by these forty
Branches was $4,000 02. Had they
been taxed on their capital paid in the
same as other property, they would have
paid S44,62o l3; and had they paid upon
the amount Of their notes and bills discount
ed the same as other property they would
have paid $I0l, ,797 80.
There are FIVE old Banks with an aggre-
gate capital stock paid in of $2.0ll ,226 90,
with notes and bills discounted and pur-
chased to the amount of $3,498,625 81.
These FIVE Banks have paid taxes to the a.
mount Of IS 800 90. Had they been tax
ed upon their capital paid in the same as
other property they would have paid $685.
1913 73; and had they been taxed upon
their notes and bills discounted and pur-
chased the same as other property, they
would have paid $43,7l5 20.
The above figures are taken from the
report Of the Auditor Of State, and they
show that these banks, besides being cloth
ed with the power to rob labor of its reward,
are exempted from taxation to the amount
of s24,533 SO, taking their capital paid in
as the basis of taxation, and taking their
notes and bills discounted as the basis, they
have enjoyed an exemption to the amount
of $ll6,074. But this is not all. The
report further shows the injustice of the law.
The Summit Co. Branch, the Toledo
Branch, the Bank Of Massillon, and the O.
hio Life Insurance and Trust Company,
with an aggregate banking capital of
$94l ,726 90, and with Notes and Bills
discounted and purchased to the amount of
81, ,62l 1921 43, hare not paid ono cent Of
tar. Such exemptions are not made in ia
vor Of the farmer, the mechanic or the mer-
chant. No, be their business ever SO un-
profitable let loss and misfortunes fall ever
so thick upon them, still from them the tax
must come. And why is this discrimina-
ton made in favo, of capital? Is it right?