The Portsmouth inquirer. [volume] (Portsmouth, O. [Ohio]) 1849-1855, 1850-12-23
,are that the laws Be faithfullY ezecuted." !"

ulcilb, u pOWcl WHICH uudJ w CppChVAoA ~ Wy
knowledge required to enable the Executive, in
his annual message, at the commencement OF
the sessions Of the General Assembly, or. from
time to time, to give that body information OF
the state of the Government, and that super
visary influence may be exerted, calculated to
effect the punctual and faithful discharge OF
official obligations.
In the performance Of this imperative duty,
I shall invite the most frank and friendly com
munication with the subordinate executive de-
partrnents, and shall, doubtless more frequent
", be under the necessity Of asking advice, in
my own department, than imparting it in theirs;
and shall strive to maintain the most friendly
and confidential relations, 80 essential to the
public interest, in the discharge Of duties con-
nected by official intercourse.
There is one subject of general Legislation, in
addition to those before enumerated, however,
to which / would invite your particular atten
ttion. / do SO with great respect for the opin-
ions of those with whom may differ, and not
without doubts, whether it should not be left,
untN the result of the deliberations Of the Con-
vention isknown, as that body, in my opinion,
possesses supreme power over it, in all things,
not inconsistent with the Constitution of the
United States.
allude to the great banking system Of the
State. A system, by no means, without it's
evils and imperfections, as allmust concede:.
| The question is not now, however, whether
the General Assembly has the constitutional
power to repeal the charters of private monied
corporations, and annul their usual and ordi-
nary franchises. AS to the exercise OF this
power there is diversity of sentiment. The
right has been denied ythe repeated decisions
,f the highest judicial tribunals Of the country,
vh;;, the affirmative has been ably and zeal
ousIv I ma;nis;ned, by political writer's Of great
merit ~ and statesmen Of distinguished ability.
think it may be safely asserted noweyer'
that all special legislation for the 6eneIs ci cap
ital, at the expense Of labor, that is In s,ie
character Of a 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 granted,
and when found to be injurious to the best in
terests 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-
hend. there is no doubt, but what monied
corporation may be reached by legislative en-
actment, 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 commu-
nity, by information and exposure ofits affairs.
But the important question to which would
invite particular attention, at this time, is the
admitted inequality Of the taxes paid by the
banks upon their property, when, compared
with those paid by other individuals upon
theirs, and leave it to your better wisdom 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 two per cent. OF
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, undel
any possible contingency, from the payment o.
any other than State tax, and that limited to
but six per cent. on his nett profit
This feature was introduced with the system
I SUPPOSE to invite the investment Of capita
from abroad; and while it has had such tenden
cies it has enabled our own citizens to avai
themselves of it by the most profitable employ
ment oftheir money, and, at the same time, pJ
avoiding their just proportion OF the puoh'
| burthens.
There is reason Of belief, that any such sys
TEN of inequality, is too high apriee to be pait
for any benefits received, because It is directl,
opposed to the genius and spirit OF democrati
institutions; one Of whose fundamental doc
J trines is an equal distribution OF the Durthen
Of government.
The feeling is by no means confined to an.
political party, exclusively, that the banking
T Az Ctota ono ond all n thew mr.
| protected by our laws, and supported by tn
E toll and industry of our people, should consent
. without contest or delay, to contribute thei
Just proportion to the public expenditures; bu
If they decline acceding to so equitable an
? reasonable measure, that they should be cor
strained to do so, if the constitutional and legs
means are within the province Of the Genera
Assembly.
t There is, I believe, no chartered guaranty
that the officers Of State shall receive their il
sues for taxes, tolls, or in payment OF the Stat
, lands, and there can be no room for questlo
!, but what the prohibition for such purposes, I
s the reception Of their issues by the agent of th
State, until their assent shall be given to sue
e reasonable proposition as may be made,
: within the legal as well as discretionary limit
r of Legislation.
But aside from this, it is worthy of th
!. most serious inquiry, whether the Genel
e al Assembly has, at one session, th
e constitutional power to dispense with, {
J, bargain away the right of taxation to an
= part of the properly Of the State, so as
d prevent the resumption of the right by ii
ic General Assembly, at any subsequent SCI
4 sion If the affirmative is maintainel
n n and part of the property Of the Sta
A. may be forever exempted from the pul
lie burthens, there is not, nor can the
of be, any well defined limit to their powe
70 2 The whole taxable property Of the Sta
tV tv may be placed beyond its reach, the Sta
s. s. unable to provide for its ordinary expe
he ses Of government, or to defend itst
=. n, against a common enemy. as
~ incline to the opinion, that this hiI
as sovereign power to levy taxes, cannot
y disposed Of to any corporation, by on
Il SO as to prevent succeeding General A
re sembly from resuming it, and / could,
he necessary, find distinction between tn
u ~ as a negative, and those which may
en- en- called the positive franchises Of corr
IL ration, and necessary to its existence, a
lat look upon the exemption from taxation,
so- s. an exception to the general rule, Il
Id chartered rights cannot be taken away
impaired, as is claimed. by the edyoca
w of such doctrine. 't4slt