Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1852-05-13
Tn. Tax Law-r.xIng stocks.

While the tax law was under con-
sideration in the House, the Wings
offered an amendment to exempt
such stocks of this State "as shall be
shown by the person returning the
same for taxation, TO have been is
sued under laws which exempted
them from taxation." which amend
ment was voted down by the Loco.
focos. DAring the discussion Mr.
Shslla5aresr. Of Clark, made an able
and conclusive speech on the subject
of taxing stocks, wherein he reviews
the legislation of Ohio under which
this stock was issued. The State Of
Ohio in the acts providing for the
borrowing this money and issuing its
bonds, after pledging the faith Of the
State for the payment Of the interests
and final redemption Of the debt,
states "that NO TAX shall ever be
levied by the Legislature, or under
the authority of this State, on the
stock TO be created by virtue of this
act, nor on the interest which may
be payable thereon; and further, that
the value OF said stock shall be IN NO
WISE impaired BY any legislative act
Of this State" This is the language
of the act of 1925. The State bor-
rowed over ten millions of dollars
and issued its stock, under pledges
such as the above. More than that,
the state realized premium Of some
eight hundred thousand dollars from
the sale OF these bonds, in conse>
quence of this pledge that no tax
should ever be levied thereon. Yet
notwithstanding their express pledges
by the Legislature when the money
was borrowed for which the stock
was issued, these modern Progress
ives, without the shadow OF a moral
or legal right, have passed law that
these bonds shall be taxed.
Mr.. Shellabarger, after referring to
the legal authorities against the right
Of taxing. proceeds: Sir, l ask are all
these lights TO be "put out" forever,
because that new sun OF legal science
arise upon the worldl Grant it
grant it, Mr.. Speakerl--stuItify our
common humanity. and do honor TO
this new planetl Grant it, say. and
admit the Legislature has no power
to make such exemptions which will
be binding; and then, ask, as | now
do, is il just-is it right--to tax this
property which you have pledged
your faith to exempt, and have taken
the consideration for exempiing-I
the premium of S7S0,6S6,76l Grant
that you have the power to tax these
stocks--I now ask, is it just to do so!
Is il just to your citizen--just q
your name--just to your iai:hl y
now come TO that. Sir, ! have allud-
ed TO that age of your proud, glorious
Ohio, when this pledge was given.
1t was when her impulse were pure
when her care for her citizen was
benefcent. 1t was when the "wag
of SANDERS tongue" had not re-
preached her name. 1t was when
her faith was pure--pure as the icicle
which hangs from Diana's temple
1t was then, sir that you went to the
casket in which YOU kept your State
Jewels, and took from it your FAITH
and pawned that. Have you,
amongst those jewels, one lett more
priceless than thatl That, sir. you
have taken and pledged and pawned
along with the oaths OF your legisla-
tors, as a guaranty that you would
not tax these stocks. Your pledge
was honored. The price Of the ex-
emption has been paid 10 you; and
you to-day have in your Golfers or
canals the gold which it procured
you. This you have received as the
taxes upon this stock when in the
hands OF your citizens. Then. sir, |
say your citizens have paid, IN ad-
vance, in the price they paid, either
10 you, or to those who did pay il TO
you. the taxes upon these stocks
And now, ask. will you tax these
stocks, and along with them your
faithl II you will, will you keep the
gold which your pawned faith got
you7