Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1852-04-02
WHOLE NUMBRB lOas


sel L-s ms ssk Ssnslors. lhsn. % psuss BE-
lore fhsy, perhaps insdvcfIiady, DO lhaI whiel
mighI bear such eohsuueIiOn.
Do you believe me ucf Of lo95. g. well % ths
acI Of March 16Sh. 1889. which provides Ihns
lli IS hereby made the ErspOeabis duty Of IAs
Auditor Of SAIe 70 determines, assess. and Gauss
70 be collected IN lhe manner poiuled out 10 the
oh section Of she oct 70 pCovide for The internal
lmprovemsn, Of Ihs ssals Of Ohio By navieablr
canals, passed February 4ih. IsR5. . sufficisnt
apount Of iaxto, pay the interest on said ,0srs
alter applying thereto The proper Tolls. and The
GRANTS. INCIDENTS aad coSpI7toSs. specified ia
the said 6lih section Of she las rected act shall
EXTEND 10 the loans made under this acI,"
pledged The faith Of Ohio that shs would never
assess TAX on ihe Elock iss Ied under these acIs
All will admit t.. The language is 100 plain Tor
any cavil on this point. ti-t
Boz the Legislature. as laso % March i9k,
1850. m the passage Of an Aci, recognized Ihe
s1pula'ions and con liliens contained in the acls
Of February 4b, 1875. aud March, 1889 and
IN the hIM section Of that act provided--'' That
she Fund Commissioners are hereby sUIborired
10 issue in accoFdanCe wiIh Ihs PROVISIONS and
CONDITIONS Of the sci Of February 4Ih, 1895,
creating the Sale debg, and Of the several Acis
ame0daIoTy thereto, transferable certificates OF
stock"
How mauy certificates, and for What amount,
we're issued under this act Of 1850, am no, in {.
formed; bot refer to il 10 show that il was not
only BY the act Of 1895 that Ohio promised new.
eF 10 levy tax upon the loan 70 be effected un.
der that aci, but thar she has in oiheF acs, and
al other times, authorized eonWacs with the
same pledges AID conditions.
We're these pledges, promises and slipulaiions
contained IN these nets. essential paris and 10.
gradients 10 the contracts made under Ihem
think so. Ii was promise made sOlemnly by
Il sovereign STATE, that in consideration OF some.
Thing else TO be done BY another parry. 10 vii :
loaung 10 her money, she would never levy
tax upon her own noIes; or, in OIheT words on
the stock she would issue for such loans, under
said acts, and was in my judgment just aS bind
ing portion Of her contract, as that she would
pay the interest on the loan. and finally paw the
debt Can there be any doubt about this =
Look al il--when the State was about negola-
ting these loans, no doubt the person about 70
loan her his money was careful 10 examine the
terms and conditions on which she proposed 10
borrow, and all Of The Terms. HipHlati0HS and
conditions, made on the part Of The SsaIe, enIer-
ed inlo and made part Of the cooIIacL Had
the SIaIe the power TO make these contracts
| think she had. No one has seriously doubled
her power 10 borrow money. Ii is one Of the
necessary incidents belonging to her existence.
Having the right 70 borrow, she also has the
right 10 use the powers necsssary 10 carry inIo
eiisci that right; taking care, however, 10 con-
fine herself within her constitutional limits. :
She exempted by her pledge cerSnin Of her
stocks from taxation. She had siso the power
TO do that. Congress has the pow,r 10 levy TAX.
es upon the lands Of The United States, but We
oil know, that an exemption Of number Of
years, lhelieve five, is made by an aet of Con.
gress on The public lands sold, from the day Of
sale. But, will not arg1e this position further.
am clear 10 my opinion the State had ihe
right to borrow The money she did under Ihe
acIs named. and make the promises and pledges
she there made. No one denies that 10 borrow.
ing this money and issuing her stock, the State
made contract; and claim that neither Ohio
or any other Stale of this Union, while SIals
in the Union, has the right, either in framing
constitution or enaclng laws under il, 10 pass
any law or make any provision that will impair
the obligation Of contracts.
Sir, respect the opinion Of others. ! know
thar there are honorable Senators on this hoor
Who differ with me in my views on Ihis subject.
know that there is no gentleman Who is hon.
ored with seat here-that there is no citizen
Of Ohio that would not scout with scorn and in.
dignaIion proposition that his beloved and cher
ished STATE should TepudiaIe her indeblednsss.
Sir, would blush with shame did believe Ohio
had within her borders q son so debascd and
lost TO a sense OF honor and SIaIe pride as for
moment TO harbor so disgraceful an idea. No,
sir, thank Heaveni Ohio has always sustained
her credit. AS yet, she has never been called
upon 10 weep over some son, who recreant 10
bis du,y aud fotgeIIul Of The glory and charac.
ter Of his Sta,e, has dared to advocate so hide,
Gus proposition. May that time never come.
But am gravely told that il is not proposed
to tax the bonds Of the United States, or those
Of lhe State Of Ohio, but merely the investment
in them. This regard. in the mildest Ian.
guage can use TO express il, az simply mere
shift, or evasion. 1t is suemPIing TO create a
difference, where, 10 substnance, none exiss.-
The TAX upon the stock, or the investment 10
the stock. would have precisely the same effec.
produce the same results, and involve the
same principle. Allow me, in ibis connection,
70 refer TO the very sensible remarks Of Judge
HolI, member Of The Constitutional Conven.
ZION from Montgomery county, and Democrat.
On this question he says:
/" The neat ground taken, to which shall re-
ply, is, that the report does not propose to tax
lhe stock, but the money invested 10 The stock.
IL gentlemen will devise way, or If myself
could devise a way by which Me could reach
and tax these stocks, without brsakng our coN-
TRACT, should do so with hearty good will.
But an attempt TO arrive al this object, however
desirable. by making disIinclioa where there
is no difference --using different name for the
same thing shadow equal 10 the sub
stance, or rather manufacturing substance out
OF shadow, Is not convincing 10 my mind
Gentlemen mistake Judge Marshall when they
I - A Il.