Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1853-07-13

Let any of our banks wind up busi-
ness withdraw its capital, and lend it interest,
or invest it in lands merchandise, and the tax
es it would pay would scarcely be one-third of
what is now extorted by the crowbar law. Is this
fair or just! Why should a dollar in banking be
taxed more than "a dollar in merchan die!
The above paragraph we find in the Star of
last week, copied from the Forest City, 1t is, we
presume, regarded as 'knock-down' argument
upon this question of bank taxation; at least it is
the only one which the Star man has deemed ad-
equate to sustain his position since he came down
with his torrent of fierce denunciation against
the law taxing banks and the law for the collec-
ton of that tax. Some months ago, when our
neighbor first made his onslaught, we invited him
to discussion of the subject, but for some reason
or other-either because he felt that his position
was false, or for the that he too busily
engaged in counting whiggery-he has ever since
observed most profound silence in reference
thereto. We are glad that the Forest City has
come to his aid and enabled him to break silence
even at this late day, and hope he feels greatly
relieved.
No one who has paid any attention to the inves-
tgation of this subject. can fail to discover the
shallow sophistry of this paragraph of the Forest
in bank should pay more tax than dollar en-
ployed in any other pursuit; but the people will
not relax their determination to place the banks
on equal footing with the people, neither by
the threats of the banks to wind up nor by the
silly artce of the advocates of special privileges.
Now, let it be borne in mind that property, and
not capital, is the basis of taxation. The farmer,
the merchant, the mechanic, as we'll as the bank
er, are taxed upon their property. Farmer A. B.
with cash capital of 81 900 buys farm worth
S. O,OOO Merchant c. D. with cash capital of
S 900 buys goods to the value of $4,000, and in
both Of these taxes assessed upon the
property purchased and not upon the amount Of
money paid for the So it is in all pursuits
in this State, and the Legislature have so provd-
ed that Banks shall not form an exception. The
merchant who, with cash capital of 81 900, has
by combining his credit herewith purchased
$4,000 worth of goods, ought no more to be
taxed upon what he has purchased with his credit
than ought banker who with the same amount
of capital has purchased $4,000 worth of notes
and bills with the view to derive profit therefrom
The merchant has no more interest in the COM
modify purchased with his credit than the banker
has in that purchased with his. The interest of
each is the profits to be derived from the use of
his credit or from the property purchases there
with, and the basis of taxation is such property.
If either should be exempt, it should be the mer-
chant, because for whatever credit he employs he
is compelled to pay the current rate of interest,
while that Of the banker is furnished to him with
out money and without price, and made actual
capital in his hands by arbitrary act of legislation.
But all that the Democracy demand is, that they
be placed upon equality in respect to taxation.
And we submit the question to the honest, think
ing men of the Free Soil party who have profess
ed TO be in favor of s'equal taxation,' whether
they will suffer few rotten, hypocrtlcal, dema-
guogical political hucksters to transfer them soul
and body to the Rag Barons to do their bidding.
/ "Let any of our banks wind up business And
then what! Why, we venture to say that if they
employ but the amount of their actual capital in
other business they will only derive profit upon
that amount, and pay taxes upon the property
purchased herewith; but if they employ it in the
same manner they now do, by buying property to
three four FIVE, or more times its amount they will
have to pay taxes upon such property. Now
we in turn, put the question: Is not this fair!
Should not dollar of property in bank be taxed
the same as dollar in merchandise!
1t will doubtless be source of deep regret to
portion of the readers of the Star that the minc
of the great 'reformer and humanitarian has fol
a moment been diverted from the contemplation
of the suffering condition of three millions of the
Fl tawny descendants of Ham, hundreds of miles a.
: way, on the other side of ssMason and Dxon's
, line," to consider subject which only concerns
the rights, the equality, and the prosperity of the
, free white citizens of Ohio. What a condesen
/ sion! But of what account the rights of the
white citizens of Ohio when there is 'nigger il
the wood pile"