Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1853-08-17
Bank Taxation.

The admirable report on Bank taxation, made
by NJ. Payne, in the Senate of Ohio, on the 9th
of March, 1850, fully exposes the inequality and
injustice of the system of taxing Banks on their
net profits, instead of as other property is taxed
"TWO MILLION OF DOLLARS invested
in the Ohio Life Insurance and Trust Company
and loaned at seven per cent. interest, and over
ONE MILLION OF DOLLARS of productive
capital used by the Bank of Massilon, Summit
county Branch and Toledo Branch paid not one
single dollar of tax during the year lS49. These
four Banks should have paid tax of ofEIGHTEEN
THOUSAND FOUR HUNDRED AND FOR
TY- NINE DOLLARS AND FIVE CENTS,
and instead of that, they paid not single cent!
Is this justice!
The manufacturer in this city, paid in l849, on
his stock of $4,000, tax of one hundred and
forty-two dolIars and fifty cents. If instead of
investing his $4,000 in manufacturing, to aid in
building up the city, and to give employment to
numerous mechanics and laborng men he had
invested it in Bank stock, he would have paid.
If in the City Bank $4111
| IF in the Exchange Bank, but As 56
| Ifin the Franklin Bank, but 34lI
| If in the Clinton Bank, but l6 90
Such injustice was never before tolerated in a
free country.
The merchant of Cleveland, paid on his stock
of $4,000 average value, tax of ONE HUN
DRED AND THIRTY-FIVE DOLLARS
Had he invested it in Bank stock in that city, he
would have paid
fin the Commercial Branch Blk, but $5l 90
If in the Merchants Branch Bank, but 40 90
| If in the City Bank, but AZ 70
If in the Canal Bank, but IL 90
Such is the unjust system of taxation, the whig
leaders are now striving to keep fastened on the
people.
But again The Mechanic in Cincinnati, on
his house and lot, (his little homestead, (valued
at one thousand dollars, paid an annual tax of
THIRTEEN DOLLARS AND TWENTY
FIVE CENTS, while the same amount invested
in the Franklin Bank of that city, paid tax of but
four dollars and Mlrty-tbree centS-in the La Fay
cite bank but four dollars and tscenty-nine cents
in the Mechanics and Traders Bank, but
three dollars and thirteen centS-in the City Bank
but thirteen CENTS and if it happened to be invested
in the Ohio Life Insurance and Trust Company,
he would have paid NO TAX AT ALL.
While the Cincinnati Mechanic on his house
and lot, valued at $1,000 paid a tax of thirteen
dollars and twenty-five cents, his neighbor cap.
italsts who had his 81, 900 paid tax Of THIRTEEN
CENTS, and ifinVested in the Life and Trust Com
Epany Bank paid NOTHING! While the Columbus
manufacturer paid tax of ONE HUNDRED AND FOR.
TY-TWo DOLLARS AND FIFTY CENTS, on his 3d.
OOO invested, his nelghbor who invested his $l0,-
600 in Bank stock in Columbus bank, paid less
than oNE-THIRD that amount! These are plain
statements, which can be understood and appre
ciated by the dullest intellect, and yet the whie
leaders undertake to tell the people that it il
wrong to tax the Banker as the Farmer and Me
chanic is taxed-that it is wrong to make hin
2 bear his fair proportion of the burthen of thu
State, while the other citizens are crushed to tht
earth with the taxes they are obliged to pay.
The same report, to show the enormous profits
: realized by the Banks, gives list of seventeen
which cleared their capital stock, paid in, afte
deductng their taxes, rents, salaries of officers
and ALL OTHER EXPENSES, as follows: