Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1851-02-10
Bank Taxes.

HC 1uultOt VI kJtdLC ioo -
the two Houses of the Legislature, in COM
pliance with resolutions thereof, "Tabular
Statement of the amount of Tax paid by
the Banks respectively, for the last year,
and what they would have paid, had they
been taxed as other property at the place
where located, upon their capital paid in,
and their average circulation, deductiug
therefrom the amount of Specie which the
law requires them to keep on hand, and
their Real Estate, specifying the amount of
deduction for such Specie and Real Estate. "
Nothing could more fully show how COM
plerely the people are swindled through the
admirable" whig system of taxing the
Banks, than these Reports of the State Au-
ditor. They give the lie direct to the as
sertions OF the whig presses and stumpers,
that the Banks pay as much taxes as they
would if taxed as the people are taxed
And what commentary are they upon the
whig professions of regard for equality and
for the people! ..
The Statement made to the Senate gives
as the total Capital Stock paid in of all the
Banks, s8,S77,8s3 Is.
The average circulation of all the Banks
during the year 1850, $lO,609,ll7 IS;
Total amount of specie required by law
to be kept on hand, GO per cent. and real
estate, $s,635,o6o 38.
Total Of capital stock and average circu.
lation, deducting specie and real estate,
$l5, l,94l IL.
Total amount of taxes paid by all the
Banks for 1850, $6o,95o Al;
Amount of tax the Banks would have
paid in 1850, if taxed as other property at
the place where located, on its stock and
average circulation, deducting specie and
real estate, $189,636 SO.
Thus showing loss to the State by the
present method of taxing Banks, of one
hundred tavsnty. eight thousand sis hun'
dred sighty.fre dollars and ninety eighl
cents, taking as basis of taxation theil
capital stock and average circulation and
deducting the amount of specie which th'
law requires them to have on hand ane
the amount of their real estate.
But the bankers and the Bank party
claim that this is not the true basis of tax
ation-that the Banks should be taxed only
on their capital stock; though they will
not allow that the capital actually employ
ed by merchants and manufacturers is tn
true basis for taxing them. They wan
one system for the bankers and another 70
the people, and that for the bankers mus
be such as will give them favors and priv
ileges above those enjoyed by the people.
The Statement made by the Auditor Il
the House of Representatives gives the to
tai of the notes and bills discounted a
s17,o59,594 63. Upon this amount tn
Banks are deriving proft-it is their stocl
in trade as much as are the goods of thu
merchant or the stock of the manufacture
which have been purchased on credit I
the Banks were taxed upon this amount tht
same as other property is taxed, they would
have paid $9O7, AGO So; or, sl46,54o Al
more than they have paid.
Had the Banks been taxed on their cap.
ital stock alone, which is claimed by the
Bank party to be the true basis of taxation,
they would have paid the last year $l14,-
277 As, or .ffty-three thousand three
hundred taoenty. seven dollars and four
cents more than they have paid being taxed
an their profits only. And to this amount are
the people defrauded and the Banks favored,
taking their capital stock alone as the basis
of taxation. In any light it can be viewed, the
system of taxing Banks is a gross and pal
pable outrage and fraud upon the people.
And it is still greater insult and
outrage to the people to be told, as they
are told by the monopoly party, that,
when legislative body, in defiance of all
right and justice, has built mp privileged
order, and robbed and plundered the people
thereby, that no future legislature can ever
meddle or interfere with the unjust powers
and franchises that have been thus bartered
away-that they have no power to remedy
the wreug. The rights of the people may
be bartered away, and they be placed at
the mercy of the oharter-mongers and cap
italists, but privileges granted to associated,
chartered wealth are entirely beyond the
reach of the people or their servants. Such
is the doctrine of the Wings.
Progressing Back,oard.--While the
States of New York, Vermont, New Hamp-