Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1853-02-16
Rank Taxation again

foco outrage" &C., complaining, because DEM
ocratic Treasurer, sworn to faithful performance
of his duty, had presumed to collect the amount
of taxes, levied by the Auditor of the County up
on the property returned by the Bank as liable to
be taxed
.. The Auditor of Columbana county, did in re-
ation to this Bank just as he would be compelled
Ito do with private individual-he went to the
bank and took from its hiding place in the Chin
ney, the gold which by the Charter of the Bank,
they were bound to preserve in the vaults, suf
icient amount thereof to pay the taxes of the in
Istitution.
The Bank advocates are particularly indignant
lin regard to this transaction. They not only
charge that this particular event was highland
ed outrage upon the Bank, but that the law under
which the tax was imposed, is unconstitutional
and unjust. In reply to this sweeping charge
made by the whig party, and heralded all over the
country by all the bank organs, we have this to
say:
First The Constitution of the State of Ohio,
Article 18th, Section Sd, is as follows:
The General Assembly shall provide, by law
&c for the taxing the notes and bills discounted or
- purchased, moneys IOdUeu, dII OtItl pIOp-
s erty effects or dues of every description, (with
s out deduction,) of all Banks now existing, or
" hereafter created, and of all bankers SO that all
I" property employed in banking, shall always
&C bear burden of taxation, equal to that imposed
son the property of individuals.
In compliance with this section of the Constitu-
ton, the Legislature have passed law taxing the
Banks, as follows:
sIt shall be the duty of the president and cash
I" er of every bank or banking company, that shall
shave been, or may hereafter be incorporated by
" the laws of this State, and having the right to
{" issue bills for circulation as money, to make out
" and return under oath to the Auditor of the
&c county, in which such bank or banking company
ssmay be situated; in the month OF May, annual
I" ly, a written statement, containing,
lst. ssThe average amount of notes and bills
:: discounted or purchased by such bank or bank
s' ing company, which amount shall include all
{" the loans or discounts of such bank or banking
"company, whe9ter originally made or renewed
ss during the year aforesaid or at any time prevl-
&c Gus; whether made on bills of exchange, notes,
'sbonds, mortgages, or any other evidence of in
" debtedness, Cat their actual value in money!
whether due previous to, during or after the Pc
" riod aforesaid; and on which such bank or bank
&c ing company has at any time reserved or re-
i" ceived or is entitled to receive, any profit or
other consideration whatever, either IN the shape
4" of interest, discount, exchange or otherwise
single glance at the law will be sufficient to
satisfy every one, that the Banks are not taxed
upon the money in their vaults.
By the Tax Law of 1852, merchants, manufac-
turers, mechanics, bankers, brokers' stock jobbers
incorporated banks, and lands and tenements, are
all taxed alike, upon the same principle.
| l.
quantity, he cannot deduct from its value 5000
but, must pay taxes on its full valuation; nor can
he deduct any debts or liabilities against the land,
though they may exceed twice the value of the
land. So it is with the other classes above men,
toned. This arises from the very necessity of
the thing. Were these deductions permitted all
the lands in the State, would soon become SO
much incumbered, that it would be difficult to find
any that could be subject to taxation. And, all
merchants, manufacturers, mechanics, bankers,
brokers and stock -jobbers, would be found to be
doing business on borrowed capital, more than
sufficient to balance the value of their 'stock in
trade," and hence no tax could be raised on the
property held by them, though they might be using
and deriving profits from more than $500, 100000
worth of property in the State.
! Incorporated Banks have the advantage over the
other classes specified. They are only taxed up
on their average stock in trade, Gf they deal in
money, as merchandise or property, it is right to
liken their money thereto) at sits actual value in
money!" and only on such portion of their stock
in trade, as they have received, are entitled to
receive :fdiscount, interest, or profit" upon. They
ot tayad m fhnir
':deposits,' nor on ssmoneys kept on hand to re-
deem their circulation-nor upon any moneys
whatsoever held, or kept by them, unless they are
deriving "proft or interest," thereon. Not SO with
the merchant, manufacturer, mechanic and land
owner. These must pay taxes on the full value
of all their stock in trade, whether the same shall
yield "profit" or not-nay, even though they may
sink thousands in the depreciation thereof
Hence, it is plain that if Bankers may resist the
payment of taxes, these and many others who
have much stronger grounds for so doing, ought
to have the same privilege; and, if the Courts
of the State are to be called on to sanction
this resistance they will be likely to have "enough
to do"
If any of the Banks have, by not understand
ing the law, or wilfully (neither of which, is it
likely has taken place) reported their s'stock in
trade" in such manner as to cause them to pay
more taxes than they should, the fault is purely
their own; and, cannot be remedied, by their at
tacking the law, and the constitution, both of
which all are interested in sustaining.
~ The Hooking Star, sheet that sheds its
efulgent light (rather blue it is true) over the
hills of Hooking, is down upon US because we
had the presumption to approve the conduct of
the Treasurer of Columbiana county in enforcing