Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1853-03-02
Mr.. Gialett's Resolution.

On the 10Th .sult., Mr.. GILLETT submitted the
following preamble and resolution in the Senate:
WHEREAS, The General Assembly, at its ses-
sion in 1844-45, passed an act g to incorporate
the State Bank Of Ohio and other banking COM
panes.'' Section so of said act provides that the
Cashier of any banking company complying with
its provisions, shall set off to the State six per
centum on the profits, deducting therofrom the
expenses and ascertained losses of the company;
and,
| WHEREAS, A number of banking institutions,
organized under the provisions of said act, resist
the payment of taxes assessed under the law pass
ed April 13, 1852, {. for the assessment and tax
alton of all property in this State, on the ground
that the act of '44-'45 is a contract, which the
people in their sovereign capacity cannot annul,
repeal, modify, or in any way change the man
ner of taxation, during the lifetime of their char
ters, and,
WHEREAS, For the purpose of meeting out
equal justice to all persons who pay taxes for the
sustaining of government, therefore, -
Resolved, That the committee on Finance be
instructed to enquire into the expediency of re-
! porting bill authorisng the farmes, mechanics,
| manufacturers and other tax payers in the State
to set ofsix per centum annually, upon their prof
its deducting therefrom the expenses and ascer-
tanned losses of said tax payers; which amount so
set off shall be in lieu of all taxes to which every
individual or association of individuals shall be
compelled to pay for the term of twenty years
from the 4th day Of March, A. D., 1858.
Scarcely word Of comment is needed on the
above. 1t serves to show the absolute absurd
ty of the position taken by the bankers and their
whig apologsts in resisting the payment of their
taxes upon the plea that the law providing for
taxing the banks upon their profits only, was in
the nature of contract, and that the Legisla-
ture has no power to prescribe any other mode
of taxing them. If this method of taxation is fair
and right as to banks, It is equally so in regard to
every other class of tax payers, and it is privi-
lege which the farmer, the mechanic, the manu-
facturer, the merchant and all others have the
same right to demand at the hands of their legisa
tive servants. Nor can it be questioned that the
Legislature has the same right to contract away
the taxing power to all other classes as well as
to bankers and should they do by the people as
has been done by the banks, if the doctrine of the
Wings be true, that no future Legislature can in
terfere to change such law, it is not difficult te
imagng what would be the consequence. There
must of necessity be an end to all government, fol
the want of the necessary means to keep it in op
Grafton. And who claims that above and beyont
the unnatural and stupendous power of creating
and controlling the currency and thus holding il
their hands the destinies of the sovereign people
Z of this great State, they may demand the furthe
privilege of exemption from taxation by specia
contract? The above preamble and resolution
show up the absurdity of such position in few
words, and it was for that purpose they wer
t introduced The State cannot part with the tax
: ing power, and any law which assumes to con
tract it away must of necessity be void.