Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1853-07-27
Rank-Taxation Again.

Bank Taxation Again.
ssThere are none SO blind as those who will not
see,'' says the proverb. We have already said
enough upon this subject, of Bank taxation, we
think, to convince any one who has the least de-
sire for the truth. that the law imposing taxes,
upon Banks is both equal and just. But our
neighbor of the Star, who some months ago
sought to win the favor of the Banks and the old
friends of monopoly and special privileges, after
having for years claimed to stand in the vanguard
of the radical Democracy and for ataratiom still
persists that the law taxing Banks is unequal, un-
just, and oppressive. We have time and again
invited him to the work of discussing the subject,
to the defence of his position but thus far he has
maintained dogged silence. and offered not the
least shadow of evidence or proof to sustain it.
1t is an easy matter to denounce this law in gen.
eral terms, but to adduce any argument to back
up such denunciation, is quite different thing,
and task which the man Of the Star has shown
no disposition to undertake.
Now, there is one thing perfectly evident, that
ir .i.sse oa... iy ssefttes- arsd denagogues, who
are seeking to ride into power upon some new is
sue-some asm some hobby which they may
press into their service, should success this law
will be repealed and the banks restored to all those
prerogatves which the people have so long labored
to wrest from them. The people have declared that
these institutions shall be taxed as they them
selves are taxed; and now when they are upon the
eve of accomplishing that for which they have SO
long and earnestly battled, will they abandon the
field, and permit the arch enemy to triumph by
their artifce and render fruitess the labor Of
years?
The editor of the Star is among the number
who advocated and urged the adoption of the new
Constitution, and for this among other re asons,
that it provided for equal taxation for corporations
and for ndividuals-that it required that all prop
perty in the State, whether of Banks or individ-
uals shonld be taxed by 'uniorm rules for the
reason that it provided specific rule for the taxa
ton of Banks, which he regarded as equal, fair,
and Just. Has he ever essayed to prove that this
law is not in exact conformity with that constitu-
ton which received his sanction! Has he even
taken the trouble to compare the law in this re-
spect with the Constitution to ascertain if there
be really any variance! Dare he publish to his
readers the sections of the Constitution and the
law bearing on this subject that they may judge
for themselves whether there be any ground for
his denunciation of this law.
We give below the sections of the Constitution
and the law referring to this subject, and invite the
attention of our neighbor to the same.
Section g. Article u, of the Constitution de-
clares, that,
claws shall be pass, taxing, by UNIFORM
RULE, all moneys, credits, investments in bonds,
stocks, joint stock companies, or otherwise; and
also all real and personal property, according to
its true value in money
Section 8, of the same article. ,s -.
"The General Assembly shall provide, by law,
for taxing the notes and bills discounted or pur
chased, moneys loaned, and all other property,
effects or dues, of every description, (wthout de-
duction,) of all Banks, now existing, or hereafter
created, and of all banker, so that all property
employed in banking, shall always bear burden
of taxation, equal to that imposed on the proper
ty of Individuals ..-.-
Now compare the following provision of the
Tax Law with the above provisions of the Con-
sttution, and see if the Legislature superseded
the authority therein granted them-see if they
have not done just what was required and impera-
lively demanded at their hands by this fundament-
al law of the State, coming fresh from the hands
of the people, with the seal of their approval up
on IL, sancuonee 0y majority anu win unan-
Unity without a parallel in the history of the
State, u. --.--, ...-.-..
Section 10, of the Tax Law provides, that,
SIT shall be the duty of the president and cash
ier of every bank or banking company that shall
have been or may hereafter be Incorporated by
the laws of this State, and having the rignt to is
sue bills for circulation as money, to make out
and return under oath, to the the auditor of the
county in which such bank or banking company
may be situated, in the month of May, annually,
written statement containing.
1st. The average amount of notes and bills
discounted, or purchasedby such bank or bank
ing company, which amount shall include all the
loans or discounts of such bank or banking com
pany, whether originally made or renewed during
the year aforesaid, or any time previous wheth-
er made on bills of exchange, notes, bonds; mort