Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1852-04-19
Monday, April 10, 1852.
Democratic State Ticket.
FOR SUPREME JUDGE,
WILLIAM B. CALDWELL,
FOR BOARD OF PUBLIC WORKS,
JAMES B. STEEDMAN.
The New TaxLaw.


la W in our columns this week, and shall
give the balance next week if possible. OF
course it will be generally read attentively !,
, as all are interested in its provisions. This
law will commend itself to the people and
will meet their cordial approval on account
Of its fairness, and the uniformity and e.
quality of the burthens which it imposes
upon the entire property of the State Of
whatsoever name or kind. The objection to
former tax laws has been on the ground of
inequality, some species of property being
over taxed, while others have been taxed too
lightly, or exempted altogether. The peo-
pie felt this wrong and determined to rem-
edy it, and for that purpose adopted the
provision in the new constitution requiring
that all property, whether Of corporations
or of individuals, should be taxed alike.
This law is intended to, and does, carry out
and enforce that provision, and in doing SO
will add some three hundred millions dol
ars to the taxable property of the State, and
cannot fail, eventually when it shall be in
iull force, to lessen the burden of taxation
upon the producing population to corres-
ponding amount
The whig pape's, The guardians Of the
banks and the monopoly interest Of the State,
as was to be expected, have opened their
batteries upon the law, and are denouncing it
in the most unmeasured terms. In such
hot haste are they to denounce the law
they cannot wait until it is published and
its provisions known to the people. We
doubt whether one out o! dozen of those
whig editors who are making such an ado
about this law, and striving to make the
people believe that the country is ruined
and that their precious proteges will have
to wind up and close doors in consequence
Its passage, know what they are talking
about. Few Of them have read the law or
know anything of its provisions. The at
tempt TO get up a panic whenever an effort
is made to compel the banks to do justice
to the people, is SO common trick with
the whig papers that nobody can be fright
ened by it. The banks, under whig rule,
have enjoyed an exemption from taxation
Of from one to two hundred thousand dol.
lars per annum, and tits yerynatural that
they should desire continuance Of the IT,
vor, and it may be natural that the whig
press, which has SO long endeavored to de-
fend them in the enjoyment of their unjust
privileges, should denounce every measure
calculated'tu place them upon an equality
with the people. Natural or not, it is the
course they uniformly adopt.
But what is the provision in reference to
bank taxas that has thrown the bank or.
gans into such rage and fury, ard for
which they are threatening the country
with a terrible panic? It's this: This law,
and the constitution require that the banks
shall be taxed upon their notes and bills dis.
counted and purchased the same as other
property. I bis, they say, is taxing them
too much and is wrong. They should be
taxed upon their capital stock say they,
though they fought to the last against tax
ing in that way. But capital does not
form the basis oftaxation for any other class
Of property in the State. The farmer is
taxed upon his farm, the mechanic and
manufacturer upon their stock, and the mer.
chant upon his goods, though they may owe
every dollar of the purchase money for the
same. Why should there be different
rule for the taxation of banks? The notes
and bills discounted and purchased of
bank are as much its merchandise as are
the goods of the merchant, and are employed
with view TO profit, in the same way.
The merchant may owe for his goods and
the bank for its notes and bills, the farmer
for his land and the mechanic for his stock.
If the bank is permitted to deduct its debts
from its notes and bills, why not permit the
farmer, the mechanic, and the merchant to de-
duct their debts from their property? There
is no good reason for it, and those who
make this the ground Of their denunciation
Of the new tax law only do it because they
wish to continue that odious system of fa-
voritism and special privileges which have
so long plundered the people,