Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1852-05-06
The view ~ Law

A correspondent Of the Cleveland
Herald, in refutaiion TO the assertion,
that under The new tax law, banks
are taxed the same as merchants and
manufacturers have been for The last
five years, shows the difference thus:
A merchant is required to return
the average amount OF stock on
hand for the year. II he has on hand
81, 900 in eacl, month OF the year,
he returns $4,000 IN the assessor.
The tax IN $4,000 at IL mills is
$205. Messrs. Strong & Co., E.
w. Weisse & Co., G. ,hingion
& Co., E. A. Keppler & Co., re-
turned TO the assessors last year as
the average o. thei. stock $50, 900.
The thx on this $4,000 at IL mill is
$3.50. This is the tax the above
merchants paid on their mercantile
business ia 1851. The trade and
business Of these houses amounted
last year to some $500. 900. perhaps
much more.
A manufacturer is only taxed on
the average amount OF raw material
he has on hand during the year. He
NAV have 5000 as an average
amount for the year. His tax on
This at IL mills is SS5. His labor
may make his manufactured articles
worth 100000; this is not taxed at
all. Merchants and manufacturers
can deduct their debts from their
credits.
How is it with the new tax lawl
Merchants and mechanics are taxed
the same as under the old law. They
can deduct their debls from credits.
The City bank oI Cleveland has
capital OF $4,000. In accordance
with the new "unilorm rule" tax law
this Bank must return (and | take
the figures from the tabular state
ment oi Auditor Morgans OF Februa-
rv, 1882
Notes and bills discounted Si9s.766 u
Eastern deposits ll,497 80
Bonds deposited With Sihte Treas
ursr $4,000 On
Real and personal property 500 on
s3el.7el 65
Rate Of tax II mills is 5,463 80 2
Making Il diffsrance in favor of
mercantile business sL692 90 Q
A bank is not allowed 10 make anv
deductions for bad debis--ho set off
of debts against credits. Now can
any one say that this is right, or the
law iusil | have the facts. stated
the law as il Is. and as it will oper-
ale. The law limits the Banks rs 10
the rate Of intereSt-compels Il EN-
to keep funds on hand to redeem
their circulaliOn-to pay their debts,
and then taxes six times as much as
it does the property Of individuals.
| A. B. has $1,000 in casl, he owes
no debts-he returns 5000 to the
assessor-his tax is SS5 90 Now
A. B. NAV make on his S50O0. 25.
or so, or 100 per cent, and the law
says nothing about his dividends.
II it is right 10 tax profts-divi.
dens, then let US have an income tax,
and thus make the rule Uniform.
But, il is said the Banks make 10.
Is. and 25 per cent. and they can
afford TO pay. This NAV with the
same prOpriety be said oi individuals.
II the rule is good in one case it is
good in the other.
Let us compare the tax paid on
the S50.000 owned by sinrkhoIders
of the City Bank. with the taxes
paid by the people Of Rockport tp..
one Of the best townships of land in
this county. In 1851, there were
l7,050 acres Of land on the tax du-
pIicate Of Knckport. This land
paid a tax Of S2.455.94S. Two
hundred aud nineteen persons in
ROckport, paid a tax IN personal
properly in 1851 oi SS9S,S5 4, mas
king total oil taxes on lands, houses,
mills, &c, personal property, mon
eys and credits in Rockport for 1851,
OF S2,S3S.S02. Being less than the
tax on the City Bank, S2,604 l9 7.
Now,if there is oppressive taxation.
it is on the Bank or on the farmer.
The law taxing Banks was passed in
a SD rit. not of right or of Justice,