Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1851-05-26
The War has actually begun The
Banks In the field against the PeO.

Banks in the field against the Peo.
pie!
After long and earnest struggle, the
Democracy last winter succeeded in secur-
ing the passage of law by the Legislature
proqfding tlat the capital stock and sur
plus or contingent fund of all Banks in this
State shall be taxed as other property. This
law is evidently step towards equality
and justice, though it falls far short of secur-
ing that end. 1t is great improvement
upon the old method of taxing Banks upon
their profits only, by which several of them
have been released from taxation altogeth-
er, and the State and people, according 10
the Special Report of John Woods, the
whig Auditor of State, been plundered of
| ffy seren thousand taeo hundred serenity
tavo dollars and forty seren cents, taking
their capital stock and contingent fund "a
lone as the basis of taxation which is not the
rule by which the people are taxed. And
.all this was done for the benefit of a horde
products of labor, and annually imposing
heavier burdens upon the people than all
their taxes, State and National.
For time the stumpers of the whig par
ty backed by venal and subsidized press
managed to make large share Of the reo-
pie believe that the Banks would paw as
much taxes by being taxed upon their profits
only as they would if taxed as the people
are taxed. But the artifce was too shall
low; the deception coGld not long endure.
After years of discussion, the irresistible,
irrefutable facts were brought to light
which scattered the sopbisms of the bank
ers and their stipendiaries to the four inds,
and placed the fact beyond dispute or con-
troversy that the people had been grossly
defrsuded, and they demanded remedy of
the grievous wrong.
But no sooner isjustice sought TO be done,
no sooner is this law fairly instated upon
the statute book by which the Banks are re-
quired to pay taxes upon their capital, than
they set themselves in opposition to the
people and openly avow their determination
to resist its execution.
Thus the Portage County Branch Of the
State Bank, at this place, has signifed its
determination to resist this law, as will be
seen by the following resolutions of the
|
the County Auditors Office:
PeRTAGE Co. BR. STATE BANK OF ONO.
Ravenna, May ~ 1851.
To THE AUDITOR, OF PORTAGE Co., O..
Dear 'Sir:--The following Resolution
passed at q meeting of the Directors of this
Bank, April 29th 1851, which you will
please file with the list Of Capita! &C., fur.
nished you by said Bank.
Rssolred. That in the opinion Of the
Directors of the Portage County Branch
Bank Of the State Of Ohio, at Rave emma,
the act entitled ian Act to tax Banks &C.,
passed March 2l 1851, so far as it imposes
Tax upon this Branch, different from
that required by its charter, without the
consent Of the corporators, is unconstitu.
tional and void, and that this Branch will
not, as at present advised, pay such ad-
ditional Tax, unless compelled by Law;
and it soemnly protests against its imposi>
ton and collection.
Resolred. That the Cashier attach a
copy ofthe foregoing Resolution TO the lis.
of Capital, Surplus and contingent Fund Of
this Branch and send another to The Aud>
tor Of State. as an evidence of the dissent
of this Branch from the provisions of said
| Law.
The above is true Copy.
Yours Res.
JOHN H. EBBERT, Cashier.