Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1851-03-03
More Exemption.

o.
One Of The very potent reasons urged BY
the Wings for the passage of the Free Bank
Bill now before the Senate, is, that it will
have the effect "to draw back to Ohio the
millions Of our stock, now scattered abroad
over the Union ana over Europe. The an
nual payment Of our interest, amounting to
over one million of dollars, will then be to
our own country, thus saving at home, a
large amount that would otherwise go a.
broad in specie or its equivalent. "
1t may be that this consideration will
induce some to favor this new bank scheme,
but we must confess that we cannot see
wherein the State or the people would be
the gamers, or how cover a million Of dol
lars" in the shape Of interest would be
saved thereby to the people. 1t will cost
them as much to pay it to the rag barons in
Ohio as to pay it abroad, besides being
compelled to pay the bankers interest on an
an equal amount of their paper promises.
And then, to purchase these millions
of dollars will take from the State as
many millions dollars of actual capital
which is now employed in other pursuits
and invested in other property, and all that
is gained by it is that the interest Oh this
sum is paid in the Stats-not that it di.
minishes in any way the burthens of the
Government or the people, but on the con.
trary the taxes of the people must be there
by increased.
1t is the doctrine of the Wing party that
these State bonds can not be taxed for any
purpose, and if the effect of this banking
scheme is to transfer some ten or twelve
millions of dollars of taxable property fol-
the same amount that cannot be taxed, then
the only advantage resulting from it will be
to the wealthy capitalists who desire tc
shift the entire burthens of taxation upon
the laboring masses, while they are enjoy.
ing its protection and by far the greater
share Of its favors.
The very fact that this scheme will ena.
BILE capitalists to transfer so large an amount
of taxable capital from the State to be re-
placed by that which is exempt from taxa
ton, should form a strong objection to it.
adoption. There has already been quite
too much of this species OF fraud practiceo
upon the people already too much exemp
tions from the obligations which are alike
binding upon all tco much favoritism, ane
class legislation for government professed
ly Republican. 1t is time for privileges t.
have an end and for the people to asser
the principles of equality.
We understand that some graceless vii
lain, on Saturday week, placed heavy til
upon the track Of the Cleveland and Pitts
burgh Railroad between Bedford and New
burgh in such manner as to have thrown
the entire train of cars returning from
Hudson in the night, off the track, ant
jeopardizing the lives of four or Eve hun
dred passengers. Fortunately, however
the thing was discovered in time to proven
any injury. The law provides sever
penalty for such acts of villainy, but it i
by no means adequate to the Offence. w
can scarcely conceive of a more black
hearted act than for a man thus to hazart
the lives of his fellow beings who have don
him 70 wrong. He only needs the consu
nation of his fell purpose to make him ;
wholesale murderer. What is an impris
onment from one to three years for such
villain?