The Portsmouth inquirer. [volume] (Portsmouth, O. [Ohio]) 1849-1855, 1852-05-21
From the Plain Dealer.
Dunder and BIixen.

Whew whew! Bank suspension! Coun.
try ruined real estate worthless !-tremen
dous panic! D---l to pay, and no pitct
hot What has caused this great commo
ton, motion, motion, the country through /!
the odious Tax Bill has become law, anc
the Board of Controls Circular says, that Lo
cofocoism will not stop here, that after legis
lating themselves farm from Uncle Sam!
dominions, will 60 the whole swine, rob tht
rich to give to the poor, level up as we'll a,
down: And their red dog puts, the Branches
howl to all their customers, we can do moth
ing, the odious Tax Law will close all ou
doors, confidence is destroyed and we arr
fluttering in the wind Well, let 'em flut
ter, they have created no great panic as yet
Solvent people pay their debts. as usual, tn,
sun sets every evening and rises every morn
ing, and there is every appearance outside o
the banks, of fruitful season.
Pray, what has caused this great tempest il
a teapot ?-what has caused this great furo
amongst banks?
Simply this Our Constitution and Law
require Banks shall be taxed as other proper
ty. Bankers say they are willing to pay tax
es as individuals, that is upon their capital
The consultation does not recognize capital al
the basis of taxation, but property itself fol
instance, merchant may be taxed on $2O,.
600 stock Of goods, and not have $4,000 cap.
ital. The farmer is taxed for the full value
ofhis farm, Notwithstanding it may be mort.
gagged for all its worth for purchase money!
individuals are taxed upon stocks, notwith.
standing they may owe for every dollar they
hold, bu. if they owe debts they are allowed
to deduct their moneys and credits.
The banks ask that this privilege shall be
extended to them, that from their bills dis.
counted, mortgages and stocks, their circula-
ton which is their liability, shall be deduct.
ed.
| admit the justice of it, provided, they
had no chartered privileges over an individ.
ual, but il their charter gives them three dol.
lars IN circulating notes, for one dollar oil
actual capital, is it oppressive to charge
them three times the tax thai an individual
pays?
For instance, say l am worth $4,000 il
coin, | can loan but $50, 900, therefore SHOULD
pay taxes only on $4,000.
How is it with the Branch Bank. Iii
has capital OF 1000 paid in, they cal
issue Sl50,000 of their notes add that II
their capital. and they can bay S400, 900 o
Bonds and Mortgages, Stocks and Notes, OF
which they receive from six to ten per cent.
and all the state asks for this especial privl
ege, is, that they shall pay taxes as one in
dividual, on their whole line OF discount, o
money loaned.
The amount Of taxes the Banch Bank
will be compelled to pay under the presen
law, is large and without investigation, t,
many may seem unjust that Bank of $50,
600 capital should pay three times as mucl
as an individual of the same amount Of cap
ital, but what man would complain if a Ia
of three times the amount were charged him
if the Legislature would thribble his credit
by especial privilege or charter
Your correspondent B. complains tina
banks are taxed three times as much as indi
viduals. first on capital stock, I'd on securi
ties for their circulation, thirdly upon thei
circulation. Such are not the facts, Til
Banks are not taxed upon their capital. TIL
question is not taxed by the Assessor. The
are taxed only upon their discounted bills, @
| in other words, they are taxed only on wha
they receive profits.
defy any man TO show that the banks al
charged in any respect, more than indivit
uals. A. MERCHANT.