The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1853-08-10
Bank Taxation,

The Journal, in an article on this sub.
ject, says: I'VE have nothing to say in
defence of the old system of bank taxation.
1t was practised by both Wings and Loco
focos in former years; but the present sys.
tenn is different. The law creating the
State stock banks is not based on this sys.
TEN, and we know of no one who desires
10 60 back to it." There was no need of
"going back to it, When the Bank law
was passed in 1866, the Democrats in
the Legislature tried every means to en-
graft different mode Of taxation from the
old system, OF taxing them on their profits,
but the wings in solid phalanx voted a
gainst it, and defeated it by a strict party
vote. The people then engrafted the new
principle OF taxation in their constitution,
against the bitter opposition of the wings
in the constitutional convention. Then the
banks, backed by the wings, fell back on
their charters, claiming that the people
could not change the system of taxation,
because their charters were contracts.
The Legislature passed law in COM
pliance with the provisions oftlre new Con-
stitution, and the highest judicial authority
of the State have decided the law consti-
tutional; not satisfied with the decision Of
the Supreme Court of our own State, they
have appealed from that decision to the
Supreme Court of the United States and
there the matter rests. The banks have
done every thing they could to skulk the
payment of their just taxes and the whig
party and its organs have aided and abet.
ted them in their disgraceful maneuvres;
but at the same time they know full well
that the people look upon the old system
as wrong and the new one right, and there
fore they buy and drive the question out o f
the field Of discussion, because they know
it is unpopular. But this they cannot do.
the people are determined that the banks
shall not avoid the payment Of their just
proportion Of the taxes OF the State, on the
ground that their charters are contracts.-
If the people and the banks entered into a
contract TO do business for twenty gears,
then the banks are bound TO continue their
lose or make money, but who claims that
banks have not the right to shut up shop
and quit business any time they please?-
No one. But ifthey see fit to bank for the
twenty years, then the State, according to
their doctrine, is bound to protect them
That is, the contract is binding on the peo
Pile, but not on the banks. Fudge on such
nonsense. When two men make con-
tract for specified time, it is considered
that both parties are bound for that time.
That is common sense, and the people
will so decide it. Notwithstanding the quib-
ling of bank whig lawyers and politicians.
The banks and the wings might just as
well come down out of that tree first as last
Many honest wings have come down, and
go with the democracy. to make them dis
gorge. But the journal tries to scare
the people by telling them that if the U. S.
Court decides against them they will close
their banks and open brokers' Offices
That would be an awful catastrophe! Let
them do it. they can't eat the capital, the
people will find it for the purpose ofeaxa-
iion. Then the only thing to do is TO drive
the swindling bank notes of other States.
out Of Ohio, and things will be in better
condition than for some years past.--State
Democrat.